Federal Government Launches N250 Billion MOFI Real Estate Investment Fund to Boost Housing Sector
In a strategic move to enhance economic growth and address the significant housing finance gap in Nigeria, the Federal Government has officially launched a N250 billion Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF). This initiative aims to provide low-cost, long-term mortgage financing options, distinguishing itself from the conventional high-interest and short-term loans offered by commercial banks.
During a signing ceremony in Abuja, Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, outlined the fund’s objectives, highlighting its capacity to offer mortgages with repayment periods extending up to 25 years. He indicated that this initiative is a critical part of President Bola Tinubu’s vision to promote homeownership, generate employment, and spur overall economic development in the country.
The first phase of the fund, which totals ₦150 billion, is designed to encourage private sector participation, while a subsequent phase will aim to secure an additional ₦100 billion. Minister Edun emphasized that this public-private partnership initiative will incentivize real estate developers to create affordable housing, ultimately boosting job creation and commercial activity within the construction and real estate sectors.
Dr. Armstrong Takang, Managing Director of MOFI, expressed confidence that the initiative would empower Nigerians to achieve generational wealth through sustainable homeownership. He underscored that this program represents a significant advancement in Nigeria’s ongoing efforts towards economic growth and development.
The launch of the MOFI Real Estate Investment Fund has garnered widespread support, with key stakeholders from government, the private sector, and financial institutions present at the event, signaling strong backing for this transformative endeavor. As Nigeria embarks on this ambitious initiative, it aims to unlock new opportunities for its citizens, stimulate economic growth, and establish a lasting impact for future generations.
Join our Channel...