FG Launches ₦250 Billion MOFI Real Estate Investment Fund
The Federal Government has launched the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF), a ₦250 billion initiative to address Nigeria’s housing deficit and stimulate the economy through affordable mortgage financing and increased real estate activity.
Speaking at the launch, Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, stated that the fund seeks to close the housing finance gap by providing long-term mortgages with repayment periods of up to 25 years. This represents a significant improvement over the high-interest, short-tenor loans currently available through commercial banks.
The initiative is set to roll out in two phases. The first series, valued at ₦150 billion, will encourage private sector involvement, while the second series will add another ₦100 billion to the fund. As a public-private partnership, the fund is expected to incentivise developers to construct affordable housing, spurring growth in the real estate and construction sectors. Dr Armstrong Takang, Managing Director of MOFI, described the initiative as a tool for enabling sustainable homeownership and empowering Nigerians to build generational wealth.
The launch event drew participation from key stakeholders, including government officials, private sector executives, and financial institutions, underscoring broad support for the program’s potential to transform Nigeria’s housing landscape and drive economic growth.
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