Dangote pledges N2bn housing revolving fund

Alh. Aliko Dangote, President of Dangote Group, has pledged to float a N2 billion revolving fund in support of the transformation agenda of the federal government to boost housing development in Nigeria. The pledge came in the wake of the huge housing deficit confronting the country, said to be about 16 million housing units.

Minister of Housing and Urban Development, Ms. Ama Pepple, had told participants at a recent Presidential retreat for members of the Economic Management team and private sector operators that there was urgent need to address the nation’s housing deficit, as a way of tackling the unemployment situation in the country. She noted that the housing deficit could be turned to a job creation strategy in line with the objectives of the transformation agenda and the vision 20:2020.

It was the minister’s submission that moved Dangote to announce that he would make available N2 billion to serve as a revolving facility to stir the housing and construction sector of the economy and create jobs in different sectors of the industry. He offered to provide the money to stimulate job creation through the construction of houses on a build- sell-off and replenish basis.

It would be recalled that President Jonathan and Pepple, at the retreat, had canvassed the support of the private sector in rejuvenating the economy, particularly the housing sector by reducing the housing deficit.

The housing minister was of the view that the job creation model using home construction will create a value adding synergy in construction industry as various sector operators, such as dealers in sand, stone, cement, iron rod, plumbing, electrical, engineering would earn more income from such constructions thus creating the much needed jobs.