In a bid to ensure that the housing sector is improved and more Nigerians have access to shelter, a Memorandum of Understanding (MoU) for the erection of 100,000 housing units across the nation was recently agreed between Nigeria and two organizations; Shelter Afrique and the Real Estate Developers Association of Nigeria (REDAN)
It should be noted that Nigeria has a housing deficit between 17 to 20 million units; thus this housing scheme will go a long way in ameliorating the challenges of shelter among Nigerians by providing affordable housing for them.
Affirming the deal, The Acting Managing Director/Chief Executive, Federal Mortgage Bank of Nigeria Mr. Richard Esin, who represented the government at the MoU signing ceremony, said 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.
Mr. Esin noted that plan has been perfected to be constructing about 10,000 housing units annually for the next ten years at an outlay of US $2 billion per year which amounts to a total sum of 610 billion naira, adding that the housing project is estimated to generate 100,000 jobs across the nation.
Shelter Afrique is a pan-African finance institution that is set up with the onus of promoting and supporting the development of the African real estate and housing sector in general mostly for the low and middle class income earners. The establishment has exhausted more than US73.6 m (N22.51) on housing schemes in Nigeria.
According to Mr. James Mugerwa, “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 pointer to the fact that they are really committed towards providing quality housing delivery and lauded the Minister of Power, Works and Housing for the success of the deal.