Chinese Invests $4billion in the Nigerian Housing Sector; The World Economic Forum on Africa Opens‏

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