FG’s cooperative housing initiative for informal sector commences in Abuja
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At the event which also had in attendance the representative of the Head of Service of the Federation and the Minister of the Federal Capital Territory, among other top government functionaries and dignitaries from both public and private sectors, Mr Fashola said by using cooperatives as anchor, the federal government hoped to reach the large members of the informal sector and scale up construction of houses with its multiplier effects on the economy.
The minister, who defined cooperatives as “an autonomous association of persons united VOLUNTARILY to meet their common economic, social and cultural needs and aspirations through a jointly-owned enterprise”, pointed out that the word voluntary was critical in the formulation of government’s policy of partnership with the cooperatives ”as a means of overcoming the problem of acceptability and affordability” that has stood in the way of access to housing.
Expressing confidence in FMBN for successful implementation of the policy, Mr Fashola said, “As in other sectors, when cooperatives have been successful, we can point to modest successes of partnerships with FMBN with some cooperatives in the formal sector that currently has 52 housing projects under construction to deliver 4,624 units in 2020”.
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