FG unveils fund to boost affordable housing in Nigeria

The Federal Government of Nigeria has initiated discussion on making funds available for development of affordable housing for Nigerians.

Leading the initiative is the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who launched the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) on Tuesday in Abuja.

In a statement by the Director of Information and Public Relations, Muhammad Manga indicated that the innovative fund is designed to provide low-cost mortgage options for millions of Nigerians, particularly targeting pension account holders.

Edun at a high-level meeting held in Abuja, emphasized the importance of the initiative as part of the One Million Homes Presidential Initiative, aimed at unlocking affordable home ownership.

The minister highlighted that the MREIF would offer cost-effective mortgage solutions, marking a significant milestone in improving access to housing.

Dr. Armstrong UME Takang, CEO of the Ministry of Finance Incorporated (MOFI), elaborated on the initiative’s structure, emphasizing its market-driven approach while ensuring adherence to regulatory standards.

Key stakeholders from the financial and pension sectors, including prominent leaders such as Dr. Oluwatoyin Maiden (Accountant General of the Federation), Wale Odutola (ARM Pensions), Funmi Ekundayo (CEO, STC Trustees), and others, participated in the meeting. Their collective insights will help drive the fund’s success.

The statement pointed out that the MREIF initiative is set to unlock new opportunities in the housing market, making homeownership more accessible for Nigerians and setting the stage for future growth in affordable housing.