…To provide long-term mortgages 

Emma Ujah, Abuja Bureau Chief 

The Federal Government has initiated  a N250 billion Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF).

The Fund is designed to provide low-cost, long-term mortgage financing and stimulate economic growth through the housing sector, according to Mr. Mohammed Manga, Director of Information and Public Relations of the ministry.

Presiding over the signing ceremony in his office in Abuja,  this afternoon, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun said that the initiative would address 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 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 minister said the programme aligned 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.

 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 finance 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.