The Chief Executive Office of Family Homes Funds (FHF), Femi Adewole, has said the Federal Government is targeting over N800 million to provide affordable mass housing for Nigerians.
Adewole, who disclosed this at the fundraising/launching of Real Estate Developers Association of Nigeria house (REDAN), on Tuesday, in Abuja, added that some of the locations for the housing are Kaduna, Kano, Lagos and Delta states, respectively.
He hinted the government will not able to finance the project but it is seeking the support of the World Bank and Africa Development Bank (AFDB).
This was even as he assured Nigerians that before the end of December over 200 houses would have been completed.
“We have to raised about N800 million to provide mass housing at the rate of N1.5 to N2 million.
“We are talking to a lot of development partners like the World Bank, African Development Bank (AFDB) to house over 500, 000 Nigerians.”
On his part, President of REDAN, Ugochukukwu Chime, disclosed that the house project will cost N500 million and expected to be “partially completed and occupied in one year and fully completed, equipped and furnished in 2 years.”
He apealed to the federal government through the instrumentality of the Family Homes Funds to simplify the requirements and participation for willing Nigerians.
Chime added that, “Concentration on demand induced supply based on market forces has not yielded the desired dividends because of the value chain and transaction dynamics that will produce such effective linkage is none existent.
“It is our responsibility to work with stakeholders in the house sector to ensure that we move away from the learning curve to a higher pedestal of project feasibility, execution and closure” stressing that “we seek to improve one’s capacity and knowledge.”