The Ministry of Finance Incorporated (MOFI) has announced the launch of the N100 billion Series 2 offering under the MOFI Real Estate Investment Fund (MREIF), describing it as a significant step in addressing Nigeria’s housing deficit.
This second phase follows the successful N150 billion Series 1 subscription, bringing the total initial funding under MREIF to N250 billion.
The federal government is targeting N1 trillion in the initiative that is aimed at providing long-term, affordable financing for housing developments and homeownership, in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Speaking at the official launch of series 2, minister of finance and coordinating minister of the economy, Wale Edun emphasised the importance of private sector involvement in expanding the housing sector.
“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,” he stated.
Unlike Series 1, which was fully subscribed by MOFI as the sponsor and anchor investor, Series 2 is designed to attract private sector participation in partnership with fund managers, advisers and issuing houses.
The goal is to mobilise N100 billion from institutional investors through the capital market, reinforcing MOFI’s commitment to fostering public-private partnerships to expand housing finance and drive economic growth.
Dr. Armstrong Takang, MD/CEO of MOFI, reaffirmed the fund’s long-term vision “Series 2 marks a critical step toward unlocking private capital at scale for Nigeria’s housing market. By leveraging blended finance, we are creating a sustainable framework for affordable homeownership that benefits all Nigerians.”
The chairman of the MOFI board described the initiative as “a landmark achievement in Nigeria’s housing sector,” adding that “The Renewed Hope Agenda is focused on delivering sustainable homeownership opportunities for Nigerians, and MREIF is a major driver of this vision.”
The fund offers mortgage financing with repayment periods of up to 25 years at interest rates targeted at 11-12 per cent, significantly lower than prevailing commercial rates.
This is achieved through a blended finance model combining subsidised public funding with private sector investments.
MREIF ultimately seeks to raise the N1 trillion to transform Nigeria’s housing sector, enabling millions to access affordable homeownership.
With Series 2, MOFI is laying the foundation for greater private sector collaboration in accelerating housing development nationwide.
Some of the partners for the fund said the N1 trillion target will continue to catalyse investments that reshape Nigeria’s housing landscape and improve millions of lives.
Director-general of the Securities and Exchange Commission Agama Emomotimi said the federal government was driving financial inclusion while also adhering to international best standards. “We are bringing capital markets to help drive Nigeria’s development,” he stated.
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