In a bid to bridge Nigeria’s housing deficit, the Ministry of Finance Incorporated (MOFI) has launched a N100 billion Series 2 offering under its Real Estate Investment Fund (REIF).
This second phase follows the successful launch of N150 billion Series 1 funding late last year and brings the total amount under the fund to N250 billion.
MOFI Real Estate Fund (MREIF) initiative seeks up to N1 trillion in financing to transform Nigeria’s housing sector and expand homeownership through cheap, long-term funding.
The fund offers affordable mortgage financing with repayment terms of up to 25 years, featuring interest rates between 11 per cent and 12 per cent, which are substantially lower than standard commercial rates.
During the launch in Abuja, Wale Edun, minister of Finance and Coordinating Minister of the Economy, highlighted that this landmark initiative successfully attracts private sector involvement to grow Nigeria’s housing sector and aligns with President Tinubu’s Renewed Hope Agenda.
Unlike Series 1, which was fully subscribed by MOFI as both sponsor and anchor investor, Series 2 is structured to draw in private sector involvement through partnerships with fund managers, advisers, and issuing houses.
“The successful completion of Series 1 has demonstrated the government’s commitment to making homeownership more accessible,” he said.
“With Series 2, we are opening the doors for private investors to join this transformative journey, creating jobs, enhancing infrastructure, and strengthening the economy.”
MOFI aims to mobilise N100 billion from institutional investors through capital market channels, solidifying its commitment to fostering public-private partnerships that expand housing finance and drive economic development.
Reaffirming the fund’s long-term vision, Armstrong Takang, MD/CEO of MOFI, stated: “Series 2 marks a critical step toward unlocking private capital at scale for Nigeria’s housing market.”
