The Federal Government has entered into partnership with a consortium of private developers for the delivery of 100using units in 36 states and Federal Capital Territory.
Delivered under a strategic Public Private Partnership (PPP) as part of the Renewed Hope Cities and Estates plan, the agreement was signed between the Federal Ministry of Housing and Urban Development, Continental Civil Construction, and Ceezali Limited.
In accordance with the partnership’s guidelines, the consortium would fund construction and finish the houses in accordance with predetermined housing designs and costs, and the ministry will work with the Federal Mortgage Bank of Nigeria (FMBN) to make it easier for off-takers to afford mortgage loans.
In an effort to dramatically upgrade private sector investment in the housing sector, the ministry will also ease the approval and award of legal titles of chosen lands for the projects around the nation.
At the signing of the Memorandum of Understanding (MOU) in Abuja, Nigeria’s Minister of Housing and Urban Development, Ahmed Dangiwa, disclosed the serious housing issue in the country and the insufficiency of budgetary allocations to meet the deficit.
Dangiwa highlighted that expanding access to excellent and affordable housing is a shared responsibility that calls for the active involvement of all parties involved in the housing value chain. Through these collaborations, the strengths of the public and private sectors may be combined to promote efficiency, creativity, and easier access to capital.
We intend to enable the creation of affordable housing, infrastructure, and sustainable communities that meet the many demands of our population by pooling the resources, knowledge, and inventiveness of both sectors. Our long-term objectives are to improve our inhabitants’ quality of life and alleviate the housing scarcity.
“We intend to do it perfectly. For this reason, our ministry has created a strong framework to guarantee that every initiative it undertakes is set up for success. In order to guarantee accountability, equity, and long-term sustainability, our PPP model incorporates transparent agreements, distinct roles and duties, and risk-sharing mechanisms,” he stated.
The initiative would be carried out in stages, the minister added, hinting that both the public and commercial sectors are intended beneficiaries. The Federal Capital Territory will have 20,000 units in phase one, while some areas within the six geopolitical zones will host 80,000 dwellings in phase two. “President Bola Ahmed Tinubu’s goal of bringing 100 million Nigerians out of poverty will be assisted by the PPP arrangement, which will also generate 2.5 million direct and indirect jobs,” the speaker declared.
Dangiwa urged the consortium to continuously engage the technical staff of the ministry in the siting, design, monitoring, and cost evaluation of the project, while urging them to ensure the delivery of the project within agreed timelines.
The consultant to the consortium and Principal Partner, C23 Consultants Limited, Damola Akindolire, said the MOU speaks to the focus and seriousness of the leadership of the ministry to address the housing deficit in the country.
