President Bola Tinubu, on Tuesday, applauded the growing impact of the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), which has delivered ₦128 billion in affordable mortgages to 1,859 Nigerian families across 25 states under the Renewed Hope Agenda.
Bayo Onanuga, Special Adviser to the President on Information and Strategy, said in a statement that beneficiaries, spread across all the geopolitical zones, have accessed mortgages of up to 20 years at a fixed interest rate of 9.75 per cent per annum.
The mortgage also comes with a 10 per cent minimum equity contribution, providing a pathway to home ownership that has largely been unavailable to many Nigerians for almost six decades.
According to President Tinubu, one of the biggest barriers to home ownership in Nigeria has been the absence of affordable long-term mortgage financing.
“For years, many Nigerians could afford monthly rent but could not access the type of
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