Finance Ministry Secures N100bn for Affordable Housing Development
The Ministry of Finance Incorporated (MOFI) has raised N100 billion through the MOFI Real Estate Investment Fund (MREIF) to support affordable housing projects in Nigeria.
This follows the N150 billion Series 1 bond, fully subscribed in December 2024, bringing total funding under MREIF to N250 billion after the recent Series 2 offering, which also saw full subscription from private investors.
MOFI highlighted strong institutional investor confidence in the fund, positioning MREIF as a key platform for real estate financing.
Housing Sector Transformation Underway
Finance Minister Wale Edun described the successful Series 2 subscription as a milestone in addressing Nigeria’s housing finance gap.
MREIF offers mortgage financing with up to 20-year repayment periods at rates as low as 12%, significantly below commercial lending rates.
The fund aims to mobilize long-term capital and expand access to affordable homeownership.
MOFI Managing Director, Armstrong Takang, emphasized that the N1 trillion multi-tranche programme will drive further private sector participation and accelerate housing development.
The fund will integrate with commercial banks, mortgage institutions, and developers to enhance long-term housing finance solutions in Nigeria.
