By Kingsley Adegboye

Nigeria’s construction sub- sector is set to witness a major boost with the introduction of the Construction Ideas Fund, CIF which is meant to stimulate innovative ideas that will boost affordable housing and improve income within the sector.

The Fund is part of a wider project known as Growth and Employment in States, GEMS2 with focuses on the construction and real estate sector of the economy. The programme GEMS2 is funded by the UK Department for International Development, DFID.

Mr. Paul Weijers, Team Leader of GEMS2 told newsmen last week the Fund will promote economic growth within the construction and real estate sector.

“Construction Ideas Fund is one of many DFID motivated funds that are globally applied to inspire innovation in key sectors in developing economies. Popular business concepts across Africa are aided by such funds. One key example is the MPESA mobile money concept in Kenya which idea was birthed through similar funding opportunity. Such funds are managed by different international development programmes or projects and known in different names and parlance. In the construction sector in Nigeria, it is known as the Construction Ideas Fund.

“The Construction Ideas Fund in Nigeria is a funding mechanism which shares the financial risk of innovative projects within the construction and real estate sector. If a Nigerian business or organization has an idea that not only improves her business but can also be shown to have a lasting positive impact on the sector,  particularly in terms of increased income and employment opportunities for low-income groups,  then such business or organisation can access the fund upon satisfying the eligibility criteria”, Weijers said.