The Ministry of Finance Incorporated (MOFI) has launched a N100 billion Series 2 offering under the MOFI Real Estate Investment Fund (MREIF), marking another major step toward tackling Nigeria’s housing deficit and expanding homeownership opportunities.
The new offering, announced on Monday, follows the successful full subscription of N150 billion for Series 1 on December 20, 2024, bringing the total funding under MREIF to N250 billion. Unlike Series 1, which was government-driven, Series 2 operates as a public-private partnership (PPP), involving fund managers, financiers, advisors, and trustees.
Affordable Housing, Job Creation, and Economic Growth
Speaking at the launch, Finance Minister Wale Edun emphasized that MREIF’s ultimate goal is to raise N1 trillion to revolutionize Nigeria’s housing sector.
“MREIF’s ultimate goal is to raise N1 trillion to transform Nigeria’s housing sector, enabling millions of Nigerians to access affordable homeownership,” Edun said.
“The fund prioritises affordable mortgage financing with repayment tenors of up to 25 years and interest rates targeted at 11-12 percent, significantly lower than prevailing commercial rates.”
Edun explained that the fund’s blended finance structure—combining subsidized public funding with market-rate private investments—makes these lower rates possible.
“The successful completion of Series 1 has demonstrated the government’s commitment to making homeownership more accessible.”
“Now, with Series 2, we are opening the doors for private investors to join this transformative journey, creating jobs, enhancing infrastructure, and strengthening the economy.”
The minister urged partners to expedite implementation to maximize economic and social impact.
Unlocking Private Capital for Housing Development
MOFI Managing Director, Armstrong Takang, reaffirmed the fund’s commitment to addressing housing demand by ensuring developers have access to necessary financing.
“Series 2 marks a critical step toward unlocking private capital at scale for Nigeria’s housing market,” Takang said.
“By leveraging blended finance, we are creating a sustainable framework for affordable homeownership that benefits all Nigerians.”
Deepening Financial Inclusion in Housing
Shamsuddeen Usman, Chairman of MOFI’s Board, described the initiative as a landmark achievement in Nigeria’s housing sector.
“The Renewed Hope Agenda is focused on delivering sustainable homeownership opportunities for Nigerians, and MREIF is a major driver of this vision,” Usman said.
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“With Series 2, MOFI is paving the way for deeper private sector collaboration to accelerate housing development across the nation.”
He highlighted that the initiative, which involves both capital and money markets, would boost financial inclusion and reshape Nigeria’s housing landscape.
“Overall, the programme is a win-win for all of us, most especially the average Nigerian.”
As the fund progresses toward its N1 trillion goal, it is expected to attract more private sector investments, create jobs, and provide sustainable housing solutions for millions.