The Federal Government of Nigeria, through the Ministry of Finance Incorporated (MOFI), has entered into a strategic partnership with Shelter Afrique Development Bank to address the country’s significant housing shortfall. A Memorandum of Understanding (MoU) was signed in Abuja, marking a major step toward delivering large-scale affordable housing.
Dr. Armstrong Takang, Managing Director and CEO of MOFI, announced that this partnership is a key component of the MOFI Real Estate Investment Fund (MREIF), a ₦1 trillion initiative aimed at providing long-term, low-interest mortgages to Nigerians. He disclosed that ₦250 billion has already been raised and disbursed through the fund’s first two series. Beneficiaries are currently accessing mortgages at interest rates of approximately 12% with repayment tenors extending up to 25 years.
Dr. Takang also revealed that property developers targeting MREIF beneficiaries are now eligible to receive offtake guarantees, allowing them to secure construction financing from Shelter Afrique.
Shelter Afrique CEO, Thierno-Habib Hann, emphasized the importance of Nigeria in the bank’s operations, calling the country one of its largest shareholders and a crucial partner in scaling housing development across Africa. He described the MoU as a concrete step in mobilizing capital to align with national development goals, stating, “We’re not just signing paper; we are unlocking the housing sector.”
