African Development Bank confirms $60m financing for homes loan assistance programme

The growth, which was largely driven by the non-oil sector, having contributed 92.51% to the aggregate GDP for the period, leaving the remaining 7.49% to the oil sector.

According to the report, the growth recorded in the non-oil sector was driven by growth in the trade sector, ICT, financial, manufacturing, agriculture, and transportation.

The African Development Bank (AfDB) on Thursday 11th November 2021, approved a $60m (approximately ₦25Bn) financing for the Homes Loan Assistance Programme. The fund, according to the bank, will be managed by the Family Homes Funds Limited (FHFL) with the support of the Federal Ministry of Finance, Budget and National Planning. Even though it took some time to materialize, because the Federal Government has been seeking this funding since 2018, it will strengthen the Government’s efforts towards providing housing for the low-income earners in the country. The following paragraphs explain the Federal Government and AfDB partnership journey so far, and facts about the Financing Homes Loan.

The AfDB’s overarching objective is to spur sustainable economic development and social progress in its Regional Member Countries (RMCs) including Nigeria. Since its inception in 1964, the bank has been making conscientious efforts to drive this mandate and contribute to poverty reduction. In 2018, the Federal Government commenced negotiations with the African Development Bank AfDB, the World Bank alongside other financial institutions to raise c. ₦800 million which is planned to fund the construction of affordable housing for income households in Nigeria. The CEO of the Family Homes Funds, Mr. Femi Adewole defined this segment as Nigerians earning below ₦100,000 per month in household income. The fund was being negotiated under the Family Home Funds FMF, a housing investment fund owned by the Sovereign Wealth Fund and the Ministry of Finance.