A N250 billion Real Estate Investment Fund (MREIF) has been established by the Nigerian government under the Ministry of Finance Incorporated (MOFI).
This was contained in a statement through the Federal Ministry of Finance X handle on Thursday.
The government said the initiative was designed to provide low-cost, long-term mortgage financing and stimulate economic growth through the housing and construction sectors.
Presiding over the signing ceremony, the Honourable Minister of Finance, Mr. Wale Edun, emphasised that the initiative addresses Nigeria’s housing finance gap by offering mortgages with repayment terms of up to 25 years. This contrasts sharply with the high-interest, short-term loans currently offered by commercial banks.
Giving a breakdown, Edun, the first series of the fund, amounting to N150 billion, is expected to drive private sector participation, with the second series set to raise an additional N100 billion.
He noted that the program aligned with President Bola Ahmed Tinubu’s vision to foster homeownership, create jobs, and support economic development.
Armstrong Takang, Managing Director of MOFI, noted that the initiative would enable Nigerians to build generational wealth through sustainable homeownership.
Written By Ogaga Ariemu