FG Invites Nigerians to Buy Houses Worth N100m With N10m Down Payment

The Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) has announced a reduction in the necessary down payment for its mortgage program from 20% to 10%, allowing Nigerians to buy houses worth N100 million with just N10 million down payment. This initiative aims to alleviate Nigeria's housing shortage and increase accessibility to homeownership.

The MREIF mortgage product now offers a repayment term of 20 years. Armstrong Takang, the CEO of MOFI, confirmed the news, stating that the program is part of a larger Federal Government initiative to address barriers to homeownership.

The goal is to encourage more Nigerians, particularly those in the formal sector, to utilize the program. The MREIF's efforts were recognized at the 2025 International Housing Show with the Innovative FG Mortgage Intervention Award.

This initiative is part of the Federal Government's real estate investment plan to promote economic growth and improve the welfare of citizens. President Bola Ahmed has announced plans to construct houses in all.