By Abubakar Yusuf
In a groundbreaking announcement, Mr Thierna-Habib Hann, the Managing Director and CEO of Shelter Afrique Development Bank, has unveiled plans for a systematic injection of $40 billion into Nigeria’s housing sector.
This strategic move aims to address the housing deficit and transform the landscape of affordable housing across the nation.
Mr Hann, speaking during a virtual presentation themed “Building A Strong Financial Model for Sustainable Mass Housing Delivery in Nigeria,” expressed confidence in this systematic approach over the coming years.
During the presentation, Mr Hann commended Senator Gbenga Ashafa’s leadership at the Federal Housing Authority (FHA), acknowledging the agency’s remarkable achievements despite not being included in the nation’s annual budget.
The strategic policies on housing development and model partnerships implemented by FHA were recognized as catalysts for the collaboration with Shelter Afrique.
Shelter Afrique Development Bank is set to kick-start its systematic injection with $20 billion in 2024.
This substantial investment aims to initiate mass housing projects, beginning in Lagos and Abuja, with plans to expand to other Nigerian cities.
The Rent to Own, Eco-Friendly, Mortgages, and Public-Private Partnership (PPP) arrangements of FHA align seamlessly with Shelter Afrique’s vision, making the partnership a strategic fit.
“We are particularly elated by the Rent to Own, Eco-Friendly, Mortgages, and Public-Private Partnership (PPP) arrangements of the Federal Housing Authority FHA, which is in line with best practices, hence our intention to key in,” Hann emphasized.
The Managing Director reiterated Shelter Afrique Development Bank’s commitment to implementing the Rent to Own arrangements by 2024, starting in high-demand areas like Lagos and Abuja.
This innovative approach is poised to redefine homeownership, making it more accessible to a wider population.
Recognizing the capital-intensive nature of housing development, Mr Hann appealed to the Nigerian government to fulfill its promise of intervention in the coming years.
This aligns with global support from Shelter Afrique Development Bank, ensuring a synchronized effort to address the housing deficit.
Hann congratulated the management of the Federal Housing Authority for achieving this golden feat and called upon Nigerians to have confidence in the agency’s ability to tackle the housing deficit in the country.
He assured the Authority that Shelter Afrique’s investment would propel the nation towards the ambitious target of providing 1 million houses annually to its citizens.
This transformative partnership between Shelter Afrique and FHA heralds a new era for Nigeria’s housing sector, marking a significant stride towards sustainable, affordable housing for all.
