The National Cooperative Financing Agency of Nigeria (CFAN) says it is collaborating with African Diaspora Chamber of Commerce (ADCC) to build over 200,000 houses for it’s Members.
Mr. Emmanuel Atama, Executive Secretary, CFAN said this in Abuja during a News Conference to mark the United Nations 2021 International Day of Cooperatives.
He said, “we have entered into an understanding with the chamber for over 200,000 housing units that will be built for Cooperative Members Nationwide.
“As a matter of fact, the chamber has just given us a letter of commitment informing us that the chamber has 480 billion dollars investment of which Nigeria is one of the destination points.
“And the chamber is going to work together with the CFAN to ensure that this is done,” he said.
Atama said that since 2010, cooperatives had been working with Federal Mortgage Bank of Nigeria (FMBN) to provide houses for members.
He said that FMBN was neck deep into providing houses for Cooperatives, adding that CFAN was happy with what the bank was doing.
According to him, ADCC will give us construction finance while Federal Mortgage Bank will provide the mortgage finance that will give access to people accessing the houses.
Atama said that CFAN was also cooperating with ADCC on a more COVID-19 friendly manner by adopting the E-learning platform which they have launched.
He said CFAN agreement with ADCC also covered agriculture business as the agency was getting support from the chamber to provide input and market for farmers.
He also spoke on the International Day of Cooperatives with the theme, “Rebuild Better Together’’, to be observed all over the world on July 3.
He said that in light of the theme “Rebuild Better Together’’, the Cooperative movement adopted the following strategies:
“Build individual and group capacity to meet their goals in life.
“Create access to finance through a robust guarantee system.
“Secure members future with good pension plan.
“Give members a good health plan to guarantee healthy mind and body.
“`COVID-proof’ our activities through use of technology to drive meetings, e-learning and business transactions
“Use technology to checkmate all forms of security threats and challenges that have made Agric business enterprise development difficult.’’
He said that CFAN was also collaborating with the Abuja Cooperative Federation to mark the day with lots of activities.
He listed activities lined up for the celebration to include Public lecture to sensitize the Public to cooperative principles and values.
“Other activity lined up for the day is a programmed review with development partners, with a view to setting agenda for the cooperative’s new era, coming out of the lockdown, occasioned by the COVID-19 pandemic.
“Award will also be given to deserving individuals and organizations that had made useful contribution to cooperatives,” he said.
On his part, Mr. James Chijioke, President, African Diaspora Chamber of Commerce, said that the ADCC agreement with CFAN would help cooperatives’ access to finances.
He said that ADCC had pool of resources He added that there were private equity firms within the chamber that are interested in investing in Africa.
“The chamber has pool of resources as there are private equity firms within the chamber that are interested in investing in Africa.
“Fortunately CFAN is one of the Organizations in Africa that chamber has such agreement with it.
“The chamber had also committed in writing to CFAN to provide it with funding support in terms of meeting up with affordable mass housing “on a rent to own’’ basis.
“We have made a commitment of providing 200,000 housing unit that will help the Federal Government in bridging the housing gap promised by President Muhammadu Buhari,” he said.
According to him, there are lots of Small and Medium Enterprise (SMEs) and it is difficult to borrow on their own as investors do not have confidence on them.
“So there is need for them to come together and the cooperative network can help put them through, on how to access loan and the agreement is not only in Nigeria but the whole of Africa.’’