Mohamed Garba
In a bid to address Nigeria’s housing sector deficit, the Federal Government has launched a N250 billion real estate investment fund, known as the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF).
The initiative, which is expected to provide low-cost, long-term mortgage financing, aims to stimulate economic growth through the housing and construction sectors.
According to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, the fund will offer mortgages with repayment terms of up to 25 years, addressing Nigeria’s housing finance gap.The fund will be delivered in two series, with the first series amounting to ₦150 billion expected to drive private sector participation, and the second series set to raise an additional ₦100 billion.
This public-private partnership aims to incentivize developers to build affordable homes, 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 signing ceremony, signaling strong support for this transformative programme.
The launch of the MOFI Real Estate Investment Fund is a significant milestone in Nigeria’s quest for economic growth and development. It is expected to unlock new opportunities for Nigerians, foster economic development, and leave a lasting legacy for generations to come.
