The federal government yesterday signed a Memorandum of Understanding to commence a N250 billion real estate investment fund aimed at providing affordable, long-term mortgages to Nigerians.
The fund which is being championed by the Ministry of Finance Incorporated (MOFI) in partnership with the private sector will be in two phases with the pilot phase commencing with 150 billion.
The federal government yesterday signed a Memorandum of Understanding to commence a N250 billion real estate investment fund aimed at providing affordable, long-term mortgages to Nigerians.
The fund which is being championed by the Ministry of Finance Incorporated (MOFI) in partnership with the private sector will be in two phases with the pilot phase commencing with 150 billion.
“Also, it will provide jobs and multiplier effects on growth and development of economy as housing has become a burning issue,” he said.
He added, “The funding is crucial especially at a time where commercial banks are lending at over 30 percent interest as the rates will be between 11 to 12 per cent.”
Also speaking, the Managing dlllZrector of MoFI, Dr. Armstrong Takang said participants include the Federal Housing Authority (FHA), Federal Mortgage Bank of Nigeria (FMBN), Family Homes Fund and the private sector.
He added, “The first series will be N150 billion while the other N100 billion will come later through a public private partnership.”
SOURCE: DAILY TRUST
