The Federal Government has advocated the expansion of the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund to make housing more affordable to millions of Nigerians as part of its current initiatives aimed at closing the nation’s widening housing deficit.
The Minister of Finance and Coordinating Minister f the Economy, Mr. Wale Edun, was quoted in a statement posted on the Ministry’s X handle on Sunday as making the call when he hosted a delegation from the MOFI Real Estate Investment Fund following a presentation on the programme’s progress and impact.
The minister described the initiative as a strong example of how innovation and collaboration can address major national challenges, particularly in the housing sector.
According to him, the government remains committed to increasing the Fund and make it more accessible to Nigerians, especially low and middle-income earners who are facing challenges in their efforts to have access to affordable housing.
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The MOFI Real Estate Investment Fund, which is designed to provide long-term, low-cost mortgage financing at rates below double digits, aligns with the policy thrusts of the present administration’s housing sector reforms agenda.
A few months ago, the National Coordinator of the MREIF, Sani Yakubu, who spoke at a forum in Abuja said that “the purpose of the fund is to deliver long-term, low-cost mortgages for Nigerians.”
According to him, the Fund is structured as a N1 trillion programme registered with the Securities and Exchange Commission (SEC) and scheduled to be rolled out in phases, with the first tranche of N250 billion already raised for the purpose.
Yakubu explained that from this initial funding, mortgage transactions worth about N75 billion had been supported, covering over 1,000 housing units across the country.
Under the Fund’s housing scheme, mortgages can run for up to 20 years with an interest rate fixed at 9.75 per cent, significantly lower than prevailing market rates. The buyers are required to provide only 10 per cent as an initial deposit.
