FG targets affordable housing with N250bn real estate investment fund launch
Benjamin Orisemeke
The federal government has taken a significant step towards addressing Nigeria’s Housing Finance Gap with the launch of the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF).
The ₦250 billion initiative is designed to provide low-cost, long-term mortgage financing and stimulate economic growth through the housing and construction sectors.
Presiding over the signing ceremony in his office in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun said the initiative will address the country’s housing finance gap by offering mortgages with repayment terms of up to 25 years.
According to the minister, the initiative contrasts sharply with the high-interest, short-tenor loans currently offered by commercial banks.
He said, “The first series of the fund, amounting to ₦150 billion, is expected to drive private sector participation, with the second series set to raise an additional ₦100 billion. The program aligns with President Bola Ahmed Tinubu’s vision to foster home ownership, create jobs, and support economic development.”
Described as a public-private partnership, the fund aims to incentivize developers to build affordable homes, thereby creating jobs and increasing commercial activity in the real estate and construction industries.
In his remarks, Managing Director of MOFI, Dr Armstrong Takang, said the initiative would enable Nigerians to build generational wealth through sustainable homeownership.
