Thursday, September 20, 2018
Advertisement

Adeosun: Affordable housing is critical to delivering on Nigeria’s economic plan

Adeosun: Affordable housing is critical to delivering on Nigeria’s economic plan
April 22
23:45 2017
Advertisement

mayowa washington

Kemi Adeosun, minister of finance, says the executive has requested for N100 billion as seed funding for affordbale housing in the country for the year 2017 alone.

Speaking at the International Monetary Fund meetings in Washington on Saturday, Adeosun said “delivering affordable housing is critical to the delivery” of Nigeria’s reform agenda.

Nigeria has an estimated housing deficit of 17 million units, which is expected to increase by 900,000 annually.

“Some of the reasons for this are clear. Interest rates are high for both developers and home buyers, and the tenure of debt remains too short,” Adeosun said.

“As a result, we have to find a way to accelerate the provision of affordable homes. That is why we have established the Family Homes Fund.

“We have requested N100 billion in the 2017 budget and for the subsequent three years as part of the Medium Term Expenditure Framework (MTEF), this is seed funding from the government, but this is not solely a public sector scheme, it will be a partnership with the private sector and we are looking to mobilise additional resources from domestic and external sources.

“The Fund will enable us to deliver discounted mortgages for home owners, while also enabling access to attractive funding mechanisms for developers. We are piloting in 6 states and the results of those pilots will guide long term programme implementation.”

While attending a number of meeting in Washington, Adeosun reiterated the drive for implementation of some of the critical projects in the Economic Recovery and Growth Plan (ERGP) including meetings on housing, water, power and food security.

“Many of these projects are already well advanced and we have had a series of productive meetings in Washington with development partners to advance those projects and hopefully accelerate implementation so we can meet the ambitious but achievable goals we have set ourselves,” she added.

RECEIVE ALERTS FROM THECABLE

BBM CHANNEL C0038F78B
WHATSAPP 08113975334
TWITTER @thecableng
Copyright 2018 TheCable. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheCable.
Tags
Advertisement

Social Comments

0 Comments

No Comments Yet!

Let me tell You a sad story ! There are no comments yet, but You can be first one to comment this article.

Write a comment

Write a Comment

Your email address will not be published.
Required fields are marked *

*

Advertisement
Advertisement

Exchange Rates

September 20, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement
Advertisement