The Federal Executive Council, presided over by President Bola Tinubu, has approved an initiative aimed at transforming Nigeria’s infrastructure and housing sector to meet the urgent demand for critical infrastructure and affordable homeownership.
The initiative, approved during the council’s meeting at the State House in Abuja, is designed to foster job creation, inclusive growth, and long-term productivity enhancement.
It will unlock private-sector funds, allowing Nigerians to access 25-year mortgages at low interest rates to realize their dream of owning a home.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlighted the importance of innovative collaborations between the private sector and sovereign-owned enterprises (SOEs) like the Nigeria Sovereign Investment Authority (NSIA) and the Ministry of Finance Incorporated (MoFI). These partnerships are aimed at strategically channeling funding to high-impact areas, ensuring impactful economic outcomes for the people.
“This alliance signifies a significant step towards driving sustainable development and economic growth in Nigeria by leveraging private-sector resources and expertise in strategic areas of need,” the minister said at a press conference after the meeting.
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