Home deficit: Real estate finance institution offers N20bn investment in Lagos housing sector

A real estate finance firm, Shelter Afrique, has expressed readiness to invest N20 billion in the Lagos housing sector as part of efforts to reduce housing deficit in Lagos in particular and Nigeria in general. Shelter Afrique, is a pan- African finance institution that exclusively supports the development of the housing sector in Africa.

The firm, renowned for financing affordable housing also said it’s poised to help Lagos State in tackling housing challenge and the deficit estimated to be running into millions. The Acting Managing Director of the firm, Mr Kinsley Muwowo, disclosed this recently, during an official meeting with the state Commissioner for Housing, Moruf Akindetu-Fatai and senior officials of the ministry at the state Secretariat, Alausa, Ikeja.

Also in attendance were the management staff of the finance institution.
Akinderu-Faitai said that the partnership was in tandem with Governor Babajide Sanwo-Olu’s commitment to development of housing sector, adding that the state “is ready to work with any firm that shares its vision of provision of affordable mass housing project for the residents in the state.

“Our door is open for Public- Private Partnership, PPP, to reduce housing deficit in the state which must be affordable at lowest possible rate for the low income earners and the masses in general.”

The commissioner, who also added that more housing units would soon be unveiled by Governor Sanwo-Olu, assured that everything would be done to ensure that housing deficit in the state is reduced to barest minimum.

Briefing the commissioner earlier, Muwowo said his organisation was ready to collaborate with the state government in addressing the housing deficit challenges with the construction of large scale affordable housing projects across the state as soon as possible if given the approval.

According to him:”We are ready to embark on the housing projects. Each of our projects won’t be less than 1000 units. So long as the state is ready for us, they give us land, our team is ready for the large scale project.

“We raise money not only in the Nigerian capital market, we raise money globally once we are investing on good project and the good project is affordable housing. “We don’t provide housing for those who easily go to the bank, we are looking for the common person. Our target is the provision of housing for the common people.”

Muwowo added: ”We are set to begin housing projects with initial take-off of not less than 1000 units in each location.

Vanguard