The Federal Government, through the Ministry of Finance Incorporated (MOFI), has introduced a N100 billion Series 2 offering under its Real Estate Investment Fund (MREIF), reinforcing efforts to address Nigeria’s housing deficit, which exceeds 20 million units.
This latest funding round builds on the success of the N150 billion Series 1 launched in late 2024, bringing the total raised under the initiative to N250 billion. The MREIF aims to secure up to N1 trillion to expand affordable housing access and promote homeownership through long-term, low-cost financing.
With mortgage repayment terms extending up to 25 years and interest rates set between 11 and 12 percent, significantly lower than conventional commercial rates, the fund is structured to make homeownership more accessible to Nigerians.
Speaking at the launch in Abuja, Wale Edun, Minister of Finance and Coordinating Minister of the Economy, emphasized the fund’s role in driving private-sector participation in housing development, aligning with President Tinubu’s Renewed Hope Agenda.
“Series 1 demonstrated the government’s commitment to easing homeownership. With Series 2, we are creating avenues for private investors to join this transformative journey, stimulating job creation, infrastructure growth, and economic expansion,” Edun said.
Unlike Series 1, which MOFI fully subscribed as both sponsor and anchor investor, Series 2 is designed to attract private capital through strategic partnerships with fund managers, advisers, and issuing houses.
MOFI’s Managing Director/CEO, Armstrong Takang, described the initiative as a significant step toward unlocking large-scale private investment in Nigeria’s housing sector. He reiterated that MOFI itself will not build houses or issue direct mortgages but will serve as a financial catalyst, ensuring investors feel secure in deploying funds toward housing finance.
“With this funding, we will begin issuing mortgages through eligible financial institutions before the end of the month,” Takang stated.
Shamsuddeen Usman, Chairman of MOFI’s Board, hailed the initiative as a milestone in Nigeria’s housing sector, reinforcing the Renewed Hope Agenda’s objective of fostering sustainable homeownership.
“This is just the beginning of the transformative initiatives MOFI is driving to support economic growth,” Usman said.
Agama Emomotimi, Director-General of the Securities and Exchange Commission (SEC), highlighted that such investment-driven programs align with international best practices and will continue to stimulate economic activity while enhancing financial inclusion.
“We are leveraging the capital market to accelerate Nigeria’s development,” he added.
With continued investor participation, the MREIF is set to reshape Nigeria’s housing landscape and improve the quality of life for millions.
