Salamatu Ejembi, Lagos
The Nigerian government has assured investors and capital market stakeholders that the implementation of the proposed Capital Gains Tax (CGT) will be handled in a manner that ensures balanced and positive outcomes for all parties involved.
Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, gave this assurance during the Nigerian Exchange (NGX) Closing Gong Ceremony, which marked the official listing of the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF) Series 2.
The event highlighted the capital market’s strategic importance in national development, particularly in mobilising private capital to tackle Nigeria’s growing housing deficit.
The listing took place amid cautious trading activity, as investors repositioned their portfolios in response to various developments, including geopolitical tensions linked to the US–Nigeria diplomatic standoff, expectations of year-end portfolio rebalancing, institutional window-dressing, and widespread apprehension about the proposed CGT.
While market liquidity remains healthy, analysts emphasised the need for fiscal policy alignment with investor expectations to sustain confidence and deepen participation in the long term.
Addressing these concerns, Mr Edun reiterated the government’s commitment to continuous engagement with market operators to ensure “optimal outcomes for both Nigerians and the market.”
He described the MOFI Real Estate Investment Fund as a model for inclusive investment and a key instrument in the government’s effort to stimulate growth in the housing sector.
Group Managing Director/CEO of NGX, Mr Temi Popoola, underscored the pivotal role of the capital market in driving inclusive economic growth.
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He urged the Nigerian government to design the CGT framework in a way that “balances government revenue objectives with investor confidence and market growth.”
Similarly, MOFI Managing Director, Dr Armstrong Ume Takang, noted that the MREIF provides long-term, low-cost mortgage financing aimed at making home ownership accessible to millions of Nigerians while stimulating economic activity across the housing value chain.
The listing was celebrated as a successful collaboration between the Nigerian government, MOFI, and the private sector in mobilising innovative financing solutions for affordable housing.
The MREIF is priced at ₦100 per unit, designed to make investment accessible to “ordinary Nigerians” and to encourage savings and wealth creation through local participation.
The initiative has already disbursed more than 1,000 mortgages, demonstrating its capacity to grow middle-class wealth while deepening Nigeria’s capital market.