Shelter Afrique to invest N6.48bn in housing sector

Shelter Afrique, a non-governmental organization is to invest $180 million (N6. 48 billion) in five years toward addressing Nigeria’s housing deficit, its Managing Director, Andrew Chimphondah, said on Tuesday in Abuja.

Chimphondah, who revealed that the investment period would span from 2019 to 2024, said that Nigeria is a strategic market for Shelter Afrique and that the outfit’s shareholders include 44 African countries and two financial institutions.

According to him, Shelter Afrique provides loans, grants and credits for the development of the environment and the provision of houses for Africans.

Chimphondah said that Nigeria has 70 to 20 million estimated housing shortages, saying that “we are looking at the demand and supply side of housing. For the supply side, we will enter into public-private-partnership with government, with the government providing land and subsidised infrastructure.

“Our organisation will provide the funding and expertise to carry out the project. We will commit and dedicate all the expertise to ensure that quality houses are delivered; we will also ensure that the houses are energy efficient, environmental friendly and comfortable.”

Chimphondah said that most financial institutions have often complained of funding, but assured Nigerians that the organization would fashion out a way to reduce the cost of the houses.