Nigeria launches N250bn Real Investment Fund

…as FG to engage Bloomberg to rebrand Nigeria

The Nigerian government has launched a N250 billion Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF).

This was contained in a statement through the Federal Ministry of Finance X handle on Thursday.

The government said the initiative was designed to provide low-cost, long-term mortgage financing and stimulate economic growth through the housing and construction sectors.

Presiding over the signing ceremony, the Honourable Minister of Finance, Mr. Wale Edun, emphasised that the initiative addresses Nigeria’s housing finance gap by offering mortgages with repayment terms of up to 25 years. This contrasts sharply with the high-interest, short-tenor loans currently offered by commercial banks.

Giving a breakdown, Edun, the first series of the fund, amounting to N150 billion, is expected to drive private sector participation, with the second series set to raise an additional N100 billion.

He noted that the programme aligned with President Bola Ahmed Tinubu’s vision to foster homeownership, create jobs, and support economic development.

Armstrong Takang, Managing Director of MOFI, noted that the initiative would enable Nigerians to build generational wealth through sustainable homeownership.

Meanwhile, Federal Government of Nigeria plans to engage Bloomberg to rebrand the country’s global perception and attract foreign investments.

The Federal Ministry of Finance disclosed this in a statement released through its official X handle on Thursday.

The statement noted that the federal government through the Ministry of Finance Incorporated (MOFI) is expected to spearhead a two-year tenure initiative aimed at rebranding the nation’s global image and attracting foreign investment.

“The Federal Government of Nigeria, through the Ministry of Finance Incorporated (MOFI), is set to partner with Bloomberg in a two-year initiative aimed at rebranding the nation’s global image and attracting foreign investment,” it said.

At a meeting with the Minister of Finance, Wale Edun, Bloomberg’s Global Director, Nicole Keefe, emphasized the company’s commitment to reshaping Nigeria’s narrative and showcasing its economic potential to the global audience.

“Bloomberg plans to leverage its vast media network to highlight Nigeria’s achievements and opportunities, addressing investor hesitations tied to outdated or negative perceptions”, the statement added.

On his part, Armstrong Takang, CEO of MOFI, noted that the partnership would spotlight key government projects such as the Real Estate Investment Fund and gas pipeline initiatives, further promoting Nigeria’s progress in critical sectors.