The Housing Development Advocacy Network (HDAN) has hailed the Federal Government’s N250 million initiative to address Nigeria’s housing deficit, describing it as a pivotal step toward revitalizing the sector.
During a visit to the Ministry of Finance Incorporated (MOFI), HDAN praised the ministry’s robust plans to address both the demand and supply challenges in housing.
MOFI’s proposed solutions align with HDAN’s advocacy goals, which it has championed through the Africa International Housing Show.
The Executive Director of HDAN, Festus Adebayo, lauded MOFI’s proactive measures, including plans to raise funds from the capital market to finance affordable housing and mortgage initiatives.
He expressed optimism that by 2025, the sector would witness significant transformation, but he also urged MOFI to work exclusively with reputable estate developers and avoid those with poor loan repayment histories.
Dr. Ugochukwu Chime, a former chairman of the Federal Government Reform Committee on Land, emphasized the critical need to address land titling issues, which have historically hindered access to housing funds.
Similarly, Emmanuel Akinwumi, another stakeholder, called for a review of outdated housing and mortgage laws to ensure the success of new initiatives.
At the meeting, MOFI CEO Dr. Armstrong Takang unveiled the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), a cornerstone of President Bola Ahmed Tinubu’s One Million Homes Presidential Initiative.
The fund aims to integrate pension and financial sector resources to offer affordable mortgage options, particularly to pension account holders.
Takang assured that the MREIF would operate transparently, driving market efficiency and dismantling barriers to affordable homeownership.
He also announced partnerships with key agencies like Family Homes Funds Ltd. and the Federal Mortgage Bank of Nigeria to strengthen the mortgage market and enhance operational capacity.
The fund has enlisted the expertise of financial sector leaders, including the Accountant General of the Federation, Dr. Oluwatoyin Madein, and executives from ARM Pensions, STC Trustees, and PAL Pensions, to ensure its successful deployment.
The MREIF represents a groundbreaking opportunity for Nigerians, promising reduced interest rates for mortgage loans and fostering an inclusive, sustainable housing sector.
With transparency and professionalism at its core, the initiative is poised to address long-standing housing challenges and expand homeownership opportunities.
