The Federal Executive Council, under the leadership of President Bola Tinubu, approved a transformative initiative for the nation’s infrastructure and housing sector during their meeting on Tuesday.

This initiative, tailored to address the pressing need for critical infrastructure and affordable housing, aims to stimulate job creation, inclusive growth, and long-term productivity enhancement.

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The council endorsed the initiative at their gathering in Abuja, paving the way for unlocking private-sector funds for 25-year mortgages with low interest rates to enable Nigerians to achieve homeownership.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlighted the significance of innovative partnerships between the private sector and state-owned enterprises like the Nigeria Sovereign Investment Authority (NSIA) and the Ministry of Finance Incorporated (MoFI) to strategically allocate funding to impactful areas for economic development and growth in Nigeria.