Nigeria invests 1.2 billion euros in residential building

The funds will be used to build social and low-cost housing for the poorest sections of the Nigerian population.

The federal government of Abuja, capital of Nigeria, has planned investments worth around 1.2 billion euros with the aim of reducing the country’s housing deficit.

The news was announced by Adeyemi Dipeolu, special adviser to President Buhari for economic matters, who explained that the project will be included in the Family Homes Fund (FHF).

Around 240 million euros will be assigned to the plan each year with the aim of attracting private investments worth ten times that figure.

The funds will be used in particular for the construction of social and low-cost housing for the poorest sections of the Nigerian population.

To facilitate implementation, the government is also looking into the possibility of reducing customs duties on imports of construction materials and of introducing a policy to lower interest rates on mortgages and loans for home buyers.