The Federal Government has officially launched the Ministry of Finance Incorporated Real Estate Investment Fund, valued at N250 billion.
The initiative, unveiled during a signing ceremony in Abuja, is aimed at providing long-term, low-cost mortgage financing while revitalizing Nigeria’s housing and construction sectors.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who presided over the launch, highlighted the potential of MREIF to transform Nigeria’s housing delivery sector. He explained that the fund is designed to bridge the nation’s persistent housing finance gap by offering affordable mortgages with repayment terms extending up to 25 years, a stark contrast to the high-interest, short-tenure loans typically available through commercial banks.
Mr. Edun emphasized that MREIF aligns with President Bola Ahmed Tinubu’s vision of fostering homeownership, creating jobs, and stimulating economic development. He described the fund as a key step in addressing critical socio-economic challenges and making homeownership more accessible to Nigerians.
“This fund is a testament to the Federal Government’s commitment to addressing critical socio-economic challenges. It aligns with President Bola Ahmed Tinubu’s vision of fostering homeownership, creating jobs, and driving economic development,” Mr. Edun remarked.
The MREIF will be rolled out in two phases. The first phase, valued at N150 billion, is expected to attract significant private sector investment, while the second phase, projected to raise an additional N100 billion, will further strengthen the program’s impact. The initiative is structured as a public-private partnership, designed to incentivize developers to build affordable housing units, thereby addressing the country’s housing deficit and driving job creation and economic growth in the real estate and construction sectors.
Dr. Armstrong Takang, Managing Director of MOFI, underscored the broader implications of the initiative, describing the fund as a “generational wealth-building opportunity.” He added that by enabling sustainable homeownership, MREIF is helping to create pathways for Nigerians to achieve long-term financial security.
The initiative is expected to redefine housing finance in Nigeria by lowering the barriers to homeownership and fostering a more inclusive real estate market. With mortgages tailored to be affordable and long-term, MREIF aims to provide more Nigerians with the opportunity to own homes.
Furthermore, the fund is expected to drive growth in multiple sectors, generating thousands of jobs and stimulating economic activity in industries such as manufacturing and financial services.
“This fund is more than a housing project; it’s a generational wealth-building opportunity. By enabling sustainable homeownership, we are creating pathways for Nigerians to build enduring financial security,” Dr. Takang explained.
