The historic listing of the MREIF on the Nigerian Exchange (NGX) was more than a financial milestone; it was a clear statement about Nigeria’s readiness to use capital markets to solve real economic growth problems. The commitments shared by the Minister of Finance, Mr. Wale Edun, the steady vision outlined by MOFI’s Managing Director, Armstrong Takang, and the practical clarity offered by MREIF’s National Coordinator, Sani Yakubu, among others, reveal a coordinated effort to make homeownership achievable for ordinary Nigerians. Enam Obiosio highlights their combined voices offering a turning point for inclusive growth and long-term national development.
The listing floor of the Nigerian Exchange in Lagos carried a sense of purpose as the Ministry of Finance Incorporated formally introduced its N1 trillion Real Estate Investment Fund, an ambitious effort to open the housing market to ordinary Nigerians while deepening long-term capital mobilisation.
The event drew policymakers, market leaders, and fund managers who described the listing as a major step in Nigeria’s ongoing push to use private capital to solve structural challenges.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, used the moment to reassure investors that the federal government would proceed thoughtfully with the recently enacted tax reforms, especially the capital gains tax on securities transactions. He stressed that government would not implement changes in a way that undermines market growth.
“We have heard what you have said on capital gains tax. We will consult in a way that gives Nigeria an optimum result. We will listen, analyse, and decide on what is best for Nigeria and for your markets,” Mr. Edun said.
His message was a direct acknowledgement of the unease expressed by operators who fear additional tax burdens could weaken liquidity. Edun explained that the administration was committed to balancing fiscal efficiency with the kind of market vibrancy required to attract capital and support growth. He reiterated this commitment while ringing the closing bell to mark the official admission of the 1 billion units of the MOFI Real Estate Investment Fund, priced at 100 naira each, onto the Exchange.
Introducing the product, the joint issuing houses, Vetiva Securities Limited and Citi Investment Capital Limited, called on the NGX to grant immediate trading approval. Mr. Edun commended both the issuing houses and the Exchange for structuring a product that broadens access to wealth creation.
He noted that the equities market has gained about 50 percent year to date, with total capitalisation now around 100 billion dollars in dollar terms, describing this as a marker of rising investor confidence. “The improvements in the stock exchange index are a function of confidence; stability in government revenues, economic growth, exchange rate, and reserves,” he said.
Mr. Edun emphasised that pricing the fund at 100 naira per unit was intentionally inclusive. “You have made it possible for ordinary Nigerians, not just the wealthy, to invest, save for the future, and be part of the country’s growth story,” he said.
The minister also disclosed that the Tax and Fiscal Policy Reform Committee had completed its work and that the implementation phase was underway. He gave assurances that fairness and transparency would define the process. “Our goal is to make Nigeria’s tax system more efficient, more transparent, and more equitable,” he said.
Market leaders echoed these sentiments. Mr. Temi Popoola, Group Managing Director and Chief Executive Officer of NGX Group, reminded stakeholders that the capital market remains a key platform for inclusive growth. He urged government to ensure that changes to capital gains tax strengthen rather than weaken market activity. “The capital market is not only a platform for attracting investment but also a tool for creating wealth for Nigerians. Policies such as the capital gains tax must be carefully designed to balance government revenue objectives with investor confidence and market growth. NGX Group remains committed to supporting the Renewed Hope Agenda by channeling private capital into initiatives that deliver sustainable, long-term impact,” he said.
Mr. Ahonsi Unuigbe, NGX Chairman, described the MREIF listing as a defining step toward building an economy that delivers shared prosperity. Meanwhile, Mr. Jude Chiemeka, the CEO of NGX, said that the listing demonstrated how capital markets can provide practical solutions to national challenges. “By channeling private capital into housing, we are creating opportunities for long-term investment and wealth creation while addressing Nigeria’s housing deficit,” he said.
For MOFI, the listing is not just a capital market milestone but an economic one. Managing Director and CEO, Dr. Armstrong Ume Takang, said the fund was designed to provide long-term, low-cost mortgage financing that can open the door to homeownership for millions. “MREIF provides long-term, low-cost mortgage financing to make homeownership a reality for millions of Nigerians, stimulating local economies across the housing value chain,” he said.
National Coordinator of MREIF, Mr. Sani Yakubu, explained the structure in more detail. “This fund provides critical leverages that the typical Nigerian requires. This is long-term low cost mortgages. What is long-term? We are doing up to 20 years in terms of the tenor of the mortgages that our program provides,” he said.
Mr. Yakubu noted that the fund offers mortgage financing at a competitive interest rate of 9.75 percent, with a maximum loan tenure of 20 years and a minimum equity contribution of 10 percent. He described the initiative as an answer to the struggles of many Nigerians who work hard yet find it difficult to build wealth because of persistent housing gaps. The MREIF model, he said, has now positioned the country to attract private and institutional capital into affordable housing and sustainable development.
According to Mr. Yakubu, “What we have listed today have made it possible for ordinary Nigerians to be able to be part of the saving and investment culture that we need for us to rely mainly on our own resources in order to grow and develop the economy.”
The closing gong ceremony brought the message home. With more than 1,000 mortgages already disbursed, MREIF is emerging as a model for inclusive economic growth, proving how institutional capital can drive both financial stability and social impact. The listing signals a broader vision: a housing market that empowers citizens and a capital market that fuels national development.
