As part of the One Million Homes Presidential Initiative, the MREIF is designed to provide low-cost mortgage options, particularly targeting pension account holders. This initiative is expected to significantly enhance the ability of a broader segment of the population to own homes, thereby addressing the country’s housing deficit.
“The MREIF has the potential to provide cost-effective mortgage options for a large segment of pension account holders,” said Mr. Edun during the unveiling ceremony. “This fund is a testament to our commitment to making homeownership more accessible and affordable for Nigerians.”
The high-level meeting, held at the Ministry’s headquarters, brought together key stakeholders from the pension and financial sectors, including representatives from ARM Pensions, FCMB Pensions, Trustfund, and NUPEMCO. Discussions centered on shaping the future of the fund and promoting economic growth through a robust real estate sector.
Dr. Armstrong Takang, CEO of the Ministry of Finance Incorporated, elaborated on the fund’s design, stating, “The MREIF is designed to be market-driven while adhering to all regulatory standards. This approach ensures sustainability and broad participation from various financial institutions.”
Prominent leaders in attendance included the Accountant General of the Federation, Dr. Oluwatoyin Maiden; Wale Odutola of ARM Pensions; CEO of STC Trustees, Funmi Ekundayo; and Co-Coordinator of MREIF, Sani Yakubu, among others.
The Federal Government’s initiative is poised to transform the housing sector, providing Nigerians with more opportunities to achieve their dream of homeownership. This move is expected to stimulate economic growth and contribute to the overall development of the nation.