Babatunde Fashola, announced the government’s plans to invest in Shelter Afrique, a pan-African finance institution, to provide additional affordable housing for Nigerians.

Speaking at the 42nd Annual General Meeting and Symposium of Shelter Afrique in Abuja, Fashola stated that Nigeria has a shareholding capacity of 15.8% in Shelter Afrique and has contributed $22.5 million, with investments planned in social housing schemes for Nigerian citizens.

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Fashola highlighted Nigeria’s contributions to the growth of Shelter Afrique, stating that Nigeria had contributed $5.9 million in 2016, $9.3 million in 2020 and $7.1 million in 2022, bringing the total contribution to $22.5 million.

He emphasized that the collective action of member states and development partners had strengthened Shelter Afrique and enhanced its ability to overcome the challenges faced by the company.

The Minister stated that Nigeria’s investment in Shelter Afrique would provide a much-needed injection of capital, enabling the company to scale up affordable housing projects across the continent.

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The Chairperson of the Board of Directors of Shelter Afrique, Chii Akporji, highlighted the resilience of the company in delivering multiple housing projects across Africa, despite global economic challenges.

The Managing Director of Shelter Afrique, Thierno-Habib Hann, restated the company’s objective to scale up affordable housing across the continent, emphasizing that Shelter Afrique remained committed to supporting the development of the African real estate and housing sector through strategic partnerships with private developers and government agencies.