Gateway Mortgage Bank Limited has announced the successful acquisition of N2.2bn from the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) to expand access to affordable housing finance.
The fund, designed to provide long-term, low-interest financing, marks a significant milestone for the Ogun State government-owned institution as it intensifies efforts to support homeownership among residents and Nigerians in the diaspora.
Speaking on the development, the Acting Managing Director of Gateway Mortgage Bank, Mrs Ronke Akinleye, confirmed that the bank has moved beyond approval and has commenced disbursement of the facility.
“We have secured N2.2bn under this initiative and have already commenced disbursement to qualified beneficiaries. This fund is targeted at individuals seeking to finance their homes through structured mortgage arrangements, making homeownership more accessible and affordable for Nigerians, including those in the diaspora,” Akinleye said.
With Nigeria’s housing deficit estimated at over 15 million units as of early 2026, the MREIF initiative is expected to ease pressure on prospective homeowners who face high interest rates in the commercial banking sector.
Under the scheme, eligible homebuyers can access loans of up to N100m at a fixed interest rate of 9.75 per cent per annum, with repayment tenures of up to 20 years depending on the applicant’s income profile and retirement age.
Bank officials described the programme as a strategic intervention to reduce Nigeria’s housing gap, improve access to long-term mortgage finance and stimulate activity in the real estate sector.
To accelerate uptake, the bank has simplified the application process. Prospective homeowners are required to provide a minimum equity contribution of 10 per cent, open an account with Gateway Mortgage Bank and present a property with a valid title, such as a Certificate of Occupancy or a Deed of Assignment.
Amid rising construction costs and inflationary pressures, the bank views the federal partnership as a critical support mechanism for middle-income earners seeking stable housing solutions.
“The programme aligns with broader efforts to promote affordable housing and economic growth. We urge eligible Nigerians to take advantage of this opportunity to secure their future through stable homeownership,” the statement added.
Akinleye noted that the application window remains open, assuring prospective applicants of the bank’s readiness to provide guidance to facilitate a seamless transition from tenancy to homeownership.
