FG to raise investments in affordable housing –Fashola

The Minister of Works and Housing, Babatunde Fashola, on Monday, disclosed the government’s plans to provide additional affordable housing units for Nigerians through its investments in a pan-African finance institution, Shelter Afrique.

The minister stated that with a contribution of $22.5 million and a shareholding capacity of 15.8 per cent, the nation has secured the capacity to improve investments in social housing schemes for its citizens.

Fashola said this in his opening remarks during the 42nd Annual General Meeting and Symposium of Shelter Afrique, themed “Political economy in the built environment” held in Abuja.

The PUNCH reports that Shelter Afrique is a pan-African finance institution created exclusively to support the development of the African real estate and housing sector through strategic partnerships with private developers and government agencies.

The minister, who doubles as the outgoing AGM chairman explained that from a contribution of $5.9 million in 2016, $ 9.3 million in 2020 and another &7.1 million in 2022, Nigeria’s total contributions totaled $22.5 million.

He said, “Today, I feel very proud to say that the Shelter Afrique that hosts you, is a much stronger company and a better version of that which I inherited in 2016.

“By the collective action of our member states and our development partners, we have surmounted very difficult challenges, some of which threatened the continued existence of our company.

“With every sense of modesty, I am happy to announce that my country, the Federal Republic of Nigeria, has played a commendable role in that collective action.

“Between the 2016 AGM which was the 35th and this year’s AGM which is the 42nd, Nigeria has made contributions of $5.95m in 2017, $9.39m in 2020 and $7.15m in 2022 making a total of $22.5m.”

Fashola added, “This brings Nigeria’s shareholding in the company to 15.80 per cent (now) valued at $30,724,961.00.”

The minister said the funds were a much-needed injection of life-restoring capital to the company.

Speaking earlier, the Chairperson of the Board of Directors of the company, Chii Akporji, said despite numerous global challenges faced, the company has continued to deliver multiple housing projects for Africans.

She said, “Despite the global economic slowdown, Shelter Afrique has continued to show its resilience through multiple housing projects funded and commissioned across the continent.”

Speaking in the same vein, The Managing Director of the company, Thierno-Habib Hann, restated the company’s objectives to scale up affordable housing across the continent.

“Our objective is to scale up affordable housing across the continent. We are really engaged in Nigeria, last year we issued these bonds and this is a programme that will be done in a few years with over $500m (N200bn) to be invested. We have done the first tranche and we are going to do more and more of it.

“The idea is really to work with financial institutions, large scale developers, government through public-private partnerships and set up funds targeting $1bn for the continent sharing across different regions, being climate resilient, gender friendly and most importantly generate jobs for the populace,” he added.