In a bid to address Nigeria’s housing deficit and stimulate long-term economic growth, the Federal Executive Council (FEC) has approved a N250 billion real estate investment fund aimed at providing affordable, long-term mortgages to Nigerians. 

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun who made this known to newsmen after FEC meeting in Abuja, said the new initiative, known as the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund, will make it possible for Nigerians to access mortgages with interest rates ranging between 11% to 12%, with longer repayment tenures.

The Finance Minister also disclosed that the Council approved a fresh borrowing plan of $2.2 billion, made up of Euro bond of about $1.7 billion and Sukuk financing of another $500 million, to strengthen the country’s finances and boost economic reforms.

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