The Federal Government has launched the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF), a ₦250 billion initiative 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, Wale Edun, minister of finance and coordinating minister of the economy, emphasised that the initiative addresses Nigeria’s housing finance gap by offering mortgages with repayment terms of up to 25 years.
According to a statement signed by Mohammed Manga, director of information and public relations of the ministry, this initiative contrasts sharply with the high-interest, short-tenor loans currently offered by commercial banks.
“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 homeownership, create jobs, and support economic development,” the minister said.
Described as a public-private partnership, the fund aims to incentivise developers to build affordable homes, thereby creating jobs and increasing commercial activity in the real estate and construction industries.
Armstrong Takang, managing director of MOFI, noted that the initiative would enable Nigerians to build generational wealth through sustainable homeownership.
Key stakeholders, including government officials, private sector leaders, and financial institutions, attended the signing ceremony, signalling strong support for this transformative programme.
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