The Ministry of Finance has launched a new initiative to expand affordable homeownership through a market-driven mortgage fund in Nigeria.
The fund, part of the One Million Homes Presidential Initiative, was introduced by the Minister of Finance, Mr. Wale Edun, as a strategic move to increase access to housing, particularly for pension account holders.
Dubbed the Ministry of Finance Incorporated Real Estate Investment Fund, the program aims to provide low-cost mortgage solutions to a wider segment of Nigerians.
Mr. Edun, speaking during a high-level meeting at the Ministry’s headquarters on Tuesday, emphasized the fund’s potential to offer “cost-effective mortgage options for a large segment of pension account holders.”
He further underscored the significance of the meeting as an opportunity for stakeholders to engage in open discussions to ensure the success of the initiative.
Dr. Armstrong Takang, CEO of the Ministry of Finance Incorporated, explained that the fund would remain market-driven while adhering to regulatory standards, ensuring sustainability in the housing and real estate sector.
The meeting brought together key players from the pension and financial sectors, including ARM Pensions, FCMB Pensions, Trustfund, and NUPEMCO. Discussions focused on shaping the future of the fund and stimulating economic growth through a strengthened real estate market.
Notable attendees included the Accountant General of the Federation, Dr. Oluwatoyin Maiden; Wale Odutola of ARM Pensions; CEO of STC Trustees, Funmi Ekundayo; MREIF Co-Coordinator, Sani Yakubu; and representatives from PAL Pensions, Vetiva Advisory, and Access Pensions.
