The federal government, through the Ministry of Finance Incorporated (MOFI), has completed its subscription to the Series 1 issuance of N150 billion for the Real Estate Investment Fund (MREIF). This initiative is aimed at addressing the country’s housing deficit and boosting economic activity in the real estate and construction sectors.
In a statement released over the weekend, MOFI emphasized that this full subscription highlights the government’s critical role as a sponsor while empowering the private sector to take charge of the implementation and management of the fund.
“By investing N150 billion into the fund, the federal government has established a solid foundation for MREIF, ensuring its sustainability and long-term impact under private sector management,” the statement read.
ARM Investment Managers (ARM) has been appointed as the fund manager for MREIF and will oversee the allocation of funds to provide affordable, long-term mortgage financing for homeowners, as well as guarantees for developers.
MREIF aims to revolutionize Nigeria’s housing sector by improving access to low-cost, long-term mortgages for potential homeowners. With the complete subscription of the N150 billion in Series 1 issuance and the allocation of all units to MOFI, the upcoming Series 2 issuance of N100 billion will be available for private and commercial investors, pending approval from the Securities and Exchange Commission.
