The Ministry of Finance Incorporated (MOFI) has successfully secured N100 billion through the MOFI Real Estate Investment Fund (MREIF) to boost affordable housing development in Nigeria.
This latest funding follows the full subscription of the N150 billion Series 1 bond announced in December 2024. With the N100 billion Series 2 offering, which was opened to private investors in February 2025 and has now been fully subscribed, the total capital raised under MREIF has reached N250 billion.
In a statement released yesterday, MOFI highlighted the strong private sector participation in the latest tranche, noting that the overwhelming demand from institutional investors reflects high confidence in the fund’s structure and long-term viability.
The fund is designed to provide competitive returns while supporting affordable homeownership through long-term, low-cost mortgage financing. Minister of Finance Wale Edun described the successful close of the pilot phase as a crucial step in transforming Nigeria’s housing sector.
He emphasized that the full subscription of the Series 2 offering underscores the need for a structured, long-term housing finance solution and affirms investor confidence in MREIF as a sustainable investment vehicle.
MOFI’s Managing Director, Armstrong Takang, noted that MREIF is structured to tackle housing supply and demand constraints. He explained that the investment offers affordable mortgage financing with repayment periods of up to 20 years and interest rates as low as 12 per cent, significantly lower than standard commercial rates.
According to Takang, the fund is unlocking new investment opportunities in Nigeria’s housing sector. With MREIF’s N1 trillion multi-tranche programme now underway, future funding rounds will focus on expanding investor participation and accelerating housing development.
He added that the fund is structured to integrate seamlessly with commercial and mortgage banks, developers, and financial institutions to strengthen long-term housing finance in the country.