The Federal Executive Council (FEC) has given its approval to an initiative designed to overhaul the nation’s infrastructure and housing sector, addressing the pressing need for essential infrastructure and affordable housing.
Crafted to address critical infrastructure needs and facilitate accessible homeownership, the initiative aims to stimulate job creation, foster inclusive growth, and enhance long-term productivity. Central to its objectives is the facilitation of 25-year mortgages at low interest rates, enabling Nigerians to achieve their homeownership aspirations.
During a briefing with journalists, Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, elaborated on the initiative’s framework. He highlighted the pivotal role of partnerships between the private sector and Sovereign Owned Enterprises (SOEs) like the Nigeria Sovereign Investment Authority (NSIA) and the Ministry of Finance Incorporated (MoFI) in mobilizing private-sector funds for strategic investments.
“This collaborative effort represents a significant stride towards fostering sustainable development and economic growth in Nigeria by leveraging the resources and expertise of the private sector in key areas of need,” Minister Edun remarked.
The initiative aims to bolster the Federal Mortgage Bank and the Federal Housing Authority, empowering both public and private entities to fulfill their housing mandates effectively. Additionally, the collaboration is poised to accelerate the initial phase of the President’s Renewed Hope Cities project, with a target of delivering 50,000 housing units nationwide.
Mr. Edun emphasized the pivotal role of institutional investors in creating mortgages within a framework supervised by the Ministry of Finance Incorporated, facilitating substantial funding for housing and infrastructure projects. He noted that discussions with private-sector stakeholders indicated the potential mobilization of approximately N2 trillion in long-term financing for such endeavors across the country.
By forging alliances with private institutional investors, the Tinubu-led Government aims to harness their expertise and capital to expedite the implementation of crucial projects, ultimately driving sustainable development and economic prosperity for all Nigerians.
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