Babatunde Fashola, Minister of Works and Housing, has revealed the government’s plans to provide more affordable housing units for Nigerians through investments in a pan-African finance institution, Shelter Afrique.
The minister stated that the nation has secured the capacity to improve investments in social housing schemes for its citizens with a contribution of $22.5 million and a shareholding capacity of 15.8 percent.
Fashola stated this in his opening remarks at the 42nd Annual General Meeting and Symposium of Shelter Afrique, which was held in Abuja and was themed “Political Economy in the Built Environment.”
According to the Punch, Shelter Afrique is a pan-African finance institution established solely to support the development of Africa’s real estate and housing sectors through strategic partnerships with private developers and government agencies.
The minister, who also serves as the outgoing AGM chairman, explained that Nigeria’s total contributions totaled $22.5 million, with a contribution of $5.9 million in 2016, $ 9.3 million in 2020, and another &7.1 million in 2022.
He said;
Today, I feel very proud to say that the Shelter Afrique that hosts you, is a much stronger company and a better version of that which I inherited in 2016.
By the collective action of our member states and our development partners, we have surmounted very difficult challenges, some of which threatened the continued existence of our company.
With every sense of modesty, I am happy to announce that my country, the Federal Republic of Nigeria, has played a commendable role in that collective action.
Between the 2016 AGM which was the 35th and this year’s AGM which is the 42nd, Nigeria has made contributions of $5.95m in 2017, $9.39m in 2020 and $7.15m in 2022 making a total of $22.5m.
Fashola added;
This brings Nigeria’s shareholding in the company to 15.80 percent (now) valued at $30,724,961.00.
The minister said the funds were a much-needed injection of life-restoring capital to the company.
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