FG targets affordable house ownership, unveils mortgage fund

• Published On: 10 September 2024 at 18:27

Nigeria's Ministry of Finance has launched a new initiative to promote affordable homeownership through a market-driven mortgage fund.

The fund, which is part of the One Million Homes Presidential Initiative, was established by Minister of Finance Mr. Wale Edun as a strategic move to increase access to housing, particularly among pension account holders.

The Ministry of Finance Incorporated Real Estate Investment Fund program aims to provide low-cost mortgage solutions to a larger segment of Nigerians.

Mr. Edun, speaking at a high-level meeting at the Ministry's headquarters on Tuesday, highlighted the fund's ability to provide "cost-effective mortgage options for a large segment of pension account holders."

He emphasised the importance of the meeting as an opportunity for stakeholders to engage in open discussions to ensure the success of the initiative.

Dr. Armstrong Takang, CEO of the Ministry of Finance Incorporated, explained that the fund would remain market-driven while adhering to regulatory standards, ensuring long-term viability in the housing and real estate sectors.

The meeting brought together key players in the pension and financial sectors, including ARM Pensions, FCMB Pensions, Trustfund, and NUPEMCO. The discussions centred on shaping the fund's future and promoting economic growth through a stronger real estate market.

Notable attendees included Dr Oluwatoyin Maiden, the Federation's Accountant General; Wale Odutola of ARM Pensions; Funmi Ekundayo, CEO of STC Trustees; Sani Yakubu, MREIF Co-Coordinator; and representatives from PAL Pensions, Vetiva Advisory, and Access Pensions.