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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.
Nigerian comedian Seyi Law takes to social media as he defends President Bola Tinubu. The comedian stated that the president has done a lot in his administration and claimed that Nigeria is safer and economically sound under his administration.
He then compared how things now to past years under the administration of others, and shared how things were bad. He claimed that now the economy is stabilized.
“Nigeria is safer now than 10 years ago. This government has killed more bandits than any government in Nigeria since the time of Jonathan. When last have you heard of bomb blast in Nigeria?”
It has been reported that fire occurred at the Murtala Muhammed International Airport, Lagos (MMIA), Terminal 1. This fire incident occurred on Monday, 23rd of February, 2026.
Passengers at that terminal were spotted running away for safety after seeing the fire and the alarm.
The Federal Airports Authority of Nigeria (FAAN) released a statement and shared that no life was lost and people were saved and avoided danger.
It has been reported that Kano State has closed down all entertainment spots across the state. This was stated to happen because of the ongoing Ramadan fast.
The federal government shared that the new law will take place from 18th of February, 10 pm, till the last day of Ramadan. This is in order for the people participating in it to truly focus on the fast.
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