- FHFL Board approves financing for 4,201 homes for the first phase
- Construction work begins in September in seven states
The Board of the Family Homes Funds has approved financing for about 4,201 homes in Kano, Osun, Katsina, Enugu, Plateau, Abia and Kebbi states under the National Social Housing Programme (NSHP). The construction work on the projects is expected to start during the last week of September 2021 with completion within 15 months.
In line with the objective of the National Social Housing Programme, the cost of the homes to potential buyers who are on low income will start from N2 million. With up to 15-year repayment period, monthly cost to potential buyers is expected to be as low as N11,000, providing access to Nigerians on minimum wage.
According to the Chairman of the Board, Alhaji Suleiman Barau, the commencement of the first batch is a landmark event and demonstrates the Company’s commitment to deliver on the vision of His Excellency, President Mohammadu Buhari to ensure that Nigerians on low income have access to decent homes they can afford.
Alhaji Barau said, “we are grateful to the Honourable Minister of Finance, the Honourable Minister of Works and Housing and the Central Bank for the support they have given to the Company to ensure implementation of this important initiative. This is just the first tranche; within the next few weeks and months the Board will consider proposals from other states. Our objective is to achieve an equitable spread across all 36 states and the FCT.”
With a commitment to finance the development of 300,000 homes across the 36 states and the FCT through the Federal Government, the Family Homes Funds has conducted intensive due diligence across the country and has determined the states for the first phase of the social housing programme.
Working in partnership with the state governments, all is now set for construction works on the seven sites from September 2021.
With the goal of providing sufficient homes for Nigerians on low income, the NSHP is the single largest investment in the history of Nigeria towards ensuring that Nigerians have decent homes. In addition to homes, the programme will create up to 1,500,000 jobs and contribute to revitalizing local manufacturing of local building materials.
The NSHP is one of the programmes under the Economic Sustainability Plan (ESP) of President Muhammadu Buhari’s administration which is the government’s economic and growth recovery plan in response to the adverse impact of the COVID-19 pandemic.
Under the National Social Housing Programme, the Federal Government plans to support the development of up to 300,000 homes for Nigerians on low-income; encourage local content utilization and create about 1.5 million jobs in the process.
The homes are to be delivered with SME Delivery Partners including organized groups of young people from all parts of the country. The Family Homes Funds is working with local manufacturers of Building Components including doors, glazing, paint, roofing sheet, etc. towards supporting them to grow their business through bulk orders for input into the Programme.
To date, over 2,500 hectares of land have been provided by several states for the National Social Housing Programme.