Nearly 400 Nigerians Become Homeowners Through MREIF as Rates Drop to 9.75 Percent

The Federal Government of Nigeria, through the MREIF initiative, continues to deliver on its mandate to bridge Nigeria’s housing deficit, announces that it has already released funds to enable over 400 Nigerians to secure their own homes. The Fund, which has successfully raised N250 billion in capital, is now expanding its operations to cover all six geopolitical zones of the country.

In a bid to speed up the disbursement of the available funds in the scheme, the minimum down payment for an MREIF mortgage has been halved from 20 percent to just 10 percent, making it easier for more Nigerians to achieve their dream of owning a house. This change is complemented by a sustained fixed interest rate of 9.75percent per annum.

The rapid expansion and successful disbursement of funds is a clear indicator of the fund’s robust structure and the strong collaboration between the Tinubu-led Federal Government and the private sector. Through its network of partner financial institutions like ARM Investment Managers, FCMB, Living Trust, Access Bank, Infinity Trust Mortgage Bank, AG Mortgage Bank, Union Bank, Providus Bank, Homebase Mortgage Bank and Stanbic IBTC, MREIF is efficiently channeling long-term, low-cost financing to both home buyers and developers across the nation.

The Group Chief Executive Officer of ARM, Mr. Wale Odutola, emphasized the importance of this milestone: “The success of MREIF is rooted in its ability to translate a national vision into on-the-ground impact. Seeing over 400 Nigerians become homeowners is a powerful confirmation of our model. As we lower deposit and fixed interest rates and expand to all six geopolitical zones, we are confident that we will continue to scale this success, creating a transformative shift in our housing finance landscape and setting a new standard for public-private partnerships in Nigeria.”

MREIF’s ongoing progress and national reach reinforce its position as a key initiative for sustainable homeownership and economic development in Nigeria.

It is important to note that the down payment for the selected property can also be funded from the pension accounts (RSA) of willing beneficiaries, further reducing all barriers to participation in the scheme.