The Federal Government, through its Ministry of Finance is partnering with the Nigerian Sovereign Investment Authority (NSIA) and other players in the housing sector to provide 500,000 houses to prospective homeowners by 2023.
The proposed homes, which is said to be the largest affordable housing focused fund in sub-Saharan Africa is set to provide 1.5million jobs that will positively impact the lives of its beneficiaries.
The initiative, known as The Family Homes Fund, is structured as a real estate investment trust and would be professionally managed to hasten funds from the private sector, pension funds, insurance funds, multilateral agencies and impact investors.
According to a statement by its management, by 2023, the capital is expected to hit N1trn in various inputs into the house building process which includes: blocks, paving stones, tile, paints, doors windows and roofing materials.
“At a national level, this initiative if effectively harnessed could generate up to 1.5 per cent increase to the GDP by 2023. The Family Homes Fund’s approach to creating jobs will be driven by policy, partnerships and people. Through the investments we make, the Fund will equip a new generation of young Nigerians with high-level skills in modern methods of construction and technologies.
“Through a combination of these activities, the Family Homes Funds in conjunction with NSIA aims to create or support up to 1,500,000 jobs by 2023, making a real difference in the quality of life of their families and the economy. The challenge is a daunting one. But there are significant reasons for optimism that new partnerships and initiatives supported by the Federal and State Governments will help provide the over 17million new homes we need over the next 15 years.”
The initiative set out to make real positive impact on families, but especially on women, who most often carry the biggest burden in poor households and the young people.