• Wednesday, February 28, 2024
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Nigeria invests over $22.5m in Shelter Afrique in 3 years, holds 15.80% of company’s share

What Shelter Afrique’s N250bn bond means for housing in Nigeria

Nigeria remains a major stakeholder in the Shelter Afrique company, as the country’s total investment in the company hit $22,503,144.84 in 2022.

Shelter Afrique is a pan-African finance institution established with the aim of supporting the development of the housing and real estate sector in Africa.

Speaking during the 42nd annual general meeting in Abuja on Monday, the minister of Works and housing, Babatunde Fashola stated that under the banner and brand of Shelter Afrique, African countries have been on shared journey of African patriotism to reduce inequality amongst citizens by making shelter accessible, affordable and dignifying.

According to him, “between the 2016 AGM which was the 35th and this year’s AGM which is the 42nd, Nigeria has made contributions of $5,959,178.27 in 2017, $9,392,135.66 in 2020 and $7,151,830.91 in 2022 making a total of $22,503,144.84.

“This brings Nigeria’s shareholding in the company to 15.80 percent valued at $30,724,961.00.

“For a company that was struggling for funding in 2016, this was a much-needed injection of life-restoring capital and I must say that other member states have responded in kind.”

Fashola explained that beyond financial capital, Nigeria has also contributed the human capital to provide interim leadership for the company at perhaps its most turbulent period.

He said that on the domestic front, there has been an increasing private sector participation in the delivery of an assortment of housing types for low- and high-income demand.

“With their control over land, within our Federal constitutional arrangement, State Governments are playing their roles in the supply of housing from Abia to Zamfara.

“These contributions to increasing housing supply are complemented by the Federal Government with initiatives such as the National Housing Programme that has delivered houses across 35 states and the Federal Capital Territory Abuja, complemented by the Federal Housing Estates across our six geo-political zones, and the Federal Mortgage Bank, Ministerial housing scheme and Co-Operative Housing initiatives across the 36 states of our country.

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“Because access to land is also critical to complement funding, between the period 2016 and today, we have undertaken and completed a full digitization of the Federal Lands Registry,” he said.

Representing the President of Nigeria, the minister of finance, budget and national planning, Zainab Ahmed noted that the country’s investment in the company is among its most performing investments.

For her, the size and scope of the challenges hindering provision of housing infrastructure has continued to cascade over the years.

“This was the president Buhari’s administration confronted national infrastructure deficits as one of its most important priority agendas.

“Today, there is an attestation to the comparability of the massive investments and margin achievements we have made in this sector.

“There is an urgent need to continue to interrogate the interconnectivity and establish the delicate balance amongst political, social structures, economy and fiscal development within a national space

“As a continental institution, committed to making positive impacts on the built environment in Africa, it will be in your best interest to elaborate on the outcomes of this 42nd AGM symposium to set up a stronger launchpad for future intervention projects and investment programmes,” she said.

In her remarks, Chii Akporji, the chairperson of the board of directors, shelter Afrique said that despite the global economic downturn recorded in the recent years, African countries have continue to post positive growth.

She explained that despite the numerous economic challenges, the company has continued to show resilience.

“With multiple housing projects funded and commissioned across the continent, we co tinue to decline er on our mandate for better, affordable housing for Africans.

“We have cemented our stake and influence in te built environment. Yet, our future depends on how well we adapt to changes.

“That is why this year we shall focus on political, social and economic strategies for attainment of affordable housing and urban development targets,” she said.