The MOFI Real Estate Investment Fund (MREIF) has disbursed more than ₦140 billion in mortgage financing to over 2,000 Nigerians across 27 states as of late August 2026, marking significant progress in expanding access to long-term, relatively affordable housing finance.
Key Figures at a Glance
- Total mortgage value disbursed: Over ₦140 billion
- Number of beneficiaries: More than 2,000 (latest reports cite approximately 2,018 mortgages)
- Geographic coverage: 27 states across all six geopolitical zones
- Participating institutions: 21 financial institutions (banks and mortgage banks)
- Interest rate under the scheme: 9.75%
- Maximum loan amount: Up to ₦100 million
- Equity contribution required: Minimum 10%
- Repayment tenor: Up to 20 years
Disbursements began in April 2025 after the fund formally commenced operations in March 2025. By June 2026 the figures stood at roughly ₦128 billion and about 1,859 mortgages across 25 states. The latest update shows continued growth in both volume and geographic reach.
How the Scheme Works
MREIF is a Federal Government-backed initiative under the Ministry of Finance Incorporated (MOFI), structured as a public-private partnership. The first ₦250 billion tranche included ₦150 billion from the Federal Government and ₦100 billion from private-sector investors.
Eligible borrowers can access financing for properties with valid titles. While Lagos and Abuja still account for a large share of applications, mortgages have been successfully disbursed in states including Ogun, Oyo, Enugu, Kano, Kaduna and others, provided the properties meet documentation requirements.
Most beneficiaries are salaried workers in the public and private sectors, though a smaller percentage of self-employed applicants with verifiable income have also accessed the facility. Women account for a notable share of beneficiaries (reported at over 30% in some updates).
Why This Matters
Nigeria’s mortgage market has historically been very shallow, with low penetration relative to GDP. Single-digit or near-single-digit rates with longer tenors remain rare. The 9.75% rate and 20-year tenor offered through MREIF represent a meaningful improvement over many commercial bank mortgage offerings, which still carry significantly higher rates.
By expanding beyond Lagos and Abuja into 27 states, the fund is helping to broaden formal mortgage access geographically — an important step toward a more inclusive housing finance system.
Practical Considerations for Prospective Borrowers
- Confirm that the target property has a clean, registerable title.
- Be prepared with the minimum 10% equity contribution.
- Work through participating banks or primary mortgage institutions that have been onboarded by MREIF.
- Expect the process to take several weeks once documentation is complete.
- Compare the total cost of the MREIF facility against other available options (including any blended approaches).
Looking Ahead
MREIF’s growth from inception to over ₦140 billion in mortgages within roughly 17 months of active disbursement demonstrates that structured, government-supported vehicles can scale when properly designed and executed. Stakeholders continue to call for even faster deployment of capital into actual mortgages rather than liquid assets, but the trajectory so far is positive.
For eligible Nigerians, the scheme currently represents one of the more accessible routes to long-term housing finance available in the market.
Final Thoughts
The latest MREIF figures provide concrete evidence of progress in expanding mortgage access. While the overall housing finance gap remains large, the combination of relatively affordable rates, longer tenors and wider geographic coverage is a meaningful step in the right direction.
If you are exploring homeownership options in 2026, it is worth checking whether you or the property you are considering qualifies under the MREIF framework through one of the participating institutions.
Have you or anyone you know accessed a MREIF mortgage? Share your experience in the comments.
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