FG to raise N800bn for mass housing projects

The Federal Government says it plans to raise over N800 billion from the African Development Bank, the World Bank and other institutions to provide affordable mass housing for Nigerians. The Chief Executive Officer of Family Homes Funds (FHF), Femi Adewole, stated this in Abuja during the fundraising/launching of the Real Estate Developers Association of Nigeria […]

The Federal Government says it plans to raise over N800 billion from the African Development Bank, the World Bank and other institutions to provide affordable mass housing for Nigerians.

The Chief Executive Officer of Family Homes Funds (FHF), Femi Adewole, stated this in Abuja during the fundraising/launching of the Real Estate Developers Association of Nigeria (REDAN).

Adewole explained that FHF  is a housing investment fund owned by the Sovereign Wealth Fund and the Ministry of Finance, set up primarily to finance housing for Nigerians who are on low income.

“That is interpreted to me as Nigerians who are earning below N100, 000 per month as a household.  We are doing this in two ways. We are providing finances for developers who will build homes that are ranging from N2.5m to N5m.

“In addition to that we are providing some assistance to the buyers of those houses. We are giving them deferred loans up to 40 percent of the cost of the houses.

“The African Development Bank (AfDB), the World Bank are just two of the institutions that we are talking to and who are providing support for us.  We have to raise about N800 billion. To date we have a strong commitment of over $200 million,”  he said.

Adewole said some of the locations for the housing are Kaduna, Kano, Lagos and Delta states and assured that before December ends over 200 houses would have been completed.

President of Real Estate Developers of Nigeria (REDAN), Ugochukukwu Chime, assured on the readiness of the body to work in collaboration with stakeholders to move the housing sector to a higher pedestal.