The Ministry of Finance Incorporated (MOFI) yesterday in Abuja announced the launch of the NGN100 billion Series 2 Offering under the MOFI Real Estate Investment Fund (MREIF).
The second phase builds upon the successful N150 billion Series 1 subscription, bringing the total initial funding under MREIF to N250 billion.
In his remarks, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, noted that the MREIF initiative is designed to address Nigeria’s critical housing deficit by providing long-term, affordable financing for housing development and homeownership.
Also in his remarks, Dr Armstrong Takang, MD/CEO of MOFI, reaffirmed the fund’s long-term vision, emphasising that “Series 2 marks a critical step toward unlocking private capital at scale for Nigeria’s housing market.
He said “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.
“MREIF’s ultimate goal is to raise N1 trillion to transform Nigeria’s housing sector,” adding that the fund prioritises affordable mortgage financing with repayment tenors of up to 25 years and interest rates targeted at 11-12%, significantly lower than prevailing commercial rates.
SOURCE; DAILY TRUST
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