Nigeria, March 20 -- The Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) has raised N250 billion in a pilot fundraising round, attracting strong private sector participation in a move aimed at addressing Nigeria's chronic housing finance shortfall.

The announcement was made Thursday in a statement signed by Sani Yakubu, executive director (co-ordinator) of the MREIF.

The fundraising included a N100 billion issuance in the second series, which was fully subscribed by institutional investors.

The demand reflected confidence in the fund's structure and its potential to support long-term housing development in Africa's most populous nation.

The latest fundraising follows the N150 billion Series 1 subscription, which w...