The Ministry of Finance Incorporated, MOFI, has signed a landmark agreement with Family Homes Funds Limited and ARM Investment Managers to provide affordable housing loans to federal civil servants.
The deal, sealed in Abuja on Monday, forms part of MOFI’s Real Estate Investment Fund, MREIF, and aims to break longstanding barriers to home ownership by offering single-digit interest mortgages and reducing equity contributions to just 10%.
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MOFI Chief Executive, Mr Armstrong Takang, said the initiative represents a key step in delivering President Tinubu’s vision of dignified home ownership for Nigerians, through credible and innovative financing.
He described the shift from a 12% rate to single-digit terms as a major milestone in tackling Nigeria’s housing affordability crisis.
The agreement is expected to boost access to long-tenure, low-cost mortgages in a market traditionally burdened by high lending rates.
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