FG partners Shelter Afrique for affordable housing
The Ministry of Finance Incorporated (MOFI) and Shelter Afrique Development Bank have signed a Memorandum of Understanding (MoU) to tackle Nigeria’s housing deficit by delivering affordable homes on a large scale. Speaking yesterday at the signing ceremony in Abuja, the Managing Director/CEO of MOFI, Dr. Armstrong Takang, said the partnership is part of the implementation […]
fct mass housing
The Ministry of Finance Incorporated (MOFI) and Shelter Afrique Development Bank have signed a Memorandum of Understanding (MoU) to tackle Nigeria’s housing deficit by delivering affordable homes on a large scale.
Speaking yesterday at the signing ceremony in Abuja, the Managing Director/CEO of MOFI, Dr. Armstrong Takang, said the partnership is part of the implementation of the MOFI Real Estate Investment Fund (MRIF) which is a N1 trillion programme designed to provide long-term, low-interest mortgages to Nigerians.
Takang disclosed that N250 billion has already been raised and disbursed from the fund’s first two series.
“This is not just a vision; disbursements have started. Nigerians are accessing mortgages at about 12% interest with tenors up to 25 years,” he said.
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He added, “Developers targeting MREIF beneficiaries can now access offtake guarantees from us and, with those, secure construction financing from Shelter Afrique.”
Also speaking, Shelter Afrique’s CEO, Thierno-Habib Hann, noted Nigeria’s status as one of its largest shareholders and a key platform for scaling housing development across Africa.
“This MoU bridges strategic capital with national development priorities. We’re not just signing paper we are unlocking the housing sector,” he added