The Federal Government has introduced the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) as part of efforts to tackle the housing shortage in Nigeria. This initiative aims to provide low-cost mortgage financing for eligible citizens, making homeownership more accessible.
The MREIF is a critical element of the One Million Homes Presidential Initiative, representing a major step forward in the government’s commitment to affordable housing for millions of Nigerians.
In a statement, the Federal Ministry of Finance confirmed that a high-level meeting took place to discuss the MREIF. During the meeting, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, spoke about the fund’s potential to offer affordable mortgage solutions, especially to pension account holders. He emphasized that the initiative aligns with the government’s goal of delivering housing solutions through the One Million Homes programme.
“The launch of this fund is a key development in making affordable housing accessible to Nigerians. With support from the pension and financial sectors, we believe this initiative will reshape the housing market and significantly enhance opportunities for homeownership,” Mr. Edun stated.
The MREIF will operate under a market-driven model, ensuring compliance with all regulatory requirements while maximizing accessibility. Dr. Armstrong Ume Takang, CEO of the Ministry of Finance Incorporated (MOFI), emphasized that the fund would be managed with transparency and a focus on future homeowners. He also highlighted the importance of regulatory adherence and market efficiency.
Dr. Takang further explained that “the MREIF is not only designed to increase housing access but also to strengthen the mortgage market, creating a sustainable path to homeownership across Nigeria.”
The Federal Government has engaged key leaders from the pension and financial sectors to ensure the successful implementation of the MREIF. These stakeholders include Dr. Oluwatoyin Maiden, Accountant General of the Federation; Wale Odutola, ARM Pensions; Funmi Ekundayo, CEO of STC Trustees; Sani Yakubu, Co-Coordinator of MREIF; Temitayo Ajayi, Vetiva Advisory; and Saadu Jijji, Managing Director of PAL Pensions.
Other key players include Tony Odutola, Deputy Chief Investment Officer at FCMB Pensions LTD; Nuhu Modibbo, Executive Director at Access Pensions; Victor Bisong, Managing Director/CEO of Trustfund Pensions; Emmanuel Thomas, Executive Director at NUPEMCO; Oluwakemi Ugwu, Managing Director/CEO of NUPEMCO; and Christopher Bajowa, Managing Director/CEO of Access Pensions.
These experts, with their extensive backgrounds in pension fund management, investment advisory, and real estate financing, will help guide the MREIF’s development and execution. The fund aims to address current challenges that prevent many Nigerians from becoming homeowners. For pension account holders, in particular, the MREIF offers an innovative solution to secure mortgages at lower interest rates.
