headquarters in Abuja. Photo: Channels TV/ Sodiq
Adelakun.
The Central Bank of Nigeria (CBN) has okayed N200
billion as mortgage finance loan to Family Homes Fund (FHF)
targeted at low-income earners.
A statement on the apex bank’s website, Tuesday, indicated that
the money will be used to build 300,000 homes in all states and the
Federal Capital Territory (FCT) and is expected to generate about
1.5 million jobs in five years.
“The programme will house up to 900,000 children and adults (at
an average of 3 persons/home) on a low income with direct impact on
health, education and economic outcomes,” the bank explained.
“Most of these would currently live in informal settlements with
shared facilities in unsanitary environments. Towards targeting
people on low-income level across the country.”
To conserve foreign exchange, the CBN disclosed that the
buildings will be constructed using about 90 per cent of locally
sourced materials.
“In that regard, 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
etc,” it added.
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“For example, it is estimated that the programme will require up
to 1.7m doors, 7m door hinges and locks etc.”
Beneficiaries are expected to pay an interest rate of not more
than 5.0% p.a. (all-inclusive).
The Framework shall be subject to review from time to time as
may be deemed necessary, the bank stated.
Solar Connection
On Monday, the Bank introduced a Solar Connection Intervention
Facility to complement the Federal government’s scheme which aims
at expanding energy access to 25 million individuals through the
provision of solar home systems or connection to a mini-grid.
According to the apex bank in its released guideline on Monday,
the long term low-interest credit facility has a maximum limit of
N500 million for pre-qualified home solar value chain players that
include manufacturers and assemblers of solar components and
off-grid energy retailers in the country.