Federal Govt. Launches N250bn MOFI Real Estate Investment Fund
The Federal Government of Nigeria has officially launched the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF) to boost housing demand and drive economic growth.
The finance ministry revealed in its official social media handle that 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, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, emphasized that the initiative addresses Nigeria’s housing finance gap by offering mortgages with repayment terms of up to 25 years.
This contrasts sharply with the high-interest, short-tenor loans currently offered by commercial banks, the authority said in the statement.
Finance Ministry 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.
According to the ministry, the program aligns with President Bola Ahmed Tinubu’s vision to foster homeownership, 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. Dr. 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 ceremony, signaling strong support for this transformative programme. #Federal Govt. Launches N250bn MOFI Real Estate Investment Fund#
