The Managing Director of the Federal Housing Authority (FHA) Mortgage Bank, Mr. Hayatudeen Awwal, has revealed an exhilarating initiative by the authority and its collaborators to produce 10,000 fresh housing units nationwide by 2027, aligned with President Bola Tinubu’s ambitious vision of establishing a $1 trillion economy.
During the ceremonial handover of keys to homeowners at the newly completed Expressview Estate—an innovative partnership between BAM Projects and Properties Limited and the FHA located on Airport Road, Abuja—Awwal emphasized that the housing sector must assume a fundamental role in propelling national economic expansion, creating jobs, and fostering inclusivity.
He remarked, “Let us aim for an audacious objective. 10,000 housing units by 2027. It is bold yet attainable. Our President has encouraged us to strive towards a trillion-dollar economy, and housing must be at the forefront in realizing that vision.”
He noted that recent policy reforms under the Tinubu administration, which include the establishment of the Ministry of Finance Incorporated (MOFI), the Real Estate Investment Trust Fund, and the enlargement of financing avenues through the Federal Mortgage Bank of Nigeria (FMBN) and the National Housing Fund (NHF), have opened up new pathways for Nigerians to secure affordable home loans.
He declared, “Every Nigerian can now tap into the MOFI Fund for amounts up to N100 million at a singularly low interest rate of 9.75 percent over 20 years, and access up to N50 million through the National Housing Fund at a mere six percent for as long as 30 years.” Awwal asserted, “The possibilities are vast; the demand is evident. What we require now is the determination to deliver.”
Honourable Ojo Oyetunde, representing the FHA chairman, commended BAM Projects for its professionalism and capability to deliver in a demanding operational landscape.
He characterized Expressview Estate as a “paradigm for future public-private housing collaborations.”
Sitting on 1.5 hectares of a three-hectare expanse, plans for the estate’s second phase are already underway.
The estate boasts well-ventilated three-bedroom terrace duplexes, contemporary road and drainage systems, as well as eco-friendly landscaping.
Awwal acknowledged that the project encountered challenges, such as land encumbrances, the relocation of a police station, and delays in securing requisite approvals, yet he praised the developers for their unwavering commitment.
“This project epitomizes quality, efficiency, and value, the outcome of collaborative effort and resilience,” he stated.
He also shared plans for a robust facility management framework to ensure the estate’s long-term viability, encompassing waste management, security, and noise regulation.
Additionally, he mentioned that the FHA would establish a protective buffer zone around the estate to avert encroachment and promote a greener lifestyle.
Awwal remarked, “Our aspiration is for this to be more than a mere housing estate; it should be a genuine home. We are devoted to ensuring residents experience a clean, secure, and sustainable environment.”
Moreover, Awwal disclosed that the FHA is collaborating with FHA Energy to deliver economical electricity metering solutions for residents, further enhancing the estate’s affordability and sustainability.
In congratulating the new homeowners and investors, he pointed out that property values within the estate had surged beyond expectations, highlighting the strength of the partnership model.
“Your return on investment is already surpassing forecasts. BAM Projects has demonstrated its capability to deliver, and we take pride in having them as partners,” he added.
In his remarks, the Managing Director of BAM Projects and Properties Limited, Mr. Mansur Mohammed, portrayed the project as a testament to what effective collaboration between the public and private sectors can achieve in Nigeria’s housing sector.
He noted, “At BAM, we don’t merely construct houses; we foster communities with sustainability at heart.
“In addition to residential units, we established a police station in Lugbe, enhanced the nearby marketplace, and built public toilets to elevate sanitation levels. The greenery surrounding the estate mirrors our commitment to eco-friendly development principles.”
