₦airaland Forum

Ministry of Finance Incorporated (MOFI) says Nigerians have started accessing affordable long-term mortgage facilities at 9.75 per cent.

The mortgage facilities extend as long as 20 years, a radical initiative aimed at bridging the country’s estimated 20 million units housing gap.

Chief Executive Officer, (MOFI), Dr. Armstrong Takang, said several beneficiaries across geopolitical zones have successfully accessed the single-digit, long-term mortgage fund, barely one month after it was launched.

He explained that the newly established MOFI Real Estate Investment Fund (MREIF), a Securities and Exchange Commission (SEC)-regulated housing fund designed to strengthen Nigeria’s housing finance sector, radically redefining the housing sector.

Takang made the disclosure at the Africa International Housing Show (AIHS) in Abuja.
He described the MREIF as a much-needed, long-overdue intervention in the housing sector with real capacity to radically transform the entire housing value chain and deliver long-term impact.

According to him, through innovative financing, the federal government is poised to radically bridge the housing gap in Nigeria under a scheme designed for sustainability and wide-ranging impact.

He said the N1 trillion SEC-approved and regulated MREIF was structured to provide market-aligned mortgage solutions and tackle the systemic issues that have long plagued Nigeria’s housing sector—such as short mortgage tenors, high interest rates, and poor refinancing options.

He said: “MREIF was designed to hedge against liquidity challenges, corporate governance issues, accessibility barriers, and the perennial challenge of sustaining initiatives for the long-term”.

He explained that the Fund operates under a Public-Private Partnership (PPP) structure with MOFI serving only as the sponsor.

The Fund itself is managed independently by a Fund Manager and is open to institutional investors.

It enjoys top-tier credit ratings—a AAA rating from Agusto and an AA rating from GCR—boosting its credibility in financial markets.

He pointed out that MREIF provides not only mortgages to homebuyers but also offtake guarantees to developers, ensuring that properties are purchased and projects are commercially viable.

TimeManager:
Renewed Hopelessness till 2027. , God bless Nigeria.
-Kiss the truth!

TimeManager:
Renewed Hope till 2031. God bless President Tinubu, God bless Nigeria.


-Kiss the truth!

IgOga:
I hope the wailers will seize this opportunity. When others are succeeding don't be unfortunate to complain and watch your mates own a house while you are actively criticising government online with nothing to show for it

IgOga:
I hope the wailers will seize this opportunity. When others are succeeding don't be unfortunate to complain and watch your mates own a house while you are actively criticising government online with nothing to show for it

surgical:
All na empty promises, there has been tons of it, wage award of 35k for workers and 25k for pensioners to cushion hardship Tinubu caused before introduction of minimum wage has not been paid probably will never be paid
Arrears of minimum wage for both pensioners and workers are in limbo
Even for youth Corp members, the few months paid was because one youth Corp member call Tinubu a useless president
Tinubu administration is just about himself and his friends

Softmirror:
My dad was able to building so many houses since in the 70s with the opportunity he got from the Federal Mortgage Bank.

Kukutente23:
Soft lies

How many mortgage loans can you take at once. It's obvious you don't even know how FMB works except you are telling us your father was among the looters in the 70s

Softmirror:
Accordiing to my dad. He was among the early set that applied. Infact at that time they were begging people to apply and he seized the opportunity. One thing again with my dad is the fear of debt, he was able to pay back very quickly which made it easier for multiple application. He was encouraged by the bank. There are date tags on the frontage of each house. The oldest of them are in late 1970s. I swear to Almighty God.

Softmirror:
Just like the student loan every other region were optimistic and submitted entries and have been enjoying the benefits only the skeptics remain adamant with almost zero representation but one million percent complain and criticism of the scheme.

I have started reading their usual line of negative thinking on this thread already.

TimeManager:
Renewed Hope till 2031. God bless President Tinubu, God bless Nigeria.


-Kiss the truth!

Kukutente23:
How many students have benefitted from student loans compared to the total number of applicants?
I hope you know the previously brandished figure was debunked when ICPC looked into it and the total figure presently is less than 100k

Baxilexi:
This is so ignominious… why is the FG always putting the cart before the horse.

How many low income housing projects are currently ongoing in Nigeria?
Why not build the houses and then offer a convenient mortgage.
Let’s do the math, a 200k salary earner/ family man, wants a modest apartment in a decent environment in Abuja.
The apartment costs 30m spread over 20 years with an interest of about 3m bringing the loan to 33m

He’s down payment might be 20% of the cost of the house = 6m
He’s monthly payback is 68,750, (bal; 131,250) how is he to survive?