In a groundbreaking move to close Nigeria’s 20 million housing deficit, the Ministry of Finance Incorporated (MOFI) has launched a long-term mortgage facility at an incredibly affordable 9.75% single-digit interest rate — with up to 20 years repayment period!
According to MOFI’s CEO, Dr. Armstrong Takang, Nigerians across all geopolitical zones have already started tapping into this life-changing opportunity less than a month after launch. The initiative is powered by the MOFI Real Estate Investment Fund (MREIF) — a ₦1 trillion SEC-regulated housing fund designed to reshape Nigeria’s housing finance sector.
Dr. Takang unveiled the fund at the Africa International Housing Show in Abuja, calling it a game-changer that will fix problems like high interest rates, poor refinancing models, and short mortgage terms. Under a Public-Private Partnership (PPP) model, MREIF is managed by independent experts and already boasts top-tier credit ratings — AAA by Agusto and AA by GCR.
But that’s not all — the fund also provides offtake guarantees for developers to ensure new homes don’t sit idle. It’s housing redefined, and the FG is putting sustainable, innovative financing at the forefront of national development!
