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FG, pension, financial sectors collaborate on affordable housing

The Federal Government has launched the Ministry of Finance Incorporated Real Estate Investment Fund, aimed at addressing Nigeria’s housing deficit by partnering with the pension and financial sectors to provide affordable housing. The initiative is a key part of the One Million Homes Presidential Initiative, designed to offer low-cost mortgage financing options to eligible Nigerians.
 
According to a statement from the Federal Ministry of Finance, the MREIF will revolutionise the housing sector by giving more Nigerians access to affordable homes. The initiative aligns with the government’s broader vision of making homeownership more accessible, especially for pension account holders. It was revealed that a high-level meeting was held to discuss the launch of the MREIF.
 
Wale Edun
 
At the meeting, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, emphasised the transformative potential of the fund. He noted that the MREIF would provide cost-effective mortgage solutions, particularly benefiting pension account holders, and would serve as a critical component in addressing the country’s housing challenges.
 
“The launch of this fund represents a major stride in delivering affordable homes to Nigerians. With the support of the pension and financial sectors, we are confident that this initiative will transform the housing landscape and create significant opportunities for homeowners,” Edun said. The MREIF will operate under a market-driven framework to ensure compliance with regulatory standards while promoting broad accessibility to homeownership.
The CEO of the Ministry of Finance Incorporated, Dr Armstrong Takang, highlighted the importance of transparency and market efficiency in managing the fund.
Takang stated, “The MREIF is designed not only to boost housing access but also to strengthen the mortgage market, creating a viable and sustainable pathway for homeownership across Nigeria.” To ensure the success of the MREIF, the Federal Government has engaged leaders from the pension and financial sectors. Prominent figures in this collaboration include the Accountant General of the Federation, Dr Oluwatoyin Maiden; the Chief Executive Officer of ARM Pensions, Wale Odutola; CEO of STC Trustees, Funmi Ekundayo; and co-coordinator of the MREIF. Sani Yakubu.
 
Additional key stakeholders involved are Temitayo Ajayi of Vetiva Advisory; Managing Director of PAL Pensions, Saadu Jijji; Deputy Chief Investment Officer at FCMB Pensions LTD, Tony Odutola; Executive Director of Access Pensions, Nuhu Modibbo; among others.
 
These experts bring extensive experience in pension fund management, real estate financing, and investment advisory, which will be instrumental in shaping the structure and deployment of the MREIF. Their contributions will be critical in ensuring that the fund achieves its goal of making affordable homeownership a reality for many Nigerians.
 
Through this innovative approach, the government aims to remove the barriers that have long prevented many Nigerians from owning their homes. For pension account holders, the MREIF offers a unique opportunity to secure mortgage loans at reduced interest rates, providing a sustainable solution to the country’s housing crisis.
 
Source: PunchNG

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