Family Homes Fund is an initiative of the Federal Government, aimed at facilitating affordable housing delivery by entering into specific partnerships with state Governments, developers and international partners/Agencies that can provide technical support and financing for project implementation.
Through strategic partnerships with various players in the sector and some of the world’s main Development finance institutions, the fund will facilitate access to affordable housing for millions of Nigerians on low to medium income groups. With the Nigerian Sovereign Investment Authority and the Ministry of Finance as founding shareholders, the fund aims to support the development of over 500 thousand homes and 1.5 million jobs for Nigerians.
The Fund is projected to be the largest affordable housing focused fund in Sub-Saharan Africa leveraging its significant capital (in excess of N1trn by 2023) to facilitate access to affordable housing.
However, leveraging its capital to support the supply of new homes for families on low to medium income is only a means to an end. The key priority for the Fund is to take advantage of the opportunity a large- scale house building program offers to create jobs. Jobs which are sustainable and offer families security, improved quality of life and hope.
With a projected cumulative spend of up to N1trillion by 2023 into various inputs into the house building process including doors, windows, tiles, roofing materials, blocks, paving stones, paint etc. there is opportunity to incubate large numbers of small scale industries creating significant employment.
The Family Homes Fund aims to catalyse the creation of new jobs through the investments we make. Alongside investment by other players in the housing sector we have a real opportunity to achieve impact. Real positive impact on families, women who often carry the biggest burden in poor households and young people. At a national level, this potential effectively harnessed could generate up to 1.5% increase to the GDP by 2023.
The Family Homes Fund Limited’s approach to creating jobs will be driven by 3 priorities:
Policy, partnerships and people –
The Fund aims to support ongoing dialogue around development of a local contents framework for inputs into the house building process. A long-term objective is to ensure that up to 80% of manufactured inputs are locally produced.
A lot more can be achieved collectively, than any single player can individually. The Fund aims to build strong partnerships with different institutions and agencies to maximize this opportunity. The Fund aims to work with existing and new partners in the Building Materials Industry to offer guaranteed purchase commitments in order to enable critical access to capital for massive investment in the housing sector.
Through the Investments we make, The Fund will equip a new generation of young Nigerians with high-level skills in modern methods of construction and technologies.
Through a combination of these activities, the Family Homes Fund aims to create or support up to 1,500,000 jobs by 2023 making a real difference to the quality of life of their families and the economy.
Source: Affa Dickson Acho
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