In a bold move to close Nigeria’s housing finance gap and stimulate economic growth, the Federal Government has launched the ₦250 billion Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF).
The initiative promises low-cost, long-term mortgage financing to ease access to homeownership and invigorate the construction sector.
Presiding over the launch in Abuja, Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, highlighted the fund’s 25-year repayment terms, which aim to replace the high-interest, short-tenor loans currently offered by commercial banks.
A statement issued by the director of information and public relations, Muhammed Manga explained that the first phase of the program, valued at ₦150 billion, seeks to attract private sector investment, while an additional ₦100 billion will be raised in the second phase.
The initiative the statement indicated is in alignment with President Bola Ahmed Tinubu’s economic vision to expand homeownership, generate employment, and drive infrastructural growth.
Described as a public-private partnership, the fund is expected to incentivize developers to construct affordable homes, generating thousands of jobs and revitalizing the real estate market.
Managing Director of MOFI, Dr. Armstrong Takang, emphasized that the program offers Nigerians the opportunity to build generational wealth through affordable and sustainable homeownership.
The signing ceremony drew key players from government, private enterprises, and financial institutions, signalling broad support for the initiative’s potential to transform Nigeria’s housing landscape and economic outlook.
As Nigeria grapples with a rising housing deficit, the MREIF stands out as a game-changing strategy to unlock investments, create jobs, and empower citizens to own homes, ushering in a new era of inclusive growth.