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Nigeria : World Bank, IDA earmark $300M for Nigeria's housing development

Publish Date : 23-Jun-2017

Concerned over massive figures of housing deficit facing Nigeria, the World Bank and International Development Association (IDA), have earmarked $300 million to fast-track provision of accommodation for the country's teeming population.

The Nigeria Housing Finance Programme (NHFP) is facilitating the fund, which is to be channelled towards pursuing aggressive development of housing sector in the country.
NHFP is a programme being conducted by the Central Bank of Nigeria, CBN, with the support of a loan the World Bank and IDA, are introducing to boost access to housing finance for home ownership in Nigeria.

Apart from this, stakeholders in the NHFP have called on legislature and executive to quickly enter into law 11 amendment bills before the National Assembly in order to ease challenges affecting easy access to land titles and documentation.

Addressing at a media workshop to flag off My Own Home campaign, in Abuja, Director and the Head of the NHFP, Adedeji Jones Adesomoye, said most of the housing challenges that the country is facing would be addressed through the scheme.

He added that the CBN was the institution handling the project, and that the CBN was also bearing the exchange risk because the money was given to these people in naira, which would be paid back to the World Bank in dollars.

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