The MOFI Real Estate Investment Fund (MREIF) has provided more than ₦140 billion in mortgage financing to over 2,000 Nigerians, less than two years after commencing operations.
The development highlights growing activity under the Federal Government-backed housing finance initiative, which was established to improve access to affordable and long-term mortgage financing for Nigerians.
The disclosure was made by Olubiyi Adekunbi, Head of Real Estate Investment at ARM Investment Managers, during a FirstBank webinar titled “Beyond Rent: The Path to Home Ownership Leveraging FirstBank-MREIF Home Loan Scheme to Build Long-Term Wealth.”
According to Adekunbi, MREIF began formal operations in March 2025, while actual mortgage disbursements started in April of the same year. By August 2026, more than 2,000 beneficiaries had received financing, with total disbursements exceeding ₦140 billion.
He described the pace of disbursement as exceptional, adding that the application process had been designed to make it possible for qualified applicants to obtain financing without relying on personal connections.
Adekunbi also disclosed that the quickest mortgage transaction under the scheme was completed in less than three weeks, provided applicants submitted the necessary documents and successfully completed the required due diligence.
He said eligible applicants could potentially move from application to home ownership within a month.
MREIF mortgages reach 27 states
The mortgage programme has expanded beyond Nigeria's major commercial centres, with beneficiaries spread across 27 states covering the country's six geopolitical zones.
Lagos and Abuja currently account for a significant proportion of applications, but properties in states including Ogun, Oyo, Enugu, Kano and Kaduna are also eligible for financing.
However, properties must have valid land titles and clear ownership documentation before they can qualify under the scheme.
The average age of applicants is reportedly 43 years, while mortgage repayment periods are generally structured around a retirement age of 60. Certain professions with later retirement ages, including lecturers and judges, may qualify for different arrangements.
Nigerians living in the diaspora can also access the scheme, subject to meeting its eligibility criteria and providing the required documentation.
₦1 trillion housing finance programme
MREIF is a ₦1 trillion housing finance initiative established by the Ministry of Finance Incorporated (MOFI) to help tackle Nigeria's persistent housing shortage by increasing access to affordable mortgage financing.
Speaking at the webinar, Sani Yakubu, MREIF National Coordinator at MOFI, said Nigeria needs to construct at least 700,000 housing units annually to significantly reduce its housing deficit.
He noted that current housing production is estimated at only about 100,000 units per year, leaving a substantial gap between supply and demand.
Yakubu identified inadequate access to affordable financing for prospective homeowners, as well as difficulties faced by developers in accessing capital and obtaining proper land documentation, as major factors contributing to the housing shortage.
He stressed that MREIF was not created to displace existing banks and mortgage institutions, but rather to support and strengthen the existing housing finance ecosystem.
“The MREIF didn’t come to remove any players. It came to catalyze,” Yakubu said.
Government provides ₦150bn for first tranche
The first phase of the programme involves a ₦250 billion tranche, with the Federal Government contributing ₦150 billion and private-sector investors providing the remaining ₦100 billion.
The initial tranche is part of the wider ₦1 trillion programme, which is registered with the Securities and Exchange Commission (SEC).
The fund was structured with the involvement of several Nigerian financial-market professionals and institutions. Vetiva Capital Management serves as financial adviser, while STL Trustees acts as trustee and First Nominees as nominee to the fund.
Mortgage loans of up to ₦100 million
Under the scheme, eligible borrowers can access mortgage financing of up to ₦100 million.
The loans carry an interest rate of 9.75%, with repayment periods extending for as long as 20 years.
The relatively long repayment period is intended to make home financing more manageable for qualified borrowers while improving access to formal home ownership.
Outlook
The pace of MREIF's mortgage disbursements points to growing demand for structured housing finance in Nigeria, where high property prices, limited mortgage access and inadequate housing supply have historically made home ownership difficult for many households.
With more than ₦140 billion already deployed to over 2,000 beneficiaries, the scheme has made significant progress since its first mortgage disbursements in April 2025.
However, the broader challenge remains substantial. Closing Nigeria's housing gap will require not only increased mortgage availability but also greater housing construction, improved land administration, stronger property documentation and sustained access to affordable long-term capital.
MREIF's ₦1 trillion programme is therefore positioned as a catalyst within a much larger effort to expand home ownership and increase housing supply across the country.
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