MOFI Secures ₦100 Billion for Affordable Housing Development

The Ministry of Finance Incorporated (MOFI) has secured ₦100 billion through the MOFI Real Estate Investment Fund (MREIF) to boost affordable housing projects in Nigeria.

In December 2024, MOFI announced that its ₦150 billion MREIF Series 1 bond was fully subscribed. With the latest ₦100 billion Series 2 offering, which was also fully subscribed in February 2025, total funding under MREIF has now reached ₦250 billion.

MOFI confirmed that the ₦100 billion Series 2 issuance attracted strong private sector interest.

“The ₦100 billion Series 2 offering was fully subscribed, with high demand from institutional investors. This shows strong confidence in the Fund’s structure and long-term potential,” MOFI stated.

Unlike Series 1, which had MOFI as the sole investor, Series 2 saw significant private sector involvement. “Private sector participation in Series 2 was resounding, positioning MREIF as a leading platform for mobilizing capital into Nigeria’s real estate sector,” MOFI added.

The fund is intended to provide competitive returns while offering affordable homeownership through long-term, low-cost mortgage financing.

Minister and MOFI MD Speak

Minister of Finance, Wale Edun, described the successful completion of the “pilot phase” as a major step in transforming Nigeria’s housing sector.

“The full subscription of Series 2 shows the strong demand for structured, long-term housing finance solutions. It also proves private sector confidence in MREIF as a sustainable investment vehicle,” Edun said.

MOFI’s Managing Director, Armstrong Takang, explained that MREIF is designed to tackle both housing supply and demand issues.

“MREIF provides affordable mortgage financing with up to 20-year repayment tenors at interest rates as low as 12%, well below commercial rates,” Takang said.

He added that MREIF is unlocking new investment opportunities in the housing sector. “This fully subscribed series confirms investor confidence in the Fund’s structure and long-term potential,” he noted.

With MREIF’s ₦1 trillion multi-tranche programme now in motion, future rounds will focus on expanding investor participation and accelerating housing development.

Takang also said the fund is structured to integrate with commercial banks, mortgage lenders, developers, and financial institutions to expand long-term housing finance in Nigeria.

Who is MOFI?

The Ministry of Finance Incorporated (MOFI) is the investment arm of the Federal Ministry of Finance in Nigeria. It was established to manage and grow the government’s commercial assets, ensuring they generate revenue and contribute to national development.

MOFI acts as the custodian of federal government investments, overseeing stakes in various sectors like real estate, banking, energy, transport, and infrastructure. It partners with private investors to fund large-scale projects, such as the MOFI Real Estate Investment Fund (MREIF), which is financing affordable housing in Nigeria.

MOFI was restructured in 2023 to operate more efficiently, following global best practices in asset management. Its Managing Director is Armstrong Takang, and it plays a key role in boosting Nigeria’s economic growth.

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