Nigeria moves to increase social housing by investing an additional $9.4m in Shelter Afrique; a housing fund manager
Nigeria has committed US$9.4 Million as part of a US$29.3 Million Capital subscription to Shelter Afrique, lifting it to be the second-largest shareholder in the institution, with 14.77% of the shareholding, behind Kenya’s 14.87% stake and ahead of the AfDB at 14.28%.
Shelter Afrique is a pan-African financier institution that supports housing and urban development in Africa. It works in partnership with 44 African governments, the African Development Bank and the Africa Reinsurance Company.
The company has confirmed receipt of the first tranche amounting to $9.4 million from Nigeria as well as receipt of capital contributions so far totaling US$16 Million from nine African countries- Lesotho, Mali, Namibia, Nigeria, Rwanda Uganda, Togo, Zimbabwe and Swaziland.
In Nigeria,Shelter Afrique is considering a US$3 Million equity participation in the newly created Nigeria Mortgage Guarantee Company (NMGC) having already been instrumental in the creation of the Nigeria Mortgage Refinance Company (NMRC).
Other housing projects being considered are a Public-Private-Partnership with the Kaduna State 60,000 homes; this project is anticipated to create 300,000 jobs. The organisation is also in the final stages of providing lines of credits totalling USD$16 million to two Nigerian banks to create mortgages that will directly impact 4700 Nigerians.