The Ministry of Finance Incorporated (MOFI) say it is partnering 20 banks to disburse a ₦1 trillion private-sector-led mortgage scheme designed to address Nigeria’s 20-million-unit housing deficit and stimulate broader economic growth towards achieving the one trillion-dollar economic agenda of President Bola Tinubu.
Sani Yakubu, National Coordinator- Ministry of Finance Real Estate Investment Fund (NC MREIF) who represented the Managing Director of MOFI, Armstrong Takang at the 2025 Finance Correspondents Association of Nigeria (FICAN) AGM in Abuja said the intervention is restructuring Nigeria’s mortgage landscape whilst offering affordable, long-term mortgages at single-digit interest rates.
He said the MOFI Real Estate Investment Fund (MREIF) has delivered more than 1,000 mortgages valued at over ₦75 billion since March 2025, in a scheme that would ultimately increase home ownership for Nigerians.
Nigeria’s housing sector is already showing strong signs of growth under the current reforms, but Yakubu explained that the programme, which has a trillion Naira worth of projects registered with the Securities and Exchange Commission (SEC), will be released in tranches, and in a manner that provides a sustainable roadmap for affordable housing and capital flow within the Nigerian economy, ₦250 billion was raised in March 2025 and about 75 billion Naira has already deployed into the mortgage sector. “For the first time in the history of Nigeria, 10 billion Naira worth of mortgages have been done month to month since March. We have been doing an average of 10 billion every month in mortgages,” he added.
He said the development is a sign that the reforms in the housing finance sector are beginning to yield strong results, with increased access to mortgages and improved investor confidence in the real estate market and the idea is to recalibrate the system and replace the prohibitive 5-year repayment cycles in the nation’s commercial banking sector with 20-year long-term mortgages that gives Nigerians the opportunity to handle their housing issues devoid of unnecessary financial stress
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