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The Ministry of Finance Incorporated (MOFI) has successfully raised N100 billion through the MOFI Real Estate Investment Fund (MREIF) to finance affordable housing, marking a significant step toward addressing Nigeria’s housing deficit.
This latest funding comes after MOFI’s N150 billion Series 1 bond was fully subscribed in December 2024. With the additional Series 2 offering in February 2025, which was also fully subscribed by private investors, the total funding under MREIF now stands at N250 billion.
In a statement on Sunday, MOFI highlighted the strong private sector participation in the latest N100 billion issuance tranche, indicating high investor confidence in the fund’s structure and long-term potential.
“The fund is structured to deliver competitive returns while enabling affordable homeownership through long-term, low-cost mortgage financing at scale,” the statement read.
Finance Minister Wale Edun described the successful close of the pilot phase as a “long-overdue transformation” of Nigeria’s housing sector.
“The full subscription of the Series 2 offer demonstrates the pent-up demand for structured, long-term housing finance and affirms the private sector’s confidence in MREIF as a sustainable investment vehicle,” Edun stated.
MOFI Managing Director Armstrong Takang emphasized that MREIF is designed to tackle both housing supply and demand constraints, offering affordable mortgage financing with up to 20-year repayment tenors at interest rates as low as 12 percent significantly below commercial rates.
With MREIF’s N1 trillion multi-tranche programme now underway, future rounds will focus on expanding investor participation and accelerating housing development in partnership with mortgage banks, developers, and financial institutions.
“This fully subscribed series demonstrates investor confidence in the fund’s structure and long-term potential, which MOFI fully supports,” Takang added.
