The Federal Government has approved an initiative aimed at transforming the nation’s infrastructure and housing sector.
The initiative, approved by the Federal Executive Council (FEC), is tailored to meet the urgent demand for critical infrastructure and affordable homeownership, fostering 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, May 14, 2024.
A statement issued by Special Adviser to the President on Media and Publicity Ajuri Ngelale said 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.
Speaking at a press conference after the meeting, Minister of Finance and Coordinating Minister of the Economy Wale Edun explained the importance of innovative collaborations between the private sector and Sovereign Owned Enterprises (SOEs), including the Nigeria Sovereign Investment Authority (NSIA) and the Ministry of Finance Incorporated (MoFI).
Edun 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.
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Ngelale added that the initiative would further strengthen the Federal Mortgage Bank and the Federal Housing Authority, enabling both public and private entities to fulfil their housing obligations.
This collaboration, according to him, is expected to boost the initial phase of the President’s Renewed Hope Cities project, with the aim of providing 50,000 units of homes across the country.
The presidential spokesman listed the partnership to include institutional investors creating mortgages within a framework overseen by the Ministry of Finance Incorporated to enable funding.
“This structure will streamline fund transfer from private investors to the housing sector, specifically the mortgage market, encouraging affordable homeownership opportunities,” he added.
Ngelale noted that the partnership will also incorporate a specialised framework utilising a special-purpose vehicle (SPV) owned by the Nigeria Sovereign Investment Authority, saying the structure will enable institutional investors to provide sustainable long-term financing with robust oversight, reducing risks associated with large-scale government projects.
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