The Federal Government has unveiled a N250 billion Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) to address Nigeria’s housing finance gap, promote affordable housing, and boost economic growth.
Announced during a signing ceremony in Abuja on December 31, 2024, and presided over by the Minister of Finance and Coordinating Minister for the Economy, Olawale Edun, the initiative represents a significant step toward improving housing accessibility.
Speaking at the event, Edun highlighted the fund’s potential to transform Nigeria’s housing sector by providing long-term, low-cost mortgage financing with repayment periods of up to 25 years. This marks a shift from the short-term, high-interest loans currently available through commercial banks.
The fund’s first phase, valued at N150 billion, will focus on encouraging private sector involvement, while an additional N100 billion will be raised in the second phase.
“This initiative aligns with President Bola Tinubu’s vision to increase homeownership, generate jobs, and stimulate economic growth through the housing and construction sectors,” Edun said.
The MREIF is designed as a public-private partnership, incentivizing developers to construct affordable homes and driving job creation within the real estate and construction industries.
Dr. Armstrong Takang, Managing Director of MOFI, described the fund as a transformative move to bridge Nigeria’s housing deficit while empowering citizens to achieve sustainable homeownership. He emphasized that the initiative would enable Nigerians to build generational wealth through accessible mortgage financing.
The program’s dual focus on housing affordability and economic stimulation underscores its importance in addressing one of Nigeria’s most pressing challenges while fostering broader economic benefits.
