The Ministry of Finance Incorporated (MOFI) has reiterated its commitment to tackling Nigeria’s housing deficit and unlocking affordable home ownership for millions of citizens through its innovative MOFI Real Estate Investment Fund (MREIF).
Speaking at the 19th Africa International Housing Show (AIHS), MOFI Managing Director, Dr. Armstrong Takang, outlined the fund’s transformative role in driving investment-led public sector reform and sustainable infrastructure delivery, in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Takang described MREIF as a market-aligned public-private partnership (PPP) designed to catalyse Nigeria’s housing value chain by raising capital from the capital markets rather than relying on government subsidies.
This approach, he noted, ensures liquidity, sustainability, and transparency, avoiding the pitfalls of previous housing programmes.
With a pilot phase capital target of ₦250 billion under a broader ₦1 trillion programme, the fund offers single-digit interest mortgages, flexible equity contributions, and repayment tenors of up to 20 years.
It also provides off-take guarantees to developers and supports mortgage finance institutions, ensuring a holistic boost to both supply and demand.
MOFI has further reduced the fund’s mortgage rate from 12% to 9.75% per annum to make home ownership more affordable and accessible to most Nigerians.
Highlighting its national alignment, Takang emphasized that MREIF directly supports President Tinubu’s vision for sustainable infrastructure and home ownership expansion.
“This is not just a financing programme; it is a blueprint for transforming Nigeria’s housing sector through structured capital, strong governance, and genuine public-private collaboration,” he said.
With over 22,000 ready home buyers already on its portal, MREIF is being positioned as a replicable model for other African nations seeking innovative solutions to their housing challenges.
READ ALSO: FCMB, MREIF partner on affordable housing
WATCH TOP VIDEOS FROM NIGERIAN TRIBUNE TV
- Let’s Talk About SELF-AWARENESS
- Is Your Confidence Mistaken for Pride? Let’s talk about it
- Is Etiquette About Perfection…Or Just Not Being Rude?
- Top Psychologist Reveal 3 Signs You’re Struggling With Imposter Syndrome
- Do You Pick Up Work-Related Calls at Midnight or Never? Let’s Talk About Boundaries
and then