Association Hails MREIF’s N97.6bn Housing Acquisition Disbursement, Urges Reforms

The Association of Housing Corporations of Nigeria (AHCN) has commended the Mofi Real Estate Investment Fund (MREIF) for disbursing over N97.6 billion in housing support to Nigerians within months of its launch, calling it a vital boost for affordable homes.

Speaking at AHCN’s 113th Council meeting and a two-day strategy session themed “Redefining Affordable Housing for Low-Income Earners and the Roles of Housing Corporations in Emerging Real Estate Markets” in Abuja, president Eno Obogha urged state housing corporations to tap MREIF’s low-interest credit window—targeting single-digit rates—for mass housing aimed at low- and medium-income groups.

Launched by the federal government in late December 2024 and operational since March 17, 2025, MREIF provides low-cost financing despite challenges such as stringent sovereign and bank guarantees that limit broader access, the council noted. It called on banks and multilateral agencies to offer more flexible funding tailored to housing bodies.

The association highlighted opportunities in partnerships, including synergies among Family Homes Funds, Federal Mortgage Bank of Nigeria (FMBN), and MREIF, to secure long-term financing, wholesale lending, and origination—helping bridge Nigeria’s housing deficit.

AHCN raised alarms over the worsening crisis, especially in urban centres like Abuja and Lagos, where unoccupied private developments remain unaffordable for most. It decried the state’s merging of housing corporations into ministries, calling it a violation of the National Housing Policy that weakens agencies’ capacities.

Resolutions signed by Obogha and executive secretary, Toye Eniola demanded:

Clear roles for state corporations in the Renewed Hope Housing Initiative, now underway with three housing cities and 12 estates.

Government empowerment via land access and funding.

Adoption of cost-cutting technologies, such as Hydraform blocks and local materials, amid rising inflation and forex woes.

Integration of the informal sector and strengthening of housing cooperatives.

Structural reforms to rebuild public trust in agencies.

AHCN stressed low-interest funding windows exist but require state support for uptake, positioning housing corporations as key to resolving the deficit.