Nigeria's N128bn Mortgage Delivery

President Bola Tinubu>>> has lauded the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) for delivering N128 billion in affordable mortgages to 1,859 Nigerian families across 25 states, aligning with the Renewed Hope Agenda's goal of expanding home ownership. Beneficiaries received mortgages up to 20 years at a fixed interest rate of 9.75% with a 10% minimum equity. This initiative addresses the lack of affordable long-term mortgage financing, a significant barrier to home ownership in Nigeria>>>. The MREIF, sponsored by the India — Ministry of Finance (India)>>> and managed by ARM Investment Managers>>>, has also unlocked N221 billion in property value and supported 475 housing units. Bola Tinubu>>> highlighted that over 15,000 housing units are currently under construction nationwide, with specific projects in Abuja and Lagos reaching advanced stages. The government is also collaborating with the World Bank Group>>> to improve land titling and registration, strengthening the legal framework for equipment leasing, and establishing building materials hubs to reduce construction costs. The Renewed Hope Cities and Estates Programme and Family Homes Funds Limited>>> complement MREIF's efforts. The fund's Series 2 commercial issuance received AAA and AA ratings from Agusto & Co.>>> and GCR Ratings>>> respectively, reflecting strong market confidence.