Dangote Pledges N2 Billion Housing Fund to Stimulate Industry

All Africa Global Media-Monday, October 31, 2011

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Oct 31, 2011 (Daily Trust/All Africa Global Media via COMTEX) -- President of Dangote Group, Alhaji Aliko Dangote has pledged to provide N2 billion fund to the Federal Government to tackle housing problems.

Nigeria needs about 18 million housing units to address the housing shortage of its over 150 million population that is projected to hit about 200 million soon.

Recently, the Minister of Housing and Environment, Amma Pepple said that there was urgent need to address the nation's housing deficit especially in view of the unemployment situation.

The Minister also explained that the housing deficit is a big challenge which could be turned to a job creation strategy in line with the objectives of the transformation agenda and the vision 20:2020.

Dangote said he offered to contribute to the efforts at providing houses as an opportunity to create jobs, according to a statement from the Dangote Group.

He said the N2 billion would serve as a revolving facility to stir the housing and construction industry of the economy and create jobs in different sectors of the industry.

President Goodluck Jonathan, at a recent retreat for the Economic Management Team canvassed the support of the private sector in rejuvenating the economy particularly the housing industry by reducing the housing deficit.

The Minister of housing said the job creation model using home construction will create a value addition and synergy in construction industry as various industry sector operators such as dealers in sand, stone, cement, iron rod, plumbing, electrical and engineering would earn more income from such constructions, thus creating the much needed jobs.

Dangote offered to provide the money to stimulate job creation through the construction of houses on a build- sell-off and replenish basis.

The details and terms of the facilities are being worked out between the business mogul and the Federal Ministry of Housing and Environment so that the scheme could take off as soon as possible.

Alhaji Dangote has always expressed the belief that the future of the country and Africa in general is in the hands of the citizens as no foreigner could love the nation or the continent more than the citizens themselves.

He told a forum recently that he shared in the report of Mckinsey that only Africans can genuinely work towards the development of the continent hence the decision to spread his investment round African countries.

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