The Real Estate Developers Association of Nigeria, REDAN, President Alhaji Aliyu Oroji Wamakko has disclosed that the Shelter Afrique has agreed to finance 12,000 housing units out of which the first phase of 6,000 housing units will be carried out in August, 2021.
He stated that Shelter Afrique had already floated a bond worth 191 billion naira to finance housing delivery in Nigeria.
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Wamakko made this known Wednesday in Abuja while briefing journalists on the development at the just concluded 40th Shelter Afrique Annual General Meeting held in Yaounde, Cameroon.
He explained that Shelter Afrique is Pan African Housing Finance, an international body with headquarters situated at Nairobi, Kenya with Forty-Four African countries as shareholders, of which Nigeria is the second highest investor.
Wamakko stressed that REDAN has initiated a National Housing Development Programne tagged Rural-Urban Housing Initiative, RUHI-774 to develop at least 100 standard housing units in each of the 774 Local Government Areas of the Federation including the FCT.
The REDAN President explained that with the development, the Association was poised to deliver on its mandate to provide homes to Nigerians using the instrumentality of RUHI 774.
Alhaji Aliyu Wamakko emphasized that REDAN was committed to boosting Nigeria’s building sector local content and development of the building material production Industry.
He pointed out that the move would also create about 5 million direct and indirect jobs and contribute to national economic development.
The REDAN President, however, expressed concern over housing challenges confronting millions of Nigerians, adding that there is need for government to key into various housing projects of REDAN, who are private investors to reduce the millions of housing deficit in the country.
He said that the government has no business in building houses but should be entrusted with private investors who know the trade.
While commending Shelter Afrique for its support to the Association, the President reiterated REDAN’s determination to the growth of Nigeria’s housing sector.
He said the meeting was held from 20th–26th June, 2021 with the theme being “Four decades of Affordable Housing Policies in Africa: Mapping the Next Forty Years.
“In sourcing fund for the RUHI-774 scheme, we approached Shelter Afrique. We are pleased to inform our Off-Takers and Stakeholders that the RUHI-774 has received a boost, as Shelter Afrique has agreed to finance 12,000 housing units, of which they will finance the 1st phase of 6,000 housing units by August 2021.
“It will interest our audience to know that Shelter Afrique has floated a Bond in Nigeria to the tune of $500 million, approximately N191 billion to finance housing delivery in Nigeria. This will shore up their presence in Nigeria by providing homes to the citizens.’’
He added that it is from this floated fund that REDAN Members’ Housing development projects will be funded nationwide, particularly the RUHI-774 projects.
