The Senate Committee on Housing and Urban Development has pledged to work with the Ministry of Finance Incorporated (MOFI) in addressing Nigeria’s massive housing deficit, estimated at 20 million units.
During an interactive session in Abuja, the committee, chaired by Senator Aminu Tambuwal, expressed its readiness to support MOFI’s efforts to secure and inject N1 trillion into the housing sector.
“This is no small target,” Tambuwal stated. “Members of this committee are willing and ready to partner with you to ensure success.”
Dr. Armstrong Takang, Managing Director of MOFI, described the housing crisis as critical, citing less than 100,000 active mortgages nationwide as a key challenge. He noted that the absence of an accessible mortgage system prevents individuals from owning homes and discourages developers from investing in housing projects.
“Our goal is to leverage MOFI’s assets and position to raise large-scale financing from both public and private sectors,” Takang said. “We’ve established the MOFI Real Estate Investment Fund (MREIF) with an initial funding of N250 billion, with plans to grow it to N1 trillion.”
The fund is designed to address liquidity issues in the sector by providing affordable mortgages and encouraging investments in housing development. Tambuwal assured MOFI of the Senate’s commitment to supporting its initiatives to close the housing gap.
MOFI, which was established in 1959 to manage the Federal Government’s corporate investments, oversees institutions such as the Federal Mortgage Bank of Nigeria (FMB).
