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Nigeria Set to Create $654 Million Fund to Provide Home Loans - BLOMBERG
Nigeria plans to create a 1 trillion-naira ($654 million) fund to provide mortgages in a nation with a shortfall of about 28 million homes.
For the first phase of the fund-raising plan, President Bola Tinubu’s government took a 40-year loan from the World Bank’s International Development Association at an interest rate of 1%, Finance Minister Wale Edun said at a media briefing on Tuesday. Local pension funds, banks and insurance firms matched the borrowing to help raise 250 billion naira in total, he said.
