The Ministry of Finance Incorporated (MOFI) has officially launched its N100 billion Series 2 offering under the MOFI Real Estate Investment Fund (MREIF), marking a significant step in addressing Nigeria’s growing housing deficit.
This follows the successful full subscription of N150 billion for the first series in December 2024, bringing the total initial funding under MREIF to N250 billion. Series 2 is a public-private partnership (PPP), which includes fund managers, financiers, advisors, and trustees working together toward the development of the housing sector.
At the launch on Monday, Wale Edun, an influential figure in the initiative, described this milestone as crucial in the mission to provide affordable homeownership for Nigerians. “MREIF’s ultimate goal is to raise N1 trillion to revolutionize Nigeria’s housing sector, making homeownership accessible to millions of Nigerians,” Edun shared.
He highlighted that the fund focuses on affordable mortgage financing, offering repayment tenors of up to 25 years with interest rates between 11-12 percent—well below the current commercial rates. This is made possible through a blended finance structure combining subsidized public funding with private sector investments at market rates.
The completion of Series 1, Edun added, showcased the government’s dedication to improving homeownership accessibility. With Series 2 now underway, private investors are invited to join this transformative project, which promises to create jobs, improve infrastructure, and boost the national economy.
Meeting Market Demand
Armstrong Takang, Managing Director of MOFI, emphasized that the fund is dedicated to meeting the market demand for affordable housing. “Series 2 marks a pivotal moment in unlocking private capital for Nigeria’s housing market. With blended finance, we’re establishing a sustainable framework that benefits Nigerians at large,” Takang stated.
Shamsuddeen Usman, Chairman of MOFI’s board, commended the initiative as a landmark achievement in the nation’s housing sector. He noted that it would enhance financial inclusion and align with the goals of the Renewed Hope Agenda, which focuses on delivering sustainable homeownership solutions for Nigerians.
“The MREIF is a major catalyst in this vision. With Series 2, MOFI is forging deeper private sector partnerships to accelerate housing development nationwide. As we progress toward our N1 trillion goal, the fund will continue to drive investments that reshape Nigeria’s housing landscape,” Usman added.
He concluded, “This program is truly a win-win for all, especially the average Nigerian looking to access affordable homeownership.”
