The National Executive Council of the Mortgage Banking Association of Nigeria has praised the Federal Government for approving the N250bn Mortgage and Real Estate Investment Fund.
Last week, the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, announced the MREIF initiative, which aims to improve access to long-term, sustainable mortgage banking and housing finance, particularly for providing affordable, low-cost mortgages to low- and middle-income Nigerians.
In a statement jointly signed by MBAN President Ebliate MAC-Yoroki and Executive Secretary/CEO, Dr. Adedeji Ajadi, the association stated that the N250bn MREIF Fund is designed to attract long-term private sector investments, including those from Pension Fund Operators and Life Insurance Companies, which will be combined with low-cost seed funding provided by the government.
The association went on to “Encourage all Nigerians to seize this golden opportunity to have access to affordable mortgages, fulfil their dreams of homeownership, and contribute to narrowing the housing gap. The MBAN member Mortgage Banks and Mortgage Brokerage Companies are poised to facilitate this process, ensuring that the benefits of this transformative Fund reach those who need it most.
“For further information on access to this Fund, Nigerians are advised to contact Licensed Mortgage Banks and Registered Mortgage Brokerage Companies under the umbrella of MBAN.
Together, we would build a nation where affordable homeownership and rent-to-own finance are a reality for all Nigerians.”
MBAN stated that the Federal Executive Council’s intervention reflects a strong commitment to addressing Nigeria’s significant housing deficit and revitalizing the Mortgage Banking Sub-Sector.
The financing model will act as a catalyst for offering mortgages at near-single-digit interest rates, with repayment terms of up to 20 years.
