FG Launches N100bn Real Estate Financing Scheme To Boost Affordable Housing

The federal government has launched a N100 billion private sector-led real estate financing scheme to expand access to affordable housing for Nigerians. 

This initiative is part of the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF) and represents the second phase of funding under the programme.

MREIF aims to raise N1 trillion to support Nigeria’s housing sector, providing long-term, low-cost mortgage financing for homeownership. 

The latest funding, Series 2, is private sector-driven, allowing businesses and investors to contribute to the development of affordable housing across the country.

One of the key benefits of the financing scheme is the provision of affordable mortgage loans with repayment periods of up to 25 years and interest rates set at 11-12 percent—significantly lower than the rates offered by commercial banks.
SOURCE: NATION