The Mortgage Banking Association of Nigeria (MBAN), has commended the federal government, the Minister of Finance and Coordinating Minister for the Economy, Olawale Edun and the Minister of Housing and Urban Development, Ahmed Dangiwa for the approval of a N250 billion Mortgage and Real Estate Investment Fund (MREIF).

Edun had last week announced the approval of MREIF, an initiative aimed at enhancing access to long-term and sustainable mortgage banking and housing finance, particularly for affordable housing. Its primary focus is providing low-cost mortgages to Nigerians, thereby addressing the pressing housing needs of low- and middle-income earners.

A statement jointly signed by Ebliate MAC-Yoroki and Dr Adedeji Ajadi, the President and Executive Secretary/ CEO of MBAN respectively, indicates that the N250 billion MREIF Fund is structured to attract Private Sector and Capital Market long-term Investments from Pension Funds Operators and Life Insurance Companies which would be blended with low-cost Seed Funding provided by the government.

"MBAN, therefore, encourages all Nigerians to seize this golden opportunity to have access to affordable mortgages, fulfill their dreams of homeownership, and contribute to narrowing the housing gap. The MBAN member Mortgage Banks and Mortgage Brokerage Companies are poised to facilitate this process, ensuring that the benefits of this transformative Fund reach those who need it most.

"For further information on access to this Fund, Nigerians are advised to contact Licensed Mortgage Banks and Registered Mortgage Brokerage Companies under the umbrella of MBAN. Together, we would build a Nation where Affordable Homeownership and Rent-To-Own Finance are a reality for all Nigerians.

"The strategic intervention by the Federal Executive Council (FEC), under the leadership of His Excellency, President Bola Ahmed Tinubu, demonstrates a firm commitment to addressing the huge housing deficit and revitalizing the Mortgage Banking Sub-Sector in Nigeria," the statement said.