MOFI Launches 9.75% Single-Digit Housing Loans to Bridge Nigeria’s Housing Gap
Nigeria’s housing sector has received a major boost as the Ministry of Finance Incorporated (MOFI) rolls out 9.75% single-digit mortgages under its Real Estate Investment Fund (MREIF). The initiative, announced at the Africa International Housing Show (AIHS) in Abuja, aims to close Nigeria’s 20 million housing deficit and make homeownership more affordable.
MOFI Chief Executive, Dr. Armstrong Takang, described the fund as a “game-changer for Nigeria’s real estate market,” designed to provide long-term, flexible mortgage financing to low- and middle-income earners.
Backed by a ₦1 trillion SEC-approved fund, MREIF has already raised ₦250 billion and disbursed mortgage finance across three geopolitical zones. The program offers 20-year single-digit mortgages via approved financial institutions and guarantees offtake for qualified developers—ensuring a sustainable housing value chain.
“MREIF is a long-overdue intervention with the capacity to radically transform Nigeria’s housing sector and deliver long-term impact,” said Takang.
The initiative also includes plans for a Shariah-compliant, non-interest mortgage option, enabling Nigerians in the diaspora to access property back home while respecting Islamic finance principles.
For Nigeria’s real estate market, this move is expected to drive:
- Increased access to affordable housing
- Lower barriers for first-time buyers
- More investor confidence in mortgage-backed developments
- Expansion of residential and mixed-use estates nationwide
Rated AAA by Agusto and AA by GCR, MREIF is positioning itself as one of Nigeria’s most credible, market-driven housing finance solutions.
At Property Media Week, we see MOFI’s housing loan initiative as a pivotal step in bridging the mortgage gap and fueling Nigeria’s property investment landscape.
What do you think about MOFI’s 9.75% single-digit mortgage plan? Could this be the solution to Nigeria’s housing deficit? Share your thoughts in the comments below and follow Property Media Week for the latest real estate insights!
