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Nigerian Government Launches N250 Billion Fund for Affordable Housing and Economic Growth
The Nigerian government has officially launched the N250 billion Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF).
The announcement was made on Thursday via a statement from the Federal Ministry of Finance’s official X account.
According to the government, the fund’s primary goal is to provide low-cost, long-term mortgage financing, particularly focusing on the housing and construction industries, which are vital sectors for job creation and economic development.
At the signing ceremony, the Honourable Minister of Finance, Mr. Wale Edun, stated the importance of the initiative in bridging the country’s significant housing finance gap.
He explained that the new fund would offer mortgages with terms of up to 25 years, a stark contrast to the short-term, high-interest loans typically provided by commercial banks.
This longer repayment period is expected to make homeownership more accessible and affordable for Nigerians.
Edun also shared details about the fund’s structure, revealing that the first series, worth N150 billion, aims to attract substantial private-sector investment.
A second series, which will raise an additional N100 billion, will follow.
The initiative is closely aligned with President Bola Ahmed Tinubu’s vision to promote widespread homeownership, create jobs, and drive economic growth, particularly in the construction and real estate sectors.
Armstrong Takang, the Managing Director of MOFI, also spoke on the impact of the initiative, emphasizing that the MREIF will allow Nigerians to build generational wealth through sustainable homeownership.
It has been reported that Niger State and some northern states have come together and agreed to take down 979 forests in order to strengthen national security.
This was revealed by the Niger State Governor, represented by his deputy, Yakubu Garba, at the passing-out parade in Mutum Daya.
He also shared that the government will support in any way they can in order to achieve this and strengthen security in Nigeria.
“The state will make necessary arrangements to support and empower the Forest Guard families for their service to the nation. We will provide them with adequate healthcare insurance scheme.”
Nigerian news analyst, Mahmud Jega, has shared his opinion on the recent airstrike carried out by the United States in Nigeria, stating that Nigerians should not blame President Bola Tinubu for the incident.
Jega made this statement during a recent interview, where he said he does not believe many people will hold the Tinubu administration responsible, as Donald Trump had issued threats against Nigeria long before Tinubu’s administration.
“No, I don’t think many people will blame the Tinubu administration for what is happening now because President Donald Trump, when he first made the threats, it was clearly not in coordination with the Tinubu administration or the government of Nigeria,” Jega said.
It has been reported that the United States carried out an airstrike targeting ISIS in the northwest region of Nigeria. The order was reportedly given by former U.S. President Donald Trump.
“Tonight, at my direction as Commander in Chief, the United States launched a powerful and deadly strike against ISIS terrorist elements in northwest Nigeria,” Trump said.
He added, “I have previously warned these terrorists that if they did not stop the slaughtering of Christians, there would be hell to pay, and tonight, there was.”
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