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Shelter Afrique Plans $180m Investment In Nigeria

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Shelter Afrique has stated its readiness to aid significant growth in Nigeria by investing over US$180 million or equivalent of N 650.9bn through lines of credit to financial institutions, issuance of mortgages and providing construction finance for Public-Private Partnerships (PPP) projects in the next five years.

The managing director/ chief executive officer of Shelter Afrique Kenya, Mr Andrew Chimphondah stated this in Abuja yesterday at the CEO forum, on the sideline of 13th Abuja International Housing Show (AIHS), with the theme, Financial Trends: Innovating and Mitigating Risk and Uncertainty in Housing Finance “.

Shelter Afrique is the only Pan African housing development, and finance institution committed to facilitating and financing affordable housing delivery across Africa, with its main shareholders in 44 African countries including Nigeria.

He said that the investment is in line with its 2019-2023 strategic plan that would help in reducing Nigeria’s housing deficit and increase the supply of over 100, 000 housing units annually.

Chimphondah said though there is a housing crisis in Africa, that professionals needed strategic contributions to reduce the deficit, saying that the organisation is making plans to tackle the deficit in Nigeria.

The MD said that as at December 2018, that Shelter Afrique’s portfolio in the Nigerian market rose to $14.6 million, as the board approved the disbursement of lines of credit worth $16 million to two major financial institutions in Nigeria within the same year.

He said given that the institution lend in dollars and the naira to dollar exchange rate has been fluctuating over the past five years due to the unstable macro-economic environment, that raising a Nigerian bond is a necessity.
The CEO emphasised that as soon as Nigeria’s macroeconomic environment stabilises, that Shelter Afrique would commence the process of raising bond for the country.

He pointed out that the institution is making plans to partner with the Federal Housing Authority (FHA) on the Affordable Nationwide Housing Project (ANHP), aimed at providing affordable housing units to low and middle-income earners.

Chimphondah pointed out that the project kick-started in Zuba, Federal Capital Territory (FCT) and would be replicated in Kwali, Bwari and forty-six other sites that have been marked out in Ibadan and Kaduna.
He added, “The Kwali mass housing which is situated at Lambata, behind federal government college Kwali, encompasses 305 hectares of land and comprises of 12 blocks of I bedroom flat (192) and eight blocks of 2 bedroom flat (64) which sums up to a total of 256 housing units”.

The MD disclosed that the house types captured for the project are one bedroom, two-bedroom and three-bedroom units, with prices ranging from N3.1 million ($8,611) to N8.3 million ($23,055).

He was optimistic that the project would not only reduce the housing deficit in Nigeria but would also provide direct and indirect jobs in the country, saying that the Zuba project which is almost completed has created 10,000 jobs.

Chimphondah stated that the impact of the project taking place in over 46 sites across the country would reduce the unemployment rate and create over 460,000 jobs.

He revealed that the institution would likely partner with the Nigerian Army properties limited and Fresh Cowries Creek on the ‘Asokoro Hills Smart City’, to provide about 2000 units of affordable houses.

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