ARM Investment Managers, the fund manager of the N1 trillion Ministry of Finance Real Estate Investment Fund (MREIF), has announced plans to begin the pilot disbursement of mortgage financing in six states—Lagos, Abuja, Kano, Rivers, Enugu, and Abia. The initiative, designed to reduce Nigeria’s housing deficit, is a key effort to create a more accessible and affordable path to homeownership for Nigerians.
The MREIF, a government-backed public-private partnership, offers low-interest, long-term mortgage loans (up to 20 years) for eligible homebuyers and real estate developers.
Key Features of the MREIF
- Affordable Mortgage Rates: Long-term mortgages with interest rates as low as 12%.
- Government and Private Sector Collaboration: Ensures stability and transparency.
- Flexible Financing: Pension-backed mortgage options available.
- Nationwide Access: Open to Nigerians, including those in the diaspora.
- Seamless Application: Accessible through the MREIF online portal.
Eligibility Criteria
- Salaried employees (public and private sectors).
- Self-employed individuals with verifiable income.
- Nigerians in the diaspora seeking homeownership investments.
Application Process
- Expression of Interest: Complete the online form via the MREIF portal.
- Verification: Documentation and eligibility checks.
- Mortgage Pre-Approval: Processed by financial institutions.
- Home Selection: Choose from over 2,000 vetted properties on the MREIF platform.
- Final Approval and Disbursement: Loan issued, and homeownership secured.
Addressing Housing Supply and Financing
Olubiyi Adekunbi, ARM’s Investment Manager, highlighted that the fund will tackle both housing demand and supply challenges. On the demand side, it offers affordable mortgages to first-time homebuyers. On the supply side, it provides off-take guarantees for developers, enabling them to secure construction loans and deliver completed housing units at fair market prices.
The fund will also leverage Nigeria’s pension funds, which currently hold over N20 trillion in assets, to support its financing structure. This will ensure sustainable funding for the initiative and expand homeownership opportunities across the country.
A Private Sector-Led Approach
ARM Executive Director Wale Odutola emphasized the fund’s governance structure, which ensures minimal government influence. “This is a private sector-driven initiative with government support to provide stability. The goal is to prioritize first-time homebuyers while maintaining transparency through strict monitoring and verification processes.”
The pilot phase will focus on urban centers with high housing demand, including Lagos, Abuja, Kano, Rivers, Enugu, and Abia. Future phases will extend to other regions, ensuring nationwide access to affordable mortgages.
Interested applicants can submit their Expression of Interest (EOI) at: mreif.armcom.ng
