The Nigerian Government, last week signed a Memorandum of Understanding (MoU) for the erection of 100,000 housing units across the nation.
The MoU was signed with Shelter Afrique and the Real Estate Developers Association of Nigeria (REDAN).
Nigeria has a housing shortage- between 17 to 20 million units; hence this most recent scheme is a noteworthy stride towards providing inexpensive housing for Nigerians.
The Acting Managing Director/Chief Executive, Federal Mortgage Bank of Nigeria in Abuja, Mr. Richard Esin, who represented the government at the MoU signing ceremony, affirmed that the Nigerian housing market did not need anything less than US $200m yearly over the next 10 years to put up a substantial number of houses.
About 10,000 housing units are set to be built every year for the next ten years at an outlay of US $200 billion year on year, amounting to a whole sum of US $2 billion (610 billion naira).
Mr. Esin also said that the housing scheme is estimated to generate 100,000 jobs across the nation.
Shelter Afrique is a pan-African finance institution set up to solely support the development of the African real estate and housing sector. The establishment has exhausted more than US73.6 m (N22.51) bn on housing schemes in Nigeria.
Speaking on the quality of the houses, Mr. James Mugerwa, Managing Director of Shelter Afrique, said, “We (Shelter Afrique) will give and devote all the expertise to make certain that high-quality houses are delivered, and these will be houses that are energy competent, environmentally friendly and comfy.
Nigeria is our largest sovereign investor and this partnership is the start of many other great opportunities.”
REDAN’s Company President Mr. Ugochukwu Chime said the signing of the MoU was a highlight in housing delivery and lauded the Minister of Power, Works and Housing for the success of the accord.