The NSHP (National Social Housing Programme) will allow you to own a home, as an individual or part of a cooperative with as low as ₦2,000,000 only. With the programme, you can become a house owner in any part of Nigeria with ease!
The NSHP is the housing component of the President Muhammadu Buhari Economic Sustainability Plan (ESP) to deliver affordable housing and millions of jobs to Nigerians.
June 2020, President Buhari approved the N2.3 trillion ESP (Economic Sustainability Plan) developed by the Economic Sustainability Committee led by Osinbajo.
Here are some points to know about the launch of the National Social Housing Programme under the ESP:
- The federal government’s housing program is one of the ESP’s planned programs, which aim to provide low-income housing to more than 1.5 million Nigerian families while creating 1.8 million jobs.
- The social housing project will cost more than N400 billion, and the locations where the housing projects will start have been identified by the Federal Government in various geopolitical areas.
- These locations include sites in Ekiti and Ogun in the southwest. Enugu and Abia in the southeast; Delta and Edo in the south-south; Yobe and Bauchi in the northeast; Kaduna and Katsina in the northwest; Nassarava and the highlands in the central north; and sites in Abuja.
- The 1, 2, and 3 bedroom units will cost as little as between N1.8miliion to N2million. Nigerians will get financial assistance to pay off the mortgage.
- A form of financial assistance provided to Nigerians is a mortgage loan with low-interest rates and no collateral.
- There is also the option of renting under the ESP Social Housing Program as part of the President Buhari Government’s decision to help ordinary people to own homes.
- To kick start the social housing project, CBN has provided a facility of N200 billion, and the Ministry of Finance has guaranteed 5% of this facility.
- Funding is arranged through the appointment of a Home Storage Agent who will buy the finished house from the developer. The individual buyer then buys the house from this warehouse agent.
- Its executive body is Family Homes Fund Ltd and has mobilized thousands of cooperative groups across the country as the main storage agency to mobilize low-income buyers.
- For example, FHF recently met with 93 cooperative leaders from 6 geographic areas under the auspices of the Federation of Cooperatives in Nigeria.
- With a focus on job creation in social housing projects, jobs will be created from the local production needs of the building and housing materials such as doors, windows, hinges, frames, cement, paint, and others. For example, about 1.5 million people need doors, 1.8 m windows, 7.8 m hinges, and other entry needs.
- The construction site will also serve as a factory for the construction of built-in houses to increase local production of building materials and save on the cost of importing construction products.
- Social housing projects will also employ the services of established and young intermediate builders (architects, engineers, surveyors, accountants, etc.). These groups, in turn, will employ the necessary craftsmen.
