President Bola Ahmed Tinubu has announced that 1,859 families across 25 states have successfully accessed mortgage financing worth N128 billion through the MOFI Real Estate Investment Fund, marking a major milestone in the federal government’s ongoing housing affordability drive.
The development is part of the administration’s expanded housing finance programme under the Renewed Hope Agenda, which is structured to improve access to long-term, low-interest home ownership loans for Nigerians previously excluded from formal mortgage systems. According to the Presidency, the loans were issued at a fixed interest rate of 9.75 per cent with a repayment period of 20 years, positioning them among the more structured housing finance options introduced in recent years.
Brandspur Banking News Desk reports that the mortgage scheme forms a central pillar of the federal government’s strategy to stimulate both home ownership and construction sector growth, while addressing Nigeria’s widening housing deficit through structured financial instruments and public-private collaboration.
The President disclosed that the broader housing programme is designed to deliver 100,000 homes nationwide, with an initial phase of 50,000 units spread across housing cities in each geopolitical zone and the Federal Capital Territory, alongside smaller estates across other states. He added that construction activity is already underway in multiple locations, including over 3,000 housing units in Karsana, Abuja, and a 2,000-unit estate in Ibeju-Lekki, Lagos, which is reportedly in an advanced stage with ongoing sales.
More than 15,000 housing units are currently under construction across the country, reflecting a gradual scale-up of federal housing delivery efforts aimed at increasing supply and easing pressure on urban housing markets.
The administration also highlighted ongoing reforms targeting structural bottlenecks in the housing sector, particularly land administration, construction financing, and rising building material costs. In collaboration with the World Bank, the government is working to strengthen land registration systems and expand formal land ownership documentation, with a long-term goal of significantly increasing the proportion of registered land parcels nationwide.
Additional reforms include improved legal frameworks for equipment leasing to support contractors, as well as the establishment of regional building materials hubs intended to reduce costs and boost local production capacity within the construction value chain.
Officials further noted that the Family Homes Funds initiative is being deployed to support vulnerable groups, including widows and low-income households, with a broader ambition of delivering hundreds of thousands of homes while also generating employment across the housing and construction ecosystem.
While acknowledging the scale of Nigeria’s housing shortfall, the federal government maintains that sustained investment in housing finance, infrastructure, and regulatory reform is beginning to reshape the sector into a stronger contributor to economic growth, job creation, and household wealth accumulation.
