By Perpetua Onuegbu
President Muhammadu Buhari says Nigeria’s investment in Shelter Afrique is one of the best performing investments the country has undertaken in recent times.
Buhari said this on Monday during the 42nd Annual General Meeting (AGM) of Shelter Afrique in Abuja with the theme: ‘Political Economy in the Built Environment’.
He said the country’s shareholding in the company, which is a Pan-African finance institution supporting the housing and real estate sector in Africa, was 15.8 per cent.
He said Nigeria had invested in the company since 2017 and that the investment now valued $30.7 million.
Buhari commended the Minister of Works and Housing, Mr Babatunde Fashola, and the management of Shelter Afrique for their remarkable leadership and dedication to the growth.
“The investment that Nigeria has in Shelter Afrique is one of the best performing investments we have.
“Also, the decision of Shelter Afrique to float a N46 billion bond in the Nigeria’s Capital Market, is a very important catalytic investment, especially for the development of the Nigerian Capital Market, and the built industry.
“Records show that there is an attestation to the comparability of the massive investments and achievements we have made in the housing sector.
“I commend the leadership role played by the Federal Ministry of Works and Housing, the co-host of this AGM and symposium, in driving the mandate of the Presidency,” he said.
Buhari was represented by the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed.
Speaking, Fashola said between 2016 and 2023 AGM which were 35th and 42nd, respectively, Nigeria had made contributions of $5,959,178.27 (Five Million Nine Hundred And Fifty Nine Thousand, One Hundred And Seventy Eight Dollars And Twenty Seven Cents).
“In 2017, $9,392,135.66 (Nine Million Three Hundred And Ninety Two Thousand, One Hundred And Thirty Five Dollars And Sixty Six Cents).
“In 2020, and $7,151,830.91 (Seven Million One Hundred and Fifty One Thousand, Eight Hundred And Thirty Dollars and Ninety One Cents) in 2022, making a total Of $22,503,144.84 (Twenty Two Million Five Hundred and Three Thousand, One Hundred and Forty-four Dollars And Eighty Four Cents),” he said.
The minister who was also Chairman of the AGM of Shelter Afrique, represented the Vice President of Nigeria, Prof. Yemi Osinbajo.
On his part, Mr Thierno-Habib Hann, speaking on the objective of the organisation, said it aimed to scale up affordable housing in the continent.
“Our objective is to scale up affordable housing across the continent. We are really engaged in Nigeria, last year we have been issuing these bonds and this is a programme that will be done in few years with over $500m (N200bn) to be invested.
“We have done the first tranche and we are going to do more and more of it. The idea is really to work with financial institutions, large scale developers, government through public-private partnerships.
“And set up funds targeting $1bn for the continent sharing across different regions, being climate resilient, gender friendly and most importantly generate jobs for the populace,” Hann said.
On her part, Chairperson of the Board of Directors, Shelter Afrique, Dr Chil Akpoji, said the organisation was committed to the vision of event and affordable housing in Africa.
She added that it was exploring practical ways to improve on the organisation’s impact on the housing markets across member states.
The News Agency of Nigeria (NAN) reports that Shelter Afrique is the only pan-African finance institution that exclusively supports the development of housing and real estate sector in Africa.
It has 44-member countries and two multinational financial members one of which is the African Development Bank (AfDB). (NAN)