Family Homes Funds Limited (FHFL), and Agence Française de Développement (AFD), also known as the French Development Agency have agreed on a partnership to carry out a detailed study ahead of a substantial investment in Students Housing across the Country through its Rental Housing Fund.
Through the partnership, Family Homes Funds will support Nigerian Universities to increase the supply of good quality affordable housing for students through the development of up to 20,000-bed spaces over the next 5 years.
Students hostel at Nile University, Abuja, Nigeria. Credit: Nile University.
The study will assist FHFL in accurately assessing the need and collecting data required to develop a sustainable delivery and financing structure for University Students Accommodation in Nigeria.
The study commencing in November 2021 will last for up to 20 weeks, followed by consideration of the first phase of the programme. The study will be in collaboration with Nigerian universities, with an outcome that will greatly improve the living condition of more than 2 million students, who according to the Nigeria Universities Commission (NUC) are currently enrolled across the country.
According to the Managing Director, Family Homes Funds Ltd., Mr Femi Adewole, the huge shortage of decent affordable housing for university students is often missing in discussions about affordable housing.
According to him, “if we are to really harness the boundless potential of our young people especially those who are acquiring critical skills in our universities, we must place them in a living environment which conditions them to excellence and leadership in a competitive global environment. A significant amount of capital is required, so a major focus for us is to ensure that we create an attractive opportunity for private capital through the local capital market to invest in Students Housing. This study will help build the critical foundations for that to happen, so we are quite excited.”
The Family Homes Fund’s vision for the students’ housing programme is to create a modern, high-quality living environment for the Nigerian students through the deep deployment of technology and communications, innovative energy solutions including solar sources and leveraging on standardization to enhance affordability.
‘’We are thankful to AFD for their support on this initiative. It will not only ensure that we can contribute to the development of the education sector in a significant way, but the partnership has had a catalytic effect of crowding-in further resources and relationships for Students Housing.’’
The Agence Française de Développement has been active in Nigeria for 13 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 a low income. In the process, the Company also aims to create up to 1,500,000 jobs.
