The Federal Government has launched a N250bn Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF) to increase housing opportunities for all Nigerians.
According to a statement released by the Ministry of Finance on its X page, the government said the initiative was designed to provide low-cost, long-term mortgage financing and stimulate economic growth through the housing and construction sectors.
Presiding over the signing ceremony, the Honourable Minister of Finance, Mr. Wale Edun, emphasised that the initiative addresses Nigeria’s housing finance gap by offering mortgages with repayment terms of up to 25 years.
This contrasts sharply with the high-interest, short-tenor loans currently offered by commercial banks.
The initiative would enable Nigerians to build generational wealth through sustainable homeownership.
