Why Nigeria invested N14.1bn in Shelter Afrique – Fashola

The Minister of Works and Housing, Babatunde Fashola, has stated that the federal government invested over $30m (N14.1bn) in Shelter Afrique to provide affordable housing in Nigeria and Africa.

Fashola, while speaking at the 46th Annual general Meeting of Shelter Afrique yesterday in Abuja stated that this made Nigeria to acquire 15.8 percent of shares in the company owed by the 54 African states.

He noted that investment has made the company which was struggling for funding in 2016, to be in a better place in providing affordable housing for Africans.

“Beyond financial capital, Nigeria has also contributed the most important capital – The human capital, by offering Mr. Femi Adewole, to provide interim leadership for the company at perhaps its most turbulent period.”

He added that there has been an increasing private sector participation in the delivery of housing types for low and highincome earners.

He said the government has been able to provide reforms in the company with the removal of the condition for a 10% equity contribution by a mortgage applicant from the Federal Mortgage Bank for a Mortgage of N5 Million and below; and the reduction of the 15% equity contribution to 10% for mortgage applicants over N5 Million.

“This has helped to remove and reduce some of the barriers for access to funding for housing purposes.”

On his part, President Muhammadu Buhari stated that the size and scope of the challenge in financing housing and housing infrastructure has continued to cascade over the years, leading his administration to confront national infrastructure as one of its most important priority areas.

Buhari who was represented by the Minister of Finance, Budget and Planning, Zainab Shamsuna Ahmad, said there is an attestation on the massive investment and achievement made in the sector.

The Managing Director of Shelter Afrique, Thierno-Habib Hann, said the company is providing funding and nonfunding instruments to financial institutions to address the issue of housing in the continent.