Nigerian affordable Home Pilot Project oversubscribed

Sunergy, Inc. (Sunergy) has announced that the Nigerian Federal Government’s first phase of Affordable Home Ownership scheme, which was initially funded by the World Bank for $250,000,000, has now received over 100,000 qualified applications for their 10,000 pilot home offer. As of the initial deadline, there were 6 times the applicants.

‘The Citizen’, Nigeria’s publication on Government matters reported as follows: “According to the Minister of Finance, Dr. Ngozi Okonjo-Iweala, at a press briefing to give an update on the implementation of the scheme, in Abuja, said since the commencement of the program on August 11, majority of Nigerians had expressed huge interest in the project, adding that the applications received were spread across the 36 states of the federation including the Federal Capital Territory with 63 per cent of applicants being male, while the balance of 37 per cent were female.”

“When asked what the government would do now that the first phase of the housing scheme had been oversubscribed, she said, “Now, due to the over subscription of a decision has been taken to give all applicants to the lending members of NMRC to share on a pro-rata basis. As at Friday the 5th of September, 2014 (the initial closing date of the registration exercise), we had received 66,402 valid applications — with more still calling. That is more than 6 times oversubscription to our initial 10,000 pilot. We are extremely pleased with this outcome.”