The Central Bank of Nigeria has released a framework for the implementation of its Family Home Finance initiative.
The initiative, according to the apex bank, is 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 1.5m jobs in five years.”
The objective of the new initiative, it added, is to create jobs at large scale – creating rapidly, up to 1.5m direct construction sector jobs, boost local manufacturing – revitalise local manufacture of construction materials, including doors and windows.
Others are ironmongery, sanitary fittings, concrete products, tiles, glass, electrical fittings/fixtures, and bricks.
With its 90 per cent local content, it will improve quality of life and house up to 900,000 children and adults (at an average of three/home) on a low income with a direct impact on health, education and economic outcomes.
The facility is with a limit of N200bn, to be guaranteed by the Federal Ministry of Finance, and availed as a Construction Finance Facility to enable Family Home Funds Limited implement the Federal Government’s social housing programme as part of the Economic Sustainability Plan 2020.