MOFI Announces N150bn Real Estate Investment Fund SubscriptionJames Emejo in Abuja

The Ministry of Finance Incorporated (MOFI) said it  has subscribed to the N150 billion Series 1 offering under the MOFI Real Estate Investment Fund (MREIF) as the sponsor and anchor investor. 
The milestone marks a major step towards addressing the country’s housing deficit and expanding access to affordable homeownership.
In a statement, MOFI explained that MREIF is designed to provide long-term, affordable financing at scale for housing developments and homeownership. 
The initiative aligns with President Bola Tinubu’s Renewed Hope agenda, tackling about 20 million housing deficit through sustainable and innovative solutions.
The next phase of the funding will seek to raise an additional N100 billion from private sector investors, bringing the total funding under the initial series to N250 billion. 
MREIF’s broader vision is to mobilise N1 trillion to fully transform the housing sector and related infrastructure in the country.
Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, hosted the signing ceremony of the fund in Abuja.
The minister said, “This N150 billion subscription demonstrates the government’s commitment to fostering accessible housing, creating jobs within the sector, and driving economic growth.”
Managing Director/Chief Executive, MOFI, Dr. Armstrong Takang, said, “This achievement is a pivotal moment for Nigeria’s housing sector. It sets the foundation for private sector participation and reinforces our vision to deliver sustainable housing solutions for all Nigerians. 
“We thank Mr. President for his bold leadership in tackling our nation’s housing deficit.”
MOFI celebrated the imminent completion of Series 1 following receipt of initial approvals from the Securities and Exchange Commission (SEC).
Chairman, Senate Committee on Public Accounts, Senator Ahmed Aliyu Wadada, said the initiative was a “milestone in the history of Nigeria. This initiative reflects the Renewed Hope agenda’s focus on creating sustainable homeownership opportunities for Nigerians.”
Series 1, fully subscribed to by MOFI, lays the foundation for Series 2, which will seek to mobilise N100 billion from a wide range of private sector institutional investors.
Essentially, MREIF is designed as a bold public-private partnership, addressing systemic challenges in housing finance. 

The initiative prioritises affordable mortgages with repayment tenors of up to 25 years, offering interest rates envisioned at 11-12 per cent, which is far below prevailing commercial market rates. 

This is made possible through a blended finance approach, where subsidized funding from MOFI is combined with private sector funding at market rates.

The collaborative financing structure enables more favourable mortgage terms, thereby expanding access to affordable housing finance for millions of Nigerians.