The Federal Government of Nigeria, through the Ministry of Finance Incorporated (MOFI), has fully subscribed to the N150 billion Series 1 issuance for the Real Estate Investment Fund (MREIF). This move highlights the government’s role as a sponsor while empowering the private sector to lead in the implementation and management of the initiative.
The MREIF initiative, part of President Bola Tinubu’s vision and championed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, aims to improve homeownership and drive inclusive economic development. By contributing N150 billion to the fund, the Federal Government has laid a strong foundation for the success and sustainability of the MREIF, ensuring long-term impact through private sector expertise.
ARM Investment Managers, appointed as the Fund Manager, will oversee the deployment of funds to provide affordable, long-term mortgage financing for homeowners and offer offtake guarantees for developers. These strategies are designed to enhance homeownership, ensure the timely delivery of quality, affordable housing, and stimulate economic growth.
The MREIF seeks to transform Nigeria’s housing sector by facilitating access to low-cost, long-term mortgages for prospective homeowners. It also aims to incentivize real estate developers with offtake guarantees to help secure funding for affordable housing projects, creating jobs and boosting economic activity in the construction and real estate sectors.
With the full subscription of the N150 billion Series 1 issuance, the Ministry of Finance Incorporated has completed the allotment of all units to itself. Looking ahead, the Series 2 issuance of N100 billion will soon be open to private and commercial investors, pending approval from the Securities and Exchange Commission.
