The Federal Government, through the Ministry of Finance Incorporated (MOFI), has launched a landmark ₦250 billion Real Estate Investment Fund (MREIF) aimed at closing Nigeria’s staggering housing deficit—estimated at between 20 and 28 million units. The initiative follows two fully subscribed funding rounds: the initial ₦150 billion Series 1, solely funded by MOFI, and a ₦100 billion Series 2 offering taken up by private-sector investors.
Finance Minister Wale Edun, speaking at the formal signing ceremony in Abuja, emphasised that MREIF is designed as a public–private partnership. It provides long-term (up to 25 years) mortgages at single-digit to low double-digit interest rates—about 11–12 per cent—through a blend of concessional government funding and private capital.
The fund also includes purchase guarantees for developers, designed to encourage accelerated housing construction.
Armstrong Ume Takang, Managing Director of MOFI, described the successful subscription of both tranches as a clear validation of investor confidence in the MREIF structure and its potential to stimulate affordable housing delivery nationwide.
He noted that the fund serves as the financial backbone for Nigeria’s broader One Million Homes Housing Project—an integral part of President Tinubu’s Renewed.
Officials project that MREIF will mobilise up to ₦1 trillion over several series. The initial ₦250 billion fund aims to unlock new mortgage opportunities for low- and middle-income Nigerians while boosting the real estate and construction industries through job creation and increased economic activity