The Federal Executive Council (FEC) has approved the establishment of a tripartite committee to streamline visa processes and acquisition for persons interested in investing in Nigeria.
The Minister of Information and National Orientation, Mohammed Idris, disclosed this while also briefing journalists on the outcome of the FEC meeting.
He said: “Our visa processes are becoming cumbersome…The ease of doing business is also tied to our visa processes.
“Going forward, those investors, tourists will find it easy to acquire a visa within the next 48 hours,” Idris said.
Meanwhile, the FEC also approved an initiative aimed at transforming the nation’s infrastructure and housing sector, tailored to meet the urgent demand for critical infrastructure and affordable homeownership, fostering job creation, inclusive growth, and long-term productivity enhancement.
The initiative is expected to unlock private-sector funds, which Nigerians can access for 25-year mortgages at low interest rates to realize their dream of owning a home.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, explained the importance of innovative collaborations between the private sector and Sovereign Owned Enterprises (SOEs) like the Nigeria Sovereign Investment Authority (NSIA) and the Ministry of Finance Incorporated (MoFI).
He said such partnerships are envisioned to strategically channel funding to high-impact areas, ensuring impactful economic outcomes for the people.
“This alliance signifies a significant step towards driving sustainable development and economic growth in Nigeria by leveraging private-sector resources and expertise in strategic areas of need,” the Minister said.
According to him, the initiative aims to further strengthen the Federal Mortgage Bank and the Federal Housing Authority, enabling both public and private entities to fulfill their housing obligations.
“This collaboration is expected to boost the initial phase of the President’s Renewed Hope Cities project, with the aim of providing 50,000 units of homes across the country.
The partnership includes institutional investors creating mortgages within a framework overseen by the Ministry of Finance Incorporated to enable funding.
“This structure will streamline fund transfer from private investors to the housing sector, specifically the mortgage market, encouraging affordable homeownership opportunities.
The partnership will incorporate a specialized framework utilizing a special-purpose vehicle (SPV) owned by the Nigeria Sovereign Investment Authority.
“This structure will enable institutional investors to provide sustainable long-term financing with robust oversight, reducing risks associated with large-scale government projects.
“The initiative also aims to ensure private-sector involvement in project governance, cost management, and asset delivery, offering tangible benefits to Nigerians while safeguarding investor interests.
“The infrastructure focus includes power generation, toll roads, and railway projects to align with the government’s economic goals”, he added.
