The Federal Government of Nigeria, through the Ministry of Finance Incorporated (MOFI), has fully subscribed to the N150bn Series 1 issuance of the Real Estate Investment Fund (MREIF). This initiative, championed by President Bola Tinubu and Finance Minister Wale Edun, aims to enhance homeownership and drive inclusive economic development by leveraging private sector expertise.
ARM Investment Managers has been appointed as the Fund Manager to oversee the allocation of funds towards long-term, low-cost mortgages for homeowners and offtake guarantees for real estate developers. This move is expected to boost affordable housing availability, create jobs, and stimulate economic activity in the construction sector.
Following the successful N150bn subscription, MOFI plans to open a Series 2 issuance worth N100bn for private and commercial investors, pending SEC approval. The initiative presents an opportunity for institutional and high-net-worth investors to gain financial returns while contributing to Nigeria’s economic growth and alignment with the United Nations’ Sustainable Development Goals.
Source: PUNCH