The Federal Government and a consortium signed a Memorandum of Understanding (MoU) on Thursday for the construction of 100,000 housing units across the country under a Public Private Partnership (PPP).
The consortium consists of Continental Civil and General Construction Company, and CEEZALI Limited.
The MoU, which the Minister of Housing and Urban Development, Architect Ahmed Musa Dangiwa signed on behalf of the Federal Government would have the consortium provide construction finance and build the housing units to completion based on agreed housing designs and prices.
In his address, Dangiwa said the Federal Ministry of Housing and Urban Development would facilitate the provision of affordable mortgage loans to off-takers through the Federal Mortgage Bank of Nigeria (FMBN).
He also disclosed that the ministry would also facilitate the approval and the grant of legal titles of select lands for the projects across the country.
“In a short moment we will be signing a Memorandum of Understanding with a consortium of very highly reputable developers led by CONTINENTAL CIVIL AND GENERAL CONSTRUCTION COMPANY LIMITED and CEEZALI LIMITED for the delivery of 100,000 housing units across Nigeria.
“The housing units are to be delivered under a Strategic Public Private Partnership (PPP) as part of our Renewed Hope Cities and Estates Program. Under the terms of this partnership, the Consortium will 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 will facilitate the provision of affordable mortgage loans to off-takers through the Federal Mortgage Bank of Nigeria (FMBN), and also facilitate the approval and the grant of legal titles of select lands for the projects across the country as part of its efforts to create an enabling environment to massively upscale private sector investment in the housing sector.
“The 100,000 Renewed Hope Housing Project is to be implemented in two phases. Phase One will deliver 20,000 in the Federal Capital Territory (FCT) while Phase Two will deliver 80,000 houses in select locations across the six geopolitical zones of the country.
“At 25 jobs per unit, this PPP arrangement will create 2,500,000 direct and indirect jobs helping to achieve His Excellency, President Bola Ahmed Tinubu’s target to lift 100million Nigerians out of poverty.
“The housing problem that Nigeria faces is massive, and I sincerely believe that the task of developing Nigeria’s housing sector, and ensuring increased access to decent and affordable housing is a collective endeavor.
“We recognize that we cannot tackle Nigeria’s housing problem from government budgetary allocation. So, we have prioritized Public Private Partnerships as effective tools for complementing government efforts to bridge the housing deficit which requires trillions of naira to fix”, he said.