Nigerians have started accessing affordable long-term mortgage facilities at 9.75 per cent. The mortgage facilities extend as long as 20 years, a radical initiative aimed at bridging the country’s estimated 20 million units housing gap.
Chief Executive Officer, Ministry of Finance Incorporated (MOFI), Armstrong Takang, yesterday confirmed that several beneficiaries across geopolitical zones have successfully accessed the single-digit, long-term mortgage fund, barely one month after it was launched.
He explained that the newly established MOFI Real Estate Investment Fund (MREIF), a Securities and Exchange Commission (SEC)-regulated housing fund designed to strengthen Nigeria’s housing finance sector, radically redefining the housing sector.
Takang spoke at the Africa International Housing Show (AIHS) in Abuja. He described the MREIF as a much-needed, long-overdue intervention in the housing sector with real capacity to radically transform the entire housing value chain and deliver long-term impact.
According to him, through innovative financing, the federal government is poised to radically bridge the housing gap in Nigeria under a scheme designed for sustainability and wide-ranging impact.
