MREIF Crosses ₦140 Billion in Mortgages to 2,000 Nigerians at a Fixed 9.75%
GA
By Giddaa AdminPublished · Figures checked against Prestige Real Estate News on
The Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) has disbursed about ₦140 billion in mortgages to roughly 2,000 Nigerians across 27 states since March 2025. Loans run for up to 20 years at a fixed 9.75% interest rate, need a minimum 10% equity contribution, and go up to ₦100 million per applicant.
The Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) has now disbursed about ₦140 billion in mortgages to roughly 2,000 Nigerians, 17 months after it began lending in March 2025. The figures were shared by ARM Investment Managers, one of the fund's managers, and reported by Prestige Real Estate News on 30 August 2026.
The update shows steady growth since June, when the State House announced that the fund had delivered ₦128 billion in mortgages to 1,859 families across 25 states. Lending has since reached 27 states across all six geopolitical zones, with Lagos and Abuja recording the most applications.
The terms
Interest rate: fixed at 9.75% per annum.
Tenor: up to 20 years, structured around a retirement age of 60.
Equity: a minimum 10% contribution. Holders of a Retirement Savings Account may draw up to 25% of it towards their equity.
Loan size: up to ₦100 million per applicant.
A fixed single-digit rate over two decades is rare in Nigeria's mortgage market, where commercial lending rates have long kept home loans out of reach for most salary earners.
Who is borrowing
The average beneficiary is 43 years old. Nigerians in the diaspora are eligible once their documentation is complete, and ARM reports that its fastest mortgage was processed in under three weeks. Olubiyi Adekunbi, ARM's Head of Real Estate Investment, described the pace of approvals as unprecedented and said applicants do not need connections to be approved.
How the fund works
MREIF is the first ₦250 billion tranche of a ₦1 trillion Federal Government housing finance programme sponsored by the Ministry of Finance Incorporated. The Federal Government put ₦150 billion into that first tranche and private investors ₦100 billion.
The fund is managed by ARM Investment Managers and Vetiva Capital Management, with FirstBank as a bank partner and STL Trustees as trustee. It is rated AAA by Agusto & Co. and AA by GCR Ratings, and it is profitable: in the six months to 30 June 2026 it reported a profit before tax of ₦14.49 billion on total income of ₦17.48 billion.
What it means for buyers
At a fixed 9.75% over 20 years, a mortgage becomes a realistic alternative to rent for many working Nigerians. That was President Bola Tinubu's point in June, when he said long-term, affordable mortgage finance lets people who can already afford rent build lasting wealth by owning a home.
If you are weighing it up, start with your equity: 10% of the property's price, part of which may come from your pension savings. Then speak to a participating lender about eligibility. On Giddaa, you can explore the MREIF mortgage purchase option on eligible homes.