The Ministry of Finance has announced plans for a market-driven mortgage fund aimed at expanding access to affordable homeownership in Nigeria.
The initiative, led by the Minister of Finance, Mr. Wale Edun, is a key component of the One Million Homes Presidential Initiative.
The fund, known as the Ministry of Finance Incorporated Real Estate Investment Fundis designed to offer low-cost mortgage options, with a particular focus on pension account holders. The goal is to make homeownership more accessible to a broader segment of the Nigerian population.
Speaking at a high-level meeting at the Ministry’s headquarters on Tuesday, Edun stressed the importance of the fund, noting its potential “to provide cost-effective mortgage options for a large segment of pension account holders.”
He further highlighted the significance of the meeting as a platform for stakeholders to engage in open dialogue and contribute to the success of the initiative.
CEO of the Ministry of Finance Incorporated, Dr. Armstrong Takang, explained that the MREIF would be “market-driven while adhering to all regulatory standards,” ensuring sustainability and growth in the real estate sector.
The meeting brought together key stakeholders from the pension and financial sectors, including representatives from ARM Pensions, FCMB Pensions, Trustfund, and NUPEMCO.
Discussions centered on shaping the future of the fund and fostering economic growth through a robust real estate market.
Prominent attendees included the Accountant General of the Federation, Dr. Oluwatoyin Maiden; Wale Odutola of ARM Pensions; CEO of STC Trustees, Funmi Ekundayo; Co-Coordinator of MREIF, Sani Yakubu, and representatives from PAL Pensions, Vetiva Advisory, and Access Pensions.
