The Federal Government of Nigeria is set to list the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF) on the Nigerian Exchange (NGX), marking a major step toward bridging the country’s housing deficit and deepening its capital market.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, will lead the official listing at the Exchange tomorrow, opening retail investor access to the ₦1 trillion housing fund.
The MREIF, established under MOFI, aims to mobilize long-term capital to finance affordable housing across Nigeria.
With two initial tranches of ₦250 billion each already launched, the NGX listing will allow investors to buy and trade units of the real estate investment trust (REIT), ensuring liquidity and expanding participation in the nation’s housing market.
Bridging Nigeria’s Housing Gap through Market-Based Financing
The MREIF is designed to provide mortgage loans with repayment periods of up to 25 years and interest rates far below commercial levels. This structure makes homeownership more accessible to Nigerians, particularly civil servants and low-income earners who will contribute only 10 percent equity.
Under the scheme, borrowers can access single-digit interest rates, a major shift from the double-digit rates that have long constrained the mortgage sector. The initiative, backed by the Federal Government, leverages both public seed capital and private sector investment to ensure affordability and sustainability.
Expanding Capital Market and Driving Economic Growth
The MREIF’s listing is expected to stimulate growth in Nigeria’s real estate and capital markets by unlocking value from public assets and attracting institutional and retail investors.
Through transparent, market-driven investment, the fund seeks to strengthen investor confidence and promote efficient use of capital.
By channeling funds through the NGX, the government signals a move from direct spending to market-based social investment, enabling collaboration between the state and private investors in financing affordable housing.
This approach is expected to deepen the mortgage market and enhance liquidity within the housing finance ecosystem.
Partnerships to Deliver Affordable Homeownership
The initiative is being implemented in partnership with Family Homes Funds Limited (FHFL) and ARM Investment Managers, who serve as fund managers for MREIF. The African Development Bank (AfDB) is also supporting the project with a credit line to reduce financing costs and ensure lower-rate mortgages.
Managing Director of MOFI, Dr. Armstrong Takang, called the listing a milestone in Nigeria’s housing reform. “This is about ensuring that Nigerians can own homes at interest rates that make sense,” Takang said. “From the start, we set a ceiling of 12 percent on mortgage rates under this fund, and we’re committed to bringing that down further. Today’s arrangement with Family Homes Funds allows us to offer single-digit rates below 10 percent.”
Transparency, Oversight, and Financial Inclusion
With its entry into the NGX, MREIF will now adhere to capital market disclosure standards, including periodic financial reporting and investor oversight. This will strengthen transparency, accountability, and trust in the management of public assets.
National Coordinator of MREIF, Mr. Sani Yakubu, said the programme was built to deepen mortgage penetration across the country. “We are expanding the platforms through which Nigerians can access mortgage financing,” he said. “The private sector is leading this effort, and the fund managers are working closely with financial institutions that have the regulatory capacity to deliver mortgage services.”
Over 10 financial institutions have already been onboarded for the initial phase of the MREIF, with more expected to join as the project scales.
The fund’s disbursement will be handled through selected commercial and mortgage banks licensed by the Central Bank of Nigeria (CBN), operating under the Nigeria Mortgage Refinance Company (NMRC) framework for effective risk management.
