Nigerians laud CBN’s new family homes financing initiative

one year ago | 35

SOME Nigerians have commended the Central Bank of Nigeria (CBN)’s new initiative to build affordable homes and create thousands of jobs for Nigerians. The News Agency of Nigeria (NAN) reports that the apex bank recently unveiled a framework for the implementation of Family Homes Financing Initiative to fast track the deployment of 300,000 homes across the country. The financing initiative will support the Federal Government’s Economic Sustainability programme to fast track the deployment of 300,000 homes in the 36 states of the federation and the Federal Capital Territory. Mr Abbas Ibrahim, a Pharmacist said that the initiative, if effectively implemented would go a long way to bridge housing deficit, especially in urban areas. He urged the CBN to ensure that the initiative was not hijacked by a section of the elites, who might not allow the masses benefit from it “I am particularly happy about this initiative. “The way I understand it is making decent home ownership affordable to ordinary Nigerians as well as create jobs in the housing sector. “I urge the CBN to ensure the laudable initiative is implemented without compromise,’’ he said. Mr Raji Adebayo, an economist and a civil servant, commended the initiative as a sure path to poverty reduction and employment generation. “I saw the report about CBN’s framework for family home financing initiative and I was particularly impressed. “Apart from generating affordable homes and thousands of employees, it will equally support local content development in the housing sector. “The fact that 90 per cent of the materials for the construction component of the initiative will be sourced locally is cheering,’’ he said. Mrs Mojisola Olaniyi, a businesswoman also commended the idea of homeownership financing by the Federal Government. She, however, urged the CBN to ensure that its collaboration with a private developer did not make the houses unaffordable to the masses. “I learnt that the initiative is to support the Federal Government’s Economic Sustainability programme to fast track the deployment of 300,000 homes across the country. “It is a good initiative but the CBN and other government agencies involved should drive the process to the end and not allow the private developer set prohibitive cost to the homes when completed.’’ NAN reports that the CBN in its website:, said that the initiative would generate about 1.5 million jobs in the process. It said the introduction of mass housing was key economic activities with potential to create significant number of jobs rapidly. (NAN) – Sept. 17, 2020 @ 17:45 GMT |

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