Africa needs $1.4tr to drive continent’s housing agenda, says ShafDB boss
Africa needs $1.4 trillion (Sh179.9 trillion) in funding to bridge a massive housing deficit gap, a top Shelter Afrique Development Bank (ShafDB) executive has said.
Managing Director and CEO Thierno Habib-Hann said that at 52 million housing units deficit and at an estimated construction cost of US$25,000 (Sh3.2 million) per unit, the funding challenge is too huge for the Nairobi-based Pan-African housing financier
Habib-Hann while applauding the formation of a Financial Caucus of African Ministers of Housing and Urban Development said that it will help identify common challenges and opportunities in the housing sector to develop effective strategies for collective action by the member States.
“We believe this Caucus will provide a platform for housing and urban development ministers from member States to collaborate, share knowledge, and develop policies and financing strategies to enhance their efforts in delivering sustainable and affordable housing solutions in their respective countries under the guidance of Shelter Afrique Development Bank,” he stated in a statement.
The decision to form the Caucus was reached by shareholders at the institution’s 43rd Annual General Meeting (AGM) and Symposium held in Kigali, Rwanda last week. ShafDB shareholders also elected Nigeria’s Minister of Housing and Urban Development Ahmed Musa Dangiwa as the inaugural chairperson of the Caucus. The Caucus which was launched during the AGM, will facilitate dialogue and information sharing on best practices in housing policy, regulation, and implementation. It is also expected to serve as a continental advocacy platform to prioritise the housing sector among national governments and international institutions.
Accepting his election, Dangiwa said the establishment of the Caucus presents a unique opportunity to galvanise collective action and accelerate progress towards inclusive and sustainable housing development in Africa.
“By fostering collaboration, promoting innovation, and mobilising resources, we can transform our continent’s housing landscape and significantly improve the quality of life for millions of our citizens,” he said.
