✕ CLOSE Online Special City News Entrepreneurship Environment Factcheck Everything Woman Home Front Islamic Forum Life Xtra Property Travel & Leisure Viewpoint Vox Pop Women In Business Art and Ideas Bookshelf Labour Law Letters
Click Here To Listen To Trust Radio Live

FG to kickstart N250bn real estate investment fund — Edun

The federal government yesterday signed a Memorandum of Understanding to commence a N250 billion real estate investment fund aimed at providing affordable, long-term mortgages to Nigerians.

The fund which is being championed by the Ministry of Finance Incorporated (MOFI) in partnership with the private sector will be in two phases with the pilot phase commencing with 150 billion.

Speaking at the event in Abuja, the Minister of Finance and Coordinating minister of the economy, Wale Edun said, “N250bn seed funding will meet real estate demand by providing low cost and affordable mortgage finance to encourage home ownership and growth delivery in housing units.

SPONSOR AD

“Also, it will provide jobs and multiplier effects on growth and development of economy as housing has become a burning issue,” he said.

He added, “The funding is crucial especially at a time where commercial banks are lending at over 30 percent interest as the rates will be between 11 to 12 per cent.”

Also speaking, the Managing dlllZrector of MoFI, Dr. Armstrong Takang said participants include the Federal Housing Authority (FHA), Federal Mortgage Bank of Nigeria (FMBN), Family Homes Fund and the private sector.

He added, “The first series will be N150 billion while the other N100 billion will come later through a public private partnership.”

Sponsored

Discover the latest trends on Temu! Shop mobile phones, fashion, beauty, home essentials & more. Start exploring now!


Click here to learn how it works.

Sponsored

Unlock AI's potential! Get top prompts for content, blogs, social media, research, draft proposals and more. Boost creativity start using AI tools today!


Click here to learn how it works.

Sponsored

Start Affiliate Marketing Today! Learn step-by-step how to set up a blog, find programs, create links, and earn money—beginner-friendly guide inside!


Click here to learn how it works.

Sponsored

Join our FREE WEBINAR! Discover the 3-step formula to turn WhatsApp into a cash-generating machine. Sign up now and start earning!"


Click here to learn how it works.

Sponsored

Master Facebook Ads! Learn to set up Business Manager, run campaigns, optimize budgets, and drive sales. Start your journey to ad success today!"


Click here to learn how it works.

Sponsored

Unlock your confidence and attract the love you deserve! Learn how to become irresistible to women—start your transformation today!"


Click here to learn how it works.

Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.