CBN UNVEILED PLANS FOR HOUSING FUND PROJECT IN NIGERIA

The Central Bank of Nigeria has released the framework for the nation’s proposed housing scheme. The project which is under the Family Homes Financing Initiative (FHFI), will aim at providing 300,000 homes across the 36 states of the country worth (N200billion naira).

The initiative will also aimed at revitalising local manufacture of construction materials as the framework was designed to utilise at least 90% locally manufactured inputs and as a result conserve foreign exchange.

Such products including doors and windows, ironmongery, sanitary fittings, concrete products, tiles, glass, electrical fittings/fixtures and bricks will be manufactured locally

Meanwhile, it is also estimated that the programme would require up to 1.7 million doors, seven million door hinges and locks etc.

According to the publication on CBN OFFICIAL websites, it reads “The Development Finance Department of the Central Bank of Nigeria shall be responsible for the management of the intervention facility. The CBN shall provide the funding for the initiative; appoint Technical Advisor with requisite skills in Housing Construction and Financing; release funds to the FHF on the recommendation of the TA; carry out periodic verification and monitoring of projects financed; and review the framework as may be necessary from time to time.”

Read full details on ThisDay

Click on the floating icon on the right to subscribe. More so, please share, Follow us on Twitter and don’t forget to also like us on Facebook