The Federal Executive Council presided over by President Bola Tinubu on Tuesday, approved an initiative aimed at transforming the nation’s infrastructure and housing sector.
The initiative, as approved by the council, is tailored to meet the urgent demand for critical infrastructure and affordable homeownership and is designed to foster job creation, inclusive growth, and long-term productivity enhancement.
The council gave its nod to the initiative at its meeting at the State House in Abuja on Tuesday.
The initiative will unlock private-sector funds, which Nigerians can access for 25-year mortgages at low interest rates to realise their dream of owning a home.
At a press conference after the meeting, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, explained 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).
He said such partnerships are envisioned to strategically channel 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.