The Family Homes Fund Limited is one of such new initiatives of the Federal Government of Nigeria. The Fund is a partnership between the Federal Ministry of Finance and the Nigerian Sovereign Investment Authority as founding shareholders.
The Fund will be the largest affordable housing-focused fund in Sub-Sahara Africa leveraging its significant capital (in excess of N1trn by 2023) to facilitate access to affordable housing for millions of Nigerians on low to medium income groups.
Through strategic partnerships with various players in the sector and some of the world’s main Development Finance Institutions, the Fund has an ambitious commitment to facilitate and supply 500,000 homes by 2023.
However, leveraging its capital to support the supply of new homes for families on low to medium income is only a means to an end. The key priority for the Fund is to take advantage of the opportunity a large scale house building programme offers to create jobs which are sustainable and offer families security, improved quality of life and hope.
With a projected cumulative expenditure of up to N1trillion by 2023 into various inputs into house building process including doors, windows, tiles, roofing materials, blocks, paving stones, paint and others, there is opportunity to incubate large numbers of small scale industries that will create significant employment for Nigerians.
The Family Homes Fund Ltd will be by three priorities such as Policy, Partnerships and People.