Nigeria has announced that it intends to commit USD 29.3M in additional capital to Pan African housing development financier, Shelter Afrique.

Shelter Afrique has already received USD 9.4 million from the Federal Republic of Nigeria, being the first tranche of the USD 29.3 million the country has committed in additional capital subscription.

The contribution moves Nigeria to the second largest shareholding in the organisation with 14.77 per cent of the shareholding. This takes them behind Kenya with 14.87 per cent and ahead of the AfDB at 14.28 per cent.

The Housing financier confirmed that it had also received further US$6.6 in additional capital contributions from Rwanda, Uganda, Lesotho, Mali, Namibia, Togo, Zimbabwe and Swaziland.

Speaking in Nairobi, Shelter Afrique’s Group Managing Director, Mr Andrew Chimphondah lauded the government of Nigeria for its show of confidence in the institution and a stamp of approval for the organisation’s financial turnaround.

“We are grateful to the Nigerian government for their continued support and the importance they have placed on affordable housing. We are especially grateful to the Honourable Minister for Works and Housing, Babatunde Fashola for demonstrating this support through honouring this significant payment. We also recognise the role played by the Honourable Minister for State, Engineer Abubakar Aliyu. Additionally, we also appreciate Nigeria’s active shareholder and board participation,” Mr Chimphondah said.

Shelter Afrique is set to explore how construction and infrastructure development can boost the economy during its first-ever virtual Annual Symposium and AGM, which are scheduled to be held on the 15th and 17Th of September 2020 respectively.