The Federal Government has launched the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF), valued at two hundred and fifty billion naira. 

The initiative, which was unveiled at a signing ceremony in Abuja, is set to provide long-term, low-cost mortgage financing while revitalizing the housing and construction sectors.

Presiding over the launch, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, noted that the potential of the initiative seeks to transform the country’s housing delivery space.

He stated that MREIF is designed to bridge Nigeria’s persistent housing finance gap by offering affordable mortgages with repayment terms extending up to twenty five years. 

This innovative approach he said contrasts sharply with the high-interest, short-tenor loans typically available through commercial banks.