Gabriel Enenche —
French Development Agency, Agence Française de Développement (AFD) and Nigeria’s Family Homes Funds Limited (FHFL) have entered a pact to carry out a detailed study ahead of a substantial investment in students housing across the country through its Rental Housing Fund (RHF).
In effect to this, the Family Homes Funds will support Nigerian universities to increase supply of quality affordable housing for students through the development of 20,000 bed space over the next five years.
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The study which commences this month, will last for 20 weeks, followed by consideration of the first phase of the scheme, will assist FHFL to accurately assess the need, collect data required to develop a sustainable delivery and financing structure for university students accommodation in Nigeria.
It will be in collaboration with Nigerian universities, with an outcome that will greatly improve the living condition of more than two million students, who according to the Nigeria Universities Commission (NUC) are currently enrolled across the country.
According to Femi Adewole, the Managing Director of Family Homes Funds Limited (FHFL), the huge shortage of decent affordable housing for university students is often missing in discussions about affordable housing.
“If we are to harness the boundless potential of our young people, especially those who are acquiring critical skills in our universities, we must place them in living environment, which condition them to excellence and leadership in a competitive global environment”, Adewole said.
“Significant amount of capital is required, so a major focus for us is to ensure that we create an attractive opportunity for private capital through the local capital market to invest in students housing. This study will help build the critical foundations for that to happen, so we are quite excited.
“The Family Homes Fund’s vision for the students’ housing programme is to create a modern, high-quality living environment for Nigerian students through deep deployment of technology and communications, innovative energy solutions, including solar sources and leveraging on standardization to enhance affordability.
‘’We are thankful to AFD for their support on this initiative. It will not only ensure that we can contribute to the development of the education sector in a significant way, but the partnership has had a catalytic effect of crowding-in further resources and relationships for Students Housing”.