The Ministry of Finance Incorporated (MOFI) has launched a N100 billion Series 2 offering under the MOFI Real Estate Investment Fund (MREIF), aimed at addressing Nigeria’s housing deficit. This initiative is a critical component of the federal government’s efforts to provide long-term, affordable financing for housing developments and homeownership. With this new launch, total subscriptions have risen to N250 billion, following the success of the N150 billion Series 1 offering in 2024.
The MREIF initiative supports President Bola Tinubu’s Renewed Hope Agenda, which seeks to alleviate Nigeria’s housing shortage, estimated at 20 million homes. Minister of Finance, Wale Edun, emphasized the importance of private sector participation in tackling the housing crisis, with the Series 2 offering paving the way for private investors to join the effort to create jobs, improve infrastructure, and strengthen the economy.
MOFI’s Managing Director, Dr. Armstrong Takang, highlighted that Series 2 represents a significant step in unlocking private capital for the housing sector. The initiative employs a blended finance model, combining subsidized public funding with private sector investments, to ensure affordable homeownership for Nigerians. The aim is to reach N1 trillion in funding to transform the housing sector and create more sustainable homeownership opportunities.
The MREIF prioritizes affordable mortgage financing with long repayment periods and lower interest rates, making homeownership more accessible to Nigerians. With a long-term vision, the fund continues to attract private investment to support large-scale housing development and economic growth, contributing to the transformation of the country’s housing landscape.
Source: THIS DAY