The Federal Government has initiated a N250 billion Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF) to provide low-cost, long-term mortgage financing and stimulate economic growth through the housing sector.
The fund, which is designed as a public-private partnership, aims to address Nigeria’s housing finance gap by offering mortgages with repayment terms of up to 25 years.
This is a significant departure from the high-interest, short-tenor loans currently offered by commercial banks.
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According to Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, the initiative aligns with President Bola Tinubu’s vision to foster homeownership, create jobs, and support economic development.
The fund will be disbursed 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.
Dr. Armstrong Takang, Managing Director of MOFI, noted that the initiative will enable Nigerians to build generational wealth through sustainable homeownership.
The launch of the MOFI Real Estate Investment Fund marks a significant milestone in Nigeria’s quest for economic growth and development.