The Ministry of Finance on Tuesday unveiled plans for a market-driven mortgage fund aimed at expanding access to affordable homeownership in Nigeria.

Spearheaded by the Minister of Finance, Mr. Wale Edun, the initiative is part of the One Million Homes Presidential Initiative.

The fund, known as the Ministry of Finance Incorporated Real Estate Investment Fund, is designed to provide low-cost mortgage options, particularly for pension account holders, enabling a broader segment of the population to own homes.

Edun emphasised the potential of the fund “to provide cost-effective mortgage options for a large segment of pension account holders.”

He also highlighted the significance of the meeting as a platform for open dialogue, enabling key stakeholders to exchange ideas and contribute to the initiative’s success.

The CEO of the Ministry of Finance Incorporated, Dr. Armstrong Takang, further elaborated, noting that “the MREIF is designed to be market-driven while adhering to all regulatory standards.”

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 during the meeting centred on shaping the future of the fund and promoting economic growth through a robust real estate sector.

Among the prominent leaders in attendance were, Accountant General of the Federation, Dr. Oluwatoyin Maiden; Wale Odutola of ARM Pensions, CEO of STC Trustees, Funmi Ekundayo; Co-Coordinator of MREIF, Sani Yakubu, and others from institutions like PAL Pensions, Vetiva Advisory, and Access Pensions.