* Fund also unlocked N221bn in total property value and supported delivery of 475 housing units nationwide
Deji Elumoye in Abuja
President Bola Tinubu on Tuesday hailed the growing impact of the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), which has delivered N128 billion in affordable mortgages to 1,859 Nigerian families across 25 states under the Renewed Hope Agenda.
The beneficiaries, spread across all the six geopolitical zones, have accessed mortgages of up to 20 years at a fixed interest rate of 9.75 per cent per annum with a 10 per cent minimum equity contribution, providing a pathway to home ownership that has largely been unavailable to many Nigerians for almost six decades.
The president, in a release issued by his Adviser on Information and Strategy, Bayo Onanuga, stressed that one of the biggest barriers to home ownership in Nigeria has been the absence of affordable long-term mortgage financing.
