The Federal Government says the Ministry of Finance Incorporated Real Estate Investment Fund has disbursed ₦128 billion in affordable mortgage loans to 1,859 Nigerian families spread across 25 states.
The announcement highlights ongoing efforts to improve access to home ownership in the country through expanded housing finance initiatives.
According to a statement issued on behalf of the Presidency, President Bola Tinubu commended the programme’s impact, noting that beneficiaries across all six geopolitical zones have accessed mortgage facilities with repayment periods of up to 20 years. The loans carry a fixed interest rate of 9.75 percent per annum, with a minimum equity contribution of 10 percent.
The President said limited access to long-term mortgage financing has historically been one of the major barriers to home ownership in Nigeria, adding that improved policy frameworks and stronger financial institutions are helping to change the situation.
He further revealed that the initiative has unlocked ₦221 billion in total property value and supported the delivery of 475 housing units through offtake guarantee arrangements.
Established in 2024, the housing finance platform was designed to mobilise long-term capital to address Nigeria’s housing deficit and expand mortgage lending capacity. The scheme combines government backing, private sector participation, and institutional investment.
The pilot phase includes ₦250 billion in blended funding and is aimed at scaling access to affordable mortgages nationwide, while also attracting more institutional investors into the housing sector.
Officials say the average beneficiary age under the scheme is 42 years, reflecting strong demand among working Nigerians seeking long-term housing solutions.
The programme is also part of broader housing reforms under the administration’s Renewed Hope Agenda, alongside other initiatives aimed at increasing housing supply and improving affordability.
The government noted that the housing finance gap has persisted for decades, and that structured mortgage systems remain key to linking housing construction with actual home ownership.
In a related development, the fund has been listed on the Nigerian Exchange Group, a move aimed at attracting private capital and strengthening transparency in housing finance operations.
Authorities say the listing demonstrates confidence in the structure of the fund and supports efforts to expand affordable housing delivery across the country.
