FG Unveils N250Bn MOFI Real Estate Investment Fund To Bridge Housing Deficit
By Sunday Etuka, Abuja
In a significant move towards addressing Nigeria’s Housing Finance Gap, the Federal Government has launched the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF), a ₦250 billion initiative designed to provide low-cost, long-term mortgage financing and stimulate economic growth through the housing and construction sectors.
The Director, Information and Public Relations of the Ministry of Finance, Mr. Mohammed Manga, disclosed this in a statement on Tuesday.
He revealed that the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who presided over the signing ceremony in his office in Abuja, emphasized that the initiative would address the nation’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 program aligns with President Bola Ahmed 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 financial 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.
