Housing Gap: MBAN Seeks Partnership With FG On N250bn Real Estate Fund Implementation

The Mortgage Banking Association of Nigeria (MBAN) is seeking a  partnership with the Federal Government on the implementation of the recently launched N250 billion Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF).

This fund is an initiative aimed to address the housing finance gap and drive economic progress which are the things MBAN said its members were ready to ensure that the benefits reached the targeted Nigerians.

Ebilate Mac-Yoroki and Adedeji Ajadi, President and Executive Secretary of the association respectively, disclosed their desire to partner with the government in a statement in Abuja as a response to the government’s approval of the fund.

“Please, be assured that the member-mortgage banks and mortgage brokerage companies of MBAN are poised to facilitate this process, ensuring that the benefits of this transformative fund drill down to each of those who need it the most.

Read Also: FG Launches ₦250bn Real Estate Fund To Unlock Affordable Housing

“This development underscores the importance of public-private collaboration in addressing critical national challenges, such as affordable housing. MBAN remains committed to working closely with the federal government and other stakeholders to achieve sustainable housing solutions for Nigerians,” the president said.

MBAN lauded the initiative, describing it as a transformative step towards making affordable housing a reality for low- and middle-income earners.

The MREIF, which was approved by the Federal Executive Council (FEC) at its meeting under the chairmanship of President Bola Tinubu, is designed to provide sustainable financing for affordable housing, with a focus on low-cost mortgages.

The initiative blends private sector investments from pension funds and insurance companies with government-provided low-cost seed funding.