The National Executive Council of the Mortgage Banking Association of Nigeria has commended the Federal Government for the approval of a N250bn Mortgage and Real Estate Investment Fund.
Last week, the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, announced the approval of MREIF, an initiative aimed at enhancing access to long-term and sustainable mortgage banking and housing finance, particularly for affordable housing. Its primary focus is providing low-cost mortgages to Nigerians, thereby addressing the pressing housing needs of low- and middle-income earners.
In a statement jointly signed by MBAN President, Ebliate MAC-Yoroki and Executive Secretary/ Chief Executive Officer of MBAN, Dr Adedeji Ajadi, the association said that the N250bn MREIF Fund is structured to attract private sector and capital market long-term Investments from Pension Funds Operators and Life Insurance Companies which would be blended 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 said the intervention by the Federal Executive Council demonstrates a firm commitment to addressing the huge housing deficit and revitalising the Mortgage Banking Sub-Sector in Nigeria.
The financing model would act as a catalyst in the provision of mortgages at interest rates hovering around the single digit, with repayment tenor of up to 20 years.
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