Shelter Afrique to invest N20bn in Lagos housing sector


L-R Permanent Secretary Mr. Wasiu Akewusola, Commissioner for Housing, Hon Moruf Akinderu-Fatai and Ag.MD Kingsley Muwowo of Shelter Afrique at a courtesy visit to the Ministry of Housing today

The pan-African finance institution, Shelter Afrique has pledged to invest N20bn in the Lagos housing sector as part of strategies to reduce the housing deficit in the state.

The firm said that it was poised to also help the state in tackling the housing challenge and the deficit estimated to be about 17 million.

The Acting Managing Director, Shelter Afrique, Kinsley Muwowo, disclosed this when he led the management of the company to the Lagos State Ministry of Housing.

He said the firm was ready to collaborate with the state government in addressing the housing deficit challenges with the construction of large scale housing projects.

“We are ready to embark on the housing projects. Each of our projects won’t be less than 1,000 units. So long as the state is ready for us, they give us land, and 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 in a 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,” he stated.

According to him, the firm is set to begin a housing project which is not less than 1,000 units in each location of its projects, adding that the firm is especially committed to urban development and the housing sector.

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He said that the state is ready for them in the drive to provide affordable housing for the common people.

Muwowo stated that Shelter Afrique had raised the bond of N40bn initially and was raising another one of N160bn for the project.

He added that the firm was at the stage of reaching out to the state on the partnership in the provision of other amenities that enhance the delivery of the project.

Commissioner for Housing, Moruf Akinderu-Fatai, said that the partnership was in tandem with Governor Babajide Sanwo-Olu’s commitment to the development of the housing sector.

He said the state was ready to work with any firm to share its vision of the provision of affordable mass housing projects for the residents in the state.

Akinderu-Fatai hinted that more housing units would soon be unveiled by Governor Sanwo-Olu.

He assured that everything would be done to ensure that the housing deficit in the state was reduced to the barest minimum.

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