By Seun Adams
The Federal Government on Tuesday said it 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 fund which is a ₦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, emphasized that the initiative addresses Nigeria’s Housing Finance Gap by offering mortgages with repayment terms of up to 25 years.
The Director, Information and Public Relations at the Ministry, Mr. Mohammed Manga, in a statement while quoting the Minister, said this 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 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.
The Managing Director of MOFI, Dr. Armstrong Takang, 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.
The launch of the MOFI Real Estate Investment Fund marks a significant milestone in Nigeria’s quest for economic growth and development. With its innovative approach to housing finance, this initiative is poised to unlock new opportunities for Nigerians, foster economic development, and leave a lasting legacy for generations to come.
