*-Target 20,000* *bed spaces in 5 years*
A substantive partnership deal has been signed by the Family Homes Funds Limited (FHFL), and Agence Française de Dévelopement (AFD), also known as the French Development for extensive research geared towards attaining substantial investment in Students Housing across the Country through its Rental Housing Fund.
As part of the deal, Family Homes Funds will support Nigerian Universities to increase supply of good quality affordable housing for students through the development of up to 20,000 bedspaces over the next 5 years.
The study will assist FHFL to accurately assess the need and collect data required to develop a sustainable delivery and financing structure for University Students Accommodation in Nigeria.
The study commencing in November 2021 will last for up to 20 weeks, followed by consideration of the first phase of the programme. The study will be in collaboration with Nigerian universities, with an outcome that will greatly improve the living condition of more than 2 million students, who according to the Nigeria Universities Commission (NUC) are currently enrolled across the country.
According to the Managing Director, Family Homes Funds Ltd., Mr. Femi Adewole, the huge shortage of decent affordable housing for university students is often missing in discussions about affordable housing.
According to him, “if we are to really 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. 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 the Nigerian students through deep deployment of technology and communications, innovative energy solutions including solar sources and leveraging on standardization to enhance affordability.