The Ministry of Finance Incorporated (MOFI) has launched the N100 billion Series 2 offering under the MOFI Real Estate Investment Fund (MREIF), marking a significant step towards addressing Nigeria's housing deficit and expanding access to affordable homeownership.
The Ministry of Finance Incorporated has launched the N100 billion series 2 offering under the MOFI real estate investment fund .a full subscription of N150 billion for series one – bringing the total initial funding under MREIF to N250 billion.
“The fund prioritises affordable mortgage financing with repayment tenors of up to 25 years and interest rates targeted at 11-12 percent, significantly lower than prevailing commercial rates. Edun, who said the public-private partnership is aimed at also creating job opportunities, urged the partners to deliver the deal as soon as possible.On his part, Armstrong Takang, managing director of MOFI, reaffirmed the fund’s long-term vision.
“By leveraging blended finance, we are creating a sustainable framework for affordable homeownership that benefits all Nigerians.”Shamsuddeen Usman, chairman of MOFI board, lauded the initiative, describing it as “a landmark achievement in Nigeria’s housing sector”.
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