The Federal Government has introduced the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), a new initiative aimed at tackling Nigeria’s housing deficit.
The MREIF, a key component of the One Million Homes Presidential Initiative, is designed to provide affordable housing solutions by leveraging partnerships with the pension and financial sectors.
The Ministry of Finance has highlighted that this fund will transform the housing sector, making homeownership more accessible, particularly for pension account holders.
According to a statement from the Federal Ministry of Finance, the MREIF will offer low-cost mortgage financing options to eligible Nigerians, aligning with the government’s broader vision of improving housing affordability.
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At a high-level meeting discussing the fund’s launch, Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, emphasized the significant impact of the MREIF. He noted that the fund is poised to provide cost-effective mortgage solutions and address the nation’s housing challenges.
“The launch of this fund marks a significant advancement in providing affordable homes to Nigerians. With the support of the pension and financial sectors, we believe this initiative will transform the housing landscape and create substantial opportunities for homeowners,” Edun stated.
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Dr. Armstrong Takang, CEO of the Ministry of Finance Incorporated, stressed the importance of transparency and market efficiency in managing the MREIF. He stated, “The MREIF is designed not only to improve housing access but also to enhance the mortgage market, creating a sustainable pathway for homeownership across Nigeria.”
The Federal Government has engaged leading figures from the pension and financial sectors to ensure the success of the MREIF. Key contributors include Dr. Oluwatoyin Maiden, Accountant General of the Federation; Wale Odutola, CEO of ARM Pensions; Funmi Ekundayo, CEO of STC Trustees; and Sani Yakubu, co-coordinator of the MREIF. Additional stakeholders include Temitayo Ajayi of Vetiva Advisory, Saadu Jijji of PAL Pensions, Tony Odutola of FCMB Pensions LTD, and Nuhu Modibbo of Access Pensions.
These experts bring extensive experience in pension fund management and real estate financing, which will be crucial in structuring and deploying the MREIF effectively. Through this innovative approach, the government aims to eliminate barriers to homeownership and provide pension account holders with affordable mortgage options, addressing Nigeria’s housing crisis.