The Nigerian government has officially launched the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF) with an initial allocation of N250 billion. The new initiative aims to provide affordable, long-term mortgage financing to Nigerians, helping to address the country’s housing finance gap and stimulate growth in the housing and construction sectors.
The announcement was made via a statement shared on the Federal Ministry of Finance’s X (formerly Twitter) handle on Thursday. The launch was overseen by Honourable Minister of Finance, Mr. Wale Edun, who emphasized that the initiative would offer mortgage repayment terms of up to 25 years—a stark contrast to the current high-interest, short-tenor loans provided by commercial banks in Nigeria.
The MREIF is expected to make a significant impact on Nigeria’s housing market by enabling more Nigerians to own homes and secure long-term financing. Edun noted that the first phase of the fund, worth N150 billion, will focus on encouraging private sector participation in the housing sector. A second phase will aim to raise an additional N100 billion.
“This program is aligned with President Bola Ahmed Tinubu’s vision of fostering homeownership, creating jobs, and promoting economic development across the country,” Edun said at the signing ceremony.
According to Armstrong Takang, Managing Director of MOFI, the initiative will play a key role in generational wealth building by making sustainable homeownership more accessible to Nigerians.
With the establishment of MREIF, the government hopes to create a robust and sustainable real estate market that benefits not only homeowners but also the broader economy. The fund represents a major step forward in addressing the critical housing needs of Nigeria’s growing population and stimulating long-term economic growth through the housing and construction sectors.
