The Central Bank of Nigeria has released a framework for the implementation of family homes financing initiative.
The apex bank said that the programme will aim at creating rapidly, up to 1.5 million direct construction sector jobs at the rate of 5 jobs/home) particularly young people on low income. In addition, the programme has potential to create a further 1million jobs through its supply chain.
The framework explained that mass housing construction was among the key economic activities with potentials to create significant number of jobs rapidly, adding that It was in the light of this that the Bank introduces this financing initiative to support the Federal Government’s Economic Sustainability programme to fast track the deployment of 300,000 homes in the 36 states of the federation and the Federal Capital Territory and to create up to up to 1.5 million jobs in 5 years.
This initiative according to the CBN would be implemented in collaboration with Family Homes Fund (FHF) Ltd as the lead developer.
It however said that funds would be released to FHF on project basis subject to the cumulative maximum limit of N200 billion, adding that a project is defined as cluster of homes in the same geographical location and covered with the same title documents and approvals.
It further stated that the programme is designed to utilize at least 90 per cent locally manufactured inputs and as a result conserve foreign exchange.
In that regard it said the programme will deliberately aim to revitalize local manufacture of construction materials including doors and windows, ironmongery, sanitary fittings, concrete products, tiles, glass, electrical fittings/fixtures and bricks among others.
Citing an example it said it is estimated that the programme will require up to 1.7 million doors, 7 million door hinges and locks etc.