The Nigerian Ministry of Finance announced a new market-driven mortgage fund on Tuesday, aimed at broadening access to affordable homeownership across the country. This initiative is part of the One Million Homes Presidential Initiative, led by Finance Minister Mr. Wale Edun.

The newly established fund, named the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), is designed to offer low-cost mortgage options, particularly targeting pension account holders. The goal is to enable a wider segment of the population to achieve homeownership.

Minister Edun underscored the significance of the fund, stating it is intended to “provide cost-effective mortgage options for a large segment of pension account holders.” He also highlighted the role of the initiative in fostering open dialogue among key stakeholders, which will be crucial for its successful implementation.

Dr. Armstrong Takang, CEO of the Ministry of Finance Incorporated, elaborated on the fund’s framework. He emphasized that the MREIF is designed to be market-driven while strictly adhering to all regulatory standards.

The announcement was made during a high-level meeting at the Ministry’s headquarters, which brought together leading figures from the pension and financial sectors. Attendees included representatives from ARM Pensions, FCMB Pensions, Trustfund, and NUPEMCO.

The meeting focused on discussions about shaping the future of the MREIF and promoting economic growth through a robust real estate sector. Prominent leaders in attendance included Dr. Oluwatoyin Maiden, Accountant General of the Federation; Wale Odutola of ARM Pensions; Funmi Ekundayo, CEO of STC Trustees; and Sani Yakubu, Co-Coordinator of MREIF, among others from PAL Pensions, Vetiva Advisory, and Access Pensions.

The MREIF initiative aims to address Nigeria’s housing challenges by providing affordable mortgage options and supporting the growth of the real estate sector.