Fed Govt Initiates Discussions on Mortgage Finance Fund to Provide Affordable Housing
By Patience Ikpeme
The Federal Government has embarked on discussions aimed at making low-cost housing accessible to eligible Nigerians.
This initiative aims to provide affordable mortgage financing options under the One Million Homes Presidential Initiative.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlighted the importance of the initiative during a high-level meeting held in his office in Abuja today to discuss the establishment of the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF).
The goal of the MREIF is to offer market-driven and regulated low-cost mortgage solutions, with a particular focus on pension account holders. Minister Edun emphasized the significance of the meeting as a platform for stakeholders to engage in meaningful dialogue and contribute to the success of the initiative. This move is expected to initiate transformative changes in Nigeria’s housing market, creating unprecedented home ownership opportunities for Nigerians.
Leading figures from the pension and financial sectors were present at the meeting, including Dr. Oluwatoyin Maiden (Accountant General of the Federation), Wale Odutola (ARM Pensions), Funmi Ekundayo (CEO, STC Trustees), Sani Yakubu (Co-Coordinator, MREIF), Temitayo Ajayi (Vetiva Advisory), Saadu Jijji (MD, PAL Pensions), Tony Odutola (DCIO, FCMB Pensions LTD), Nuhu Modibbo (Executive Director, Access Pensions), Victor Bisong (MD/CEO, Trustfund), Emmanuel Thomas (Executive Director, NUPEMCO), Oluwakemi Ugwu (MD/CEO, NUPEMCO), and Christopher Bajowa (MD/CEO, Access Pensions).
Dr. Armstrong Ume Takang, CEO of the Ministry of Finance Incorporated, elaborated on the MREIF’s market-driven approach, ensuring compliance with all regulatory standards. This innovative fund is set to play a crucial role in realizing the Presidential initiative for affordable housing, spearheaded by Minister Edun. With aligned stakeholders and a clear vision, the MREIF positions itself as a transformative force, driving Nigeria towards a brighter future for generations to come.
The Ministry of Finance has firmly committed to ensuring the success of the initiative, recognizing its potential to revolutionize the housing market and pave the way for a brighter future for Nigerians. As discussions progress and the Mortgage Finance Fund takes shape, experts believe that affordable housing will be within reach for a greater number of eligible Nigerians, providing security and stability for families and individuals across the country.