Federal Government yesterday said investment in Shelter Afrique is one of the country’s best.
It said its shareholding in the Pan-African institution supporting real estate, is 15.8 per cent, valued at $30.7 million.
President Muhammadu Buhari, who spoke at the 42nd Annual General Meeting of Shelter Afrique in Abuja, hailed Minister of Works and Housing, Babatunde Fashola, and management of the company for their leadership and dedication to the growth.
Buhari, represented by Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said: “The investments Nigeria has in Shelter Afrique is one of the best we have. Also, the decision of Shelter Afrique to float a N46 billion bond in Nigeria capital market, is important catalytic investment for market and the building industry.
“Today, records show there is an attestation to the comparability of investments and achievements in the sector. I commend the leadership played by Federal Ministry of Works and Housing, co-host of this meeting, in driving the mandate of the Presidency.”
Fashola said: “Between 2016 AGM and this year’s, Nigeria has made contributions of $5,959,178.27 in 2017, $9,392,135.66 in 2020, and $7,151,830.91 in 2022, making $22,503,144.84.”
Managing Director and Chief Executive Officer, Mr. Thierno-Habib Hann, added: “We are navigating a period afflicted with global recession while African nations are reeling from shocks in geopolitics, energy, and economics. So, we need to attend to the dynamics of the housing market. This requires a conversation on the sector’s political economy, which involves interactions that have shaped the housing production and delivery value chain.”