FG Launches ₦250 Billion MOFI Real Estate Investment Fund

• Real Estate: Repayment Terms Of Up To 25 Years
• Second Series Set To Raise An Additional ₦100 billion
• The Program Aligns With President Bola Ahmed Tinubu’s Vision To Foster Homeownership

The Federal Government’s launch of the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF) represents a significant step towards addressing the housing finance gap in Nigeria.

Eko Hot Blog gathered that with an impressive ₦250 billion allocation, the initiative aims to provide low-cost, long-term mortgage financing, promoting economic growth through the housing and construction sectors.

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During the signing ceremony in Abuja, Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, highlighted the importance of the MREIF in offering mortgages with repayment terms of up to 25 years.

This approach deviates from the high-interest, short-tenor loans currently provided by commercial banks, which often prove challenging for Nigerians seeking affordable housing solutions.

According to Mohammed Manga, Director of Information and Public Relations at the Ministry of Finance, this initiative not only responds to the housing finance gap but also offers a viable alternative to the existing financial products.

“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 Ahmed Tinubu’s vision to foster homeownership, create jobs, and support economic development,” the minister said.

Described as a public-private partnership, the fund aims to incentives developers to build affordable homes, thereby creating jobs and increasing commercial activity in the real estate and construction industries.

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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, signalling strong support for this transformative programme.

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