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•Launches N100bn Series 2 offering

Ndubuisi Francis and Onyebuchi Ezeigbo in Abuja

The federal government has again underscored the importance of private sector involvement in expanding the housing sector, as the Ministry of Finance Incorporated (MOFI) launched N100 billion Series 2 offering under the MOFI Real Estate Investment Fund (MREIF).

Yesterday’s launch of the N100 billion Series 2 offering raised subscriptions so far to N250 billion, a build-up from the successful N150 billion Series 1 subscription earlier launched in 2024.

MREIF is a major initiative to address Nigeria’s critical housing deficit by providing long-term, affordable financing for housing developments and homeownership.

The fund tallies with President Bola Tinubu’s Renewed Hope Agenda and seeks to bridge Nigeria’s estimated 20 million housing deficit through innovative and sustainable financial solutions.

Speaking at the official launch of the project in Abuja, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlighted the imperative of private sector involvement in the housing sector.

Edun stated, “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.”

Managing Director/CEO of MOFI, Dr. Armstrong Takang, reaffirmed the fund’s long-term vision, emphasising, “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.”

Chairman of MOFI Board, Dr. Shamsudeen Usman, applauded the initiative, describing it as “a landmark achievement in Nigeria’s housing sector”.

Usman said, “the Renewed Hope Agenda is focused on delivering sustainable homeownership opportunities for Nigerians, and MREIF is a major driver of this vision.”

While Series 1 was fully subscribed by MOFI as Sponsor and Anchor Investor, Series 2 is strategically positioned to attract private sector participation, mobilising N100 billion from institutional investors.

MOFI said that underscored its commitment to fostering a collaborative public-private partnership to scale up housing finance and drive inclusive economic growth.

MREIF’s ultimate goal is to raise N1 trillion to transform Nigeria’s housing sector, enabling millions of Nigerians to access affordable homeownership.

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. This is made possible through a blended finance structure that combines subsidised public funding with market-rate private sector investments.

With Series 2, MOFI is paving the way for deeper private sector collaboration to accelerate housing development across the nation.

“As the fund progresses toward its N1 trillion goal, it will continue to catalyse investments that reshape Nigeria’s housing landscape and improve the lives of millions,” MOFI added.