Federal Government Unveils Plans For Affordable Homeownership Mortgage Fund

The Ministry of Finance, led by Minister Wale Edun, unveiled a new market-driven mortgage fund on Tuesday aimed at increasing access to affordable homeownership in Nigeria. This initiative is part of the One Million Homes Presidential Initiative and is known as the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF).

The fund is specifically designed to offer low-cost mortgage options, particularly to pension account holders, expanding the possibility of homeownership for a broader segment of the population. Edun emphasized the fund's potential to deliver affordable mortgage solutions to a significant portion of pension contributors.

He also noted that the event provided a valuable platform for stakeholders to engage in open discussions and contribute ideas that will help ensure the initiative's success.

Dr. Armstrong Takang, CEO of the Ministry of Finance Incorporated, added that the MREIF will operate on a market-driven model while adhering to all necessary regulatory frameworks.

The meeting, held at the Ministry's headquarters, included key figures from the pension and financial sectors, such as representatives from ARM Pensions, FCMB Pensions, Trustfund, and NUPEMCO. Discussions focused on shaping the future direction of the fund and fostering economic growth through a stronger real estate sector.

Prominent attendees included the Accountant General of the Federation, Dr. Oluwatoyin Maiden; Wale Odutola of ARM Pensions; Funmi Ekundayo, CEO of STC Trustees; Sani Yakubu, Co-Coordinator of MREIF, and representatives from PAL Pensions, Vetiva Advisory, and Access Pensions.