As part of efforts to leverage private sector collaboration in closing the housing deficit of the nation, the Ministry of Housing and Urban Development has signed a Memorandum of Understanding with a consortium to build 100,000 affordable housing units across Nigeria.
The MOU was signed on Thursday 21, December 2023, at the Ministry of Housing headquarters in Abuja, according to a statement published on the ministry’s official website.
The agreement between the Housing Ministry and the Consortium of private sector-led companies, headed by Continental Civil and General Construction Company Limited and Ceezali Limited, is a milestone for the Ministry’s Action Plan given its Renewed Hope Cities and Estates Projects.
Details of the 100,000 housing units project
The 100,000 affordable housing units which the agreement between the Housing Ministry and the Consortium seeks to achieve will be delivered in two phases.
- According to the statement as seen on the ministry’s website, the first phase of the project will begin with the construction of 20,000 units in the Federal Capital Territory.
- The second phase of the project involves the construction of 80,000 housing units across the six (6) geopolitical zones of the country.
- Also, the construction of the 100,000 affordable housing units across Nigeria will create 2.5 million direct and indirect jobs at 25 jobs per housing unit, the statement added.
Details of the MoU
The Minister of Housing and Housing Development, Arc. Ahmed Musa Dangiwa, who signed the MoU on behalf of the ministry noted that the PPP arrangement was structured to succeed.
- According to Dangiwa, the Consortium will be responsible for providing the funds for the project and building the housing units to completion.
- In addition, the minister said the terms of the partnership empower the Ministry to facilitate the provision of affordable mortgage loans to off-takers through the Federal Mortgage Bank of Nigeria (FMBN) and grant legal titles in select lands for the project.
- “Under the terms of this partnership, the consortium will be the ones to provide construction finance and build the housing units to completion based on agreed housing designs and prices.
- “The Federal Ministry of Housing and Urban Development, on its side, will facilitate the provision of affordable mortgage loans to off-takers through the Federal Mortgage Bank of Nigeria (FMBN), as well as facilitate the approval and grant of all legal titles in select lands for the projects as part of its efforts to create an enabling environment for private sector investment in the housing sector”, Dangiwa explained.
This is a good development by this administration
East Projects Development Ltd, EPDL will join forces in realising this.
A man with his own house has solved 50% of his economic needs for his family
anene-azubuike
Chairman
EPDL