The Federal Government has intensified efforts to address Nigeria’s housing deficit, calling for a major expansion of the MOFI Real Estate Investment Fund to improve access to affordable homes for citizens.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made the call while hosting a delegation from the fund, following a detailed presentation on its progress and nationwide impact.
Edun described the initiative as a model of innovation and collaboration, noting that scaling the fund would enable more low- and middle-income Nigerians to benefit from affordable housing opportunities. He emphasized that expanding access to long-term financing remains central to the government’s economic agenda.
The fund is designed to provide low-cost mortgage financing at single-digit interest rates—marking a significant shift in Nigeria’s traditionally high-cost housing finance system. The initiative aligns with the broader economic policy direction of President Bola Ahmed Tinubu, which prioritizes inclusive growth and practical economic reforms.
According to the fund’s National Coordinator, Sani Yakubu, the programme aims to make home ownership more attainable by offering mortgages of up to 20 years at a fixed interest rate of 9.75 per cent. Prospective homeowners are also required to provide just 10 per cent equity contribution—far lower than typical market conditions.
Structured as a ₦1 trillion initiative and registered with the Securities and Exchange Commission, the fund is being rolled out in phases. Yakubu disclosed that ₦250 billion has already been raised in the first tranche, with about ₦75 billion deployed to support over 1,000 housing units nationwide.
Beyond improving access for buyers, the fund also integrates off-take guarantees to support developers. This mechanism ensures that completed housing units have ready buyers, thereby reducing financing risks and encouraging increased investment in housing construction.
Officials say the approach not only expands home ownership but also stimulates growth in the construction and real estate sectors—key drivers of economic development.
With plans underway to scale up the fund, the Federal Government believes the initiative could significantly deepen access to affordable housing while unlocking broader economic opportunities across the country.
