The federal government has launched a new scheme aimed at reducing inflation, creating jobs and fostering growth in key sectors.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun disclosed this at the 30th Nigeria Economic Summit (NES30), holding in Abuja.
He said that government was focused on agriculture, manufacturing, oil, and housing as vital drivers of Nigeria’s economy.
According to the minister, it was the hope of the government that the intervention will tackle poverty by enhancing agricultural productivity and food security, which is essential to lowering the high inflation rate.
Edun said that the government was partnering with the African Development Bank (AfDB) to establish agricultural processing zones, which would provide a robust supply of raw materials for domestic industries.
He further said that the government would also address housing affordability, launching a mortgage scheme that would offer near-single-digit interest rates on loans spanning up to 25 years.
“This initiative aims to spark a construction boom by increasing access to affordable housing, a critical area for job creation and economic growth.
“In partnership with the private sector, we are delivering mortgages that will support Nigeria’s housing and real estate sector,” the minister said.
Edun said that the recent reforms had attracted significant investments, including an additional 10 million dollars from ExxonMobil and other key industry players.
“The oil sector is our first avenue for foreign exchange and global revenue,” he said.
The minister added that manufacturing would also benefit from new tax incentives and cheaper funding.
