FG targets 1.8m jobs, to build 300,000 houses

As part of efforts to ensure Nigerians benefit from the 300,000 housing units in line with the National Economic Sustainability Plan (ESP), the Federal Government has concluded a plan to provide mortgage guarantees to low-income earners.

With the intent to launch the portal for beneficiaries this week, the plan is expected to generate about 1.8 million jobs.

Already, about 20 state governments have indicated an interest in joining the housing plan.

The Senior Special Assistant on Media and Publicity to the President in the Office of the Vice President, Laolu Akande, noted that the portal has invited Nigerians interested either as beneficiaries of the scheme or as delivery partners would be launched by the Family Homes Fund, the agency designated to implement the scheme.

He said in a statement that the first phase of the scheme would be executed in Osun, Ogun, Enugu, Delta, Bauchi, Kebbi, Nasarawa, Plateau, and the Federal Capital Territory.

Some housing units will be offered for as low as N1.8m to N2m, according to Akande.

Abia, Anambra, Ebonyi, Imo, Cross River, Sokoto, Kaduna, Zamfara, Katsina, Borno, and Yobe States would also be added.
The Central Bank of Nigeria (CBN) has committed an N200 billion facility to the project.

Akande said: “The programme has 1-, 2-, and 3-bedroom units that will be sold at low prices. The 1-bedroom unit will cost as little as between N1.8miliion to 2 million while financial assistance would be available for Nigerians to pay the mortgage.

“The form of financial assistance will include mortgage loans at low-interest rates. Financing will be arranged through the designation of home warehousing agents that will purchase the homes from the developers. Individual buyers will then purchase homes from the agents.”

TheGuardian