China To Invest $4 Billion To Boost Housing In Nigeria
Nigerian housing sector has become one of the first major beneficiaries of the World Economic Forum on Africa with Chinese investors offering the Federal Mortgage Bank of Nigeria $4 billion to boost the nation’s housing sector. Managing Director of the Federal Mortgage Bank, Mr Gimba Yau Kumo who announced the offer in Abuja said that part of the 200-man Chinese delegation would meet with his management team and other relevant government officials for final agreement on the deal. Mr Kumo said the management of the Federal Mortgage Bank has discussed with the Minister Of Finance, Dr Okonjo-Iweala, with a view to obtain approval of the Federal Government to accept the terms of the Chinese. The World Economic Forum on Africa opened in Abuja, Nigeria’s capital on Wednesday with participants, including Heads of Governments, CEOs of global firms, leading financiers and policy and development technocrats, from over 80 countries attending. It is the first time that the forum is holding in West Africa and Africa’s largest economy is hosting the event that equally attracts global players.
