Nigeria is moving deeper into its tech investment push after President Bola Ahmed Tinubu approved a $75 million government-backed stake in fintech giant Flutterwave, in a deal that signals stronger state involvement in the country’s fast-growing digital economy.
The investment is expected to be executed through the Ministry of Finance Incorporated (MoFI) and forms part of Flutterwave’s broader $250 million Initial Public Offering (IPO) plan aimed at expanding ownership and attracting global capital.
Valued at over $3 billion, Flutterwave had reportedly approached the Federal Government last year to participate in the offering as part of efforts to strengthen investor confidence and deepen Nigerian participation in its growth story.
Before approving the deal, the Federal Government commissioned two of the world’s major auditing firms to conduct a detailed review of the company’s financial records and operations, underscoring the level of scrutiny attached to the investment.
Officials familiar with the discussions say the move is designed not only as a financial stake but also as a signal of confidence in Nigeria’s technology sector at a time when African fintech companies are gaining global attention.
According to sources, the government’s participation is also intended to showcase Nigeria’s capacity to produce globally competitive tech firms and encourage wider investor participation in the sector.
The IPO is also expected to widen ownership, giving more Nigerians an opportunity to acquire shares in the company as it scales its operations across international markets.
Interest in the offer is already building, with reports suggesting that both existing and prospective institutional investors are preparing to increase their stakes, raising expectations that the IPO could be oversubscribed.
Beyond fintech, the Federal Government is also reviewing the performance of its Mortgage Refinancing and Equity Investment Fund (MREIF), which officials say has recorded strong early results and may be expanded to reach more Nigerians.
According to figures from the Ministry of Finance, the housing finance programme has generated over ₦25 billion in profit from a ₦250 billion pool, with returns already distributed to investors.
So far, more than ₦105.06 billion has been disbursed to over 1,500 beneficiaries, while thousands of additional applications remain under review as demand for affordable housing financing continues to rise.
The platform currently hosts over 4,770 housing units, with more than 60,000 expressions of interest recorded and over 2,000 developers registered across the system.
Government officials say policy adjustments, including reduced mortgage interest rates and lower equity requirements, are aimed at making home ownership more accessible to middle- and low-income Nigerians.
The twin moves—into fintech investment and housing finance reform—reflect a broader strategy by the Tinubu administration to deepen private-sector participation while expanding financial inclusion
