Family Homes Funds Limited (FHFL) and Agence Française de Développement (AfD) also known as the French Development Agency have completed a feasibility study on students’ accommodation across universities in Nigeria.
The feasibility study forms the initial phase of a partnership between FHFL and AFD to implement a substantial programme of Purpose-Built Students Accommodation in selected Universities across Nigeria. The study was carried out through a consortium led by Mineral Springs Inc. and the core objective is to accurately access needs and collect data required to develop a sustainable financing structure for University Student Accommodation in Nigeria.
Following the study, both Institutions now expect to proceed to the next phase including an initial investment of up to N30bn in a programme of high-quality student accommodation.
According to the Managing Director, Family Homes Funds, Mr Femi Adewole: “… with students’ enrollment in excess of 2 million, the huge shortage of decent and affordable housing for university students is often missing in discussions about affordable housing. Through partnership with the AfD and hopefully others, The Family Homes Funds is committed to working with our Universities and the Private Sector to promote a significant increase in the supply of housing for Nigerian students, particularly those from low-income families.
Our vision is for new students’ housing that provides a modern, high-quality living environment for the Nigerian student through deep deployment of technology and communications, innovative energy solutions and leveraging on standardization to enhance affordability. We need to provide our young people with living environments that enable them to compete in a global community and are thankful for the support from the AfD towards achieving this.”
The Agence Française de Développement has been active in Nigeria for 14 years now, providing financing solutions for the development of a competitive economy that creates jobs, wealth, inclusive and resilient development.
The Family Homes Funds is a social housing initiative promoted by the Federal Government of Nigeria as part of its Social Intervention Programme. The Company is a Limited Liability Company with initial shareholding by the Federal Ministry of Finance and the Nigeria Sovereign Investment Authority. The company aims to invest up to N1.3trn in promoting the development of 500,000 homes for people on low income. In the process, the Company also aims to create up to 1,500,000 jobs.