The Federal Government has launched a N250 billion Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF), thegazellenews.com reports.
The Federal Ministry of Finance which made this disclosure in a statement on its X handle on Thursday, 19 December, 2024 said the initiative was designed to provide low-cost, long-term mortgage financing and stimulate economic growth through the housing and construction sectors.
Presiding over the signing ceremony, the Minister of Finance and Co-ordinating Minister of Economy, Mr. Wale Edun, explained that the initiative addresses Nigeria’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.
Giving a breakdown, Edun, the first series of the fund, amounting to N150 billion, is expected to drive private sector participation, with the second series set to raise an additional N100 billion.
He noted that the programme aligned with President Bola Ahmed Tinubu’s vision to foster homeownership, create jobs, and support economic development.
Managing Director of MOFI, Armstrong Takang, noted that the initiative would enable Nigerians to build generational wealth through sustainable homeownership.
