The Federal Government has established the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF), a ₦250 billion initiative designed to facilitate access to affordable, long-term mortgage financing and stimulate economic growth within the housing and construction sectors.

During the signing ceremony held in his Abuja office, Wale Edun, the minister of finance and coordinating minister of the economy, highlighted that this initiative seeks to bridge Nigeria’s housing finance gap by offering mortgages with repayment periods extending up to 25 years.

A statement from Mohammed Manga, director of information and public relations at the ministry, noted that this initiative stands in stark contrast to the high-interest, short-term loans typically available from commercial banks.

“The first series of the fund, amounting to ₦150 billion, is expected to drive private sector participation, with the second series set to raise an additional ₦100 billion. The program aligns with President Bola Ahmed Tinubu’s vision to foster homeownership, create jobs, and support economic development,” the minister said.


TFG Launches ₦250bn Real Estate Fund to Facilitate Access to Affordable Housinghe fund, characterized as a public-private partnership, seeks to encourage developers to construct affordable housing, which in turn will generate employment opportunities and boost commercial activity within the real estate and construction sectors.

Armstrong Takang, the managing director of MOFI, emphasized that this initiative would empower Nigerians to accumulate generational wealth through sustainable homeownership.

The signing ceremony was attended by key stakeholders, including government representatives, leaders from the private sector, and financial institutions, demonstrating robust support for this transformative program.