FG Breaks Ground on Students Housing Programme Financed by Family Homes Funds Limited

May 16, 2024

The Federal Government (FG) of Nigeria has officially performed the groundbreaking ceremony for a National Students Housing Programme, marking a significant milestone in addressing the housing needs of students across the country. The groundbreaking for the pilot project took place on the 15th of May at the Akwa Ibom State University, where 1,600 bed spaces are being developed through a financing partnership involving Family Homes Funds Limited, Africa Plus Partners and TETFund.

The national programme, which aims to provide a safe, comfortable, and conducive living spaces for students, will support 24 tertiary institutions including universities, polytechnics, and colleges of education across the six geopolitical zones of the country. Through this initiative, the government seeks to alleviate the housing challenges faced by students and create conducive environments for learning and academic success.

The financial intermediation model for this programme pools development funds from Family Homes Funds Limited, private capital from commercial sources and public funds through TETFund in a scalable and financially sustainable manner to impact the lives of our significantly important student population.

Commenting on the significance of the programme, the Managing Director of Family Homes Funds Limited, Mr. Abdul Mutallab Mukhtar stated: "We are excited to support this initiative, which aligns with our mission of promoting access to decent and affordable housing, especially for underserved categories including students. By investing in student housing, we are not only improving living conditions but also fostering an enabling environment for academic excellence."

‘’As a publicly owned fund focused on impacting the lives of our people, we seek innovative collaborations that will enable us to optimize the use of traditional funding sources. In this instance, we have developed an innovative financing mechanism that is sustainable and value adding for all stakeholders. It unlocks the potential of a blend of existing capital to accelerate and increase impact.

‘’We will in addition to providing funding be offering our project management experience and technical support to create safe, sustainable, and conducive living spaces for our students thereby enhancing their overall academic experience.’’

The groundbreaking ceremony at Akwa Ibom State University pilots the beginning of a new era in student accommodation, with efficiently designed facilities that meet the needs of the tertiary institutions experiencing significant deficit in accommodation.

As the Student Housing Programme moves forward, Family Homes Funds Limited remains committed to supporting initiatives that promote housing, youth empowerment, and national development. Through its many initiatives, Family Homes Funds Limited – promoted by the Federal Government of Nigeria – has financed the development of over 15,000 homes across Nigeria, creating over 84,000 direct and indirect jobs and stimulating the local economy in the process. The institution is now furthering its impact by supporting the provision of 38,400 bed spaces nationwide.