A new special purpose investment vehicle – Family Homes Funds (FHF) plans to support the development of over 500,000 homes and 1.5million jobs for the low income earners by 2023.
FHF have the Nigerian Sovereign Investment Authority and the Federal Ministry of Finance Incorporated as founding shareholders.
Through International recruitment firm – PriceWaterHouse Coopers, the funds has launched a recruitment campaign to secure top quality capacity to deliver an ambitious affordable housing programme as a key aspect of the government’s social intervention programme.
The fund has recently completed the construction of 400 homes with an average cost of N3.5million in Grand Luvu, Nasarawa State – part of over 4,000 homes under construction in five states namely Ogun, Nasarawa, Kano, Delta and Kaduna.
A further 30,000 homes are at advanced stages of negotiation with development partners and will commence by November 2018.
As the new company builds capacity through the ongoing recruitment campaign, it will achieve a program of 80,000 homes by December 2019.
Creation of new jobs is a critical element of the Funds programme.
Ongoing investments are already making a real difference with over 13,000 jobs created and about 360,000 to be created from current development pipeline.
The Grand Luvu Project in Nasarawa State has created about 8000 jobs
26-year-old Kabiru Usman has been unemployed since graduation from Nasarawa State University.
He was employed and obtained training on the Funds Grand Luvu project.