FG announces N100bn series 2 subscription to tackle housing deficit

The Ministry of Finance Incorporated (MOFI) is pleased to announce the launch of the N100 billion Series 2 Offering under the MOFI Real Estate Investment Fund (MREIF). This second phase builds upon the successful N150 billion Series 1 subscription, bringing the total initial funding under MREIF to N250 billion.

MREIF is a landmark initiative designed to address Nigeria’s critical housing deficit by providing long-term, affordable financing for housing developments and homeownership. The fund aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda and aims to bridge Nigeria’s estimated 20 million housing deficit through innovative and sustainable financial solutions.

While Series 1 was fully subscribed by MOFI as the Sponsor and Anchor Investor, Series 2 is strategically positioned to attract private sector participation, mobilizing N100 billion from institutional investors. This step underscores MOFI’s 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 prioritizes affordable mortgage financing with repayment tenors of up to 25 years and interest rates targeted at 11-12 per cent, significantly lower than prevailing commercial rates. This is made possible through a blended finance structure that combines subsidized public funding with market-rate private sector investments.

Speaking at the official launch of Series 2, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlighted the importance of private sector involvement in expanding the housing sector.

“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,” he stated.

MD/CEO of MOFI, Dr. Armstrong Takang, reaffirmed the fund’s long-term vision, emphasizing that “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.”

The Chairman of MOFI Board, praised the initiative, describing it as “a landmark achievement in Nigeria’s housing sector.” He added that “The Renewed Hope Agenda is focused on delivering sustainable homeownership opportunities for Nigerians, and MREIF is a major driver of this vision.”

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 catalyze investments that reshape Nigeria’s housing landscape and improve the lives of millions.