The Ministry of Finance Incorporated (MOFI) has introduced the N1 trillion Real Estate Investment Fund (MREIF) to tackle Nigeria’s housing crisis. This initiative is set to provide long-term, low-cost mortgage financing, making it easier for Nigerians to own homes.
With over 20 million housing units in deficit, millions of Nigerians struggle with homeownership. Moreover, high mortgage rates have made acquiring a home nearly impossible for many. As a result, MREIF aims to bridge this affordability gap by offering sustainable and accessible home financing options.
Who Can Benefit from MREIF?
According to Mr. Biyi Adekunle, Business Development Manager at ARM, the fund is designed for:
- Salaried workers in both the public and private sectors
- Self-employed professionals
- Nigerians in the diaspora with verifiable income
Additionally, the mortgage repayment period extends up to 20 years with lower interest rates than traditional mortgages. This is made possible through a structured public-private partnership, ensuring financial stability while attracting private investments.
How MREIF Works
MREIF introduces subsidized mortgage options that integrate pension-backed financing. Consequently, this model ensures that homeownership becomes more accessible without the burden of high interest rates.
Key benefits of MREIF include:
- Transparency – The process is clear, and eligibility criteria are easy to understand
- Efficiency – Mortgage approval and disbursement are fast-tracked
- Inclusivity – It is open to a broad range of Nigerians, including those in the diaspora
Unlike traditional mortgage schemes that come with high interest rates, MREIF offers affordable, long-term mortgage solutions backed by both the government and private sector investors.
Phases of MREIF Funding
To ensure sustainability, the fund is structured into different phases:
- Series 1: N150 billion, provided by the Federal Government, to support first-time homebuyers
- Series 2: N100 billion, open to private sector investors, targeting:
- Middle-income earners
- Salaried workers
- Entrepreneurs
- Nigerians in the diaspora
Furthermore, this funding model guarantees a continuous flow of investment, making the housing sector more sustainable in the long run.
Boosting Job Creation and Economic Growth
Speaking at the meeting, Mr. Wale Odubole emphasized that President Bola Ahmed Tinubu’s administration considers homeownership a key driver of economic empowerment.
By investing in real estate development, MREIF will:
- Boost the construction industry
- Create thousands of jobs
- Enhance economic growth across Nigeria
Moreover, this initiative aligns with the government’s broader strategy of using private sector efficiency to deliver long-term housing solutions.
Government and Private Sector Collaboration
Odubole also highlighted that while the Federal Government provides the initial funding, private sector investors will inject additional capital to sustain the project.
Consequently, this public-private partnership ensures that the MREIF remains active beyond government funding, allowing for continuous expansion of homeownership opportunities.
How to Apply for MREIF
To apply for a mortgage under MREIF, follow these four steps:
- Submit an Expression of Interest (EOI) through the MREIF online portal.
- Undergo verification and financial assessment to determine eligibility.
- Get approved for a mortgage and select a suitable home.
- Receive final approval and mortgage fund disbursement.
MREIF has partnered with trusted real estate developers across Nigeria to provide affordable housing units. In addition, repayment terms extend up to 20 years, making homeownership a realistic goal for more Nigerians.
Meanwhile, Nigerians living abroad can also apply if they meet the eligibility requirements.
Conclusion
The MREIF initiative is set to redefine homeownership in Nigeria, ensuring that more people can afford homes without financial hardship.
With that in mind, the strong government commitment and structured public-private partnership will:
- Make homeownership accessible to millions
- Stimulate economic growth and job creation
- Expand the housing sector for long-term sustainability
Ultimately, as the MREIF rolls out, many Nigerians will finally have the opportunity to own a home—a dream that once seemed out of reach.
