Housing deficit: Investors to inject over $300m in Nigeria housing sector

Minister of Power, Housing and works, Mr. Babatunde fashola

By Adewumi Ojo

As the country continue to  put effort in place in bridging housing gap in the country, Chinese Investors have disclosed that they are ready to invest over $300million in the nation’s housing sector.

The mass housing which will be constructed through the investment is a target for low and middle income earners who are facing housing difficulty in the country.

The Assistant Director stated this at the operational briefing of the ZVECAN Homes and Estate of the ZVECAN consulting and Engineering Limited.

According to the Assistant Director of   One Belt One Road Financing Operation in China, Mr Steven Kim who disclosed this, the operations is to start in ernest.

According to him, most of the $300million would be spent on local raw materials and technical manpower, while some importations including some raw materials, not readily available in Nigeria, would be imported from China.

“The Chinese Government is reviewing some of its policies in some countries receiving aids and grants, some of the reviews involve direct investment in housing and other critical infrastructural needs. Like we are going to do in Nigeria, partnering indigenous organisations, we have been involved in similar mass housing schemes in Kenya and Angola, where we are building over 3000 units of different specifications of affordable housing,” he said.

The Managing Director, Zvecan Homes and Estate, Mr Nicholas Ogbedo, said that over 5,000 civil servants, who are the initial off-takers and completing their documentaries with the Federal Mortgage Bank of Nigeria (FMBN) and the Federal Government Staff Housing Loans Board (FGSHLB), would be the first beneficiaries of the homes to be built on request in one bed-room, two bed-rooms and others bungalows in the allocated locations in the FCT.

The briefing was to update the developer’s inputs for the off-takers in the Federal Integrated Staff Housing (FISH) initiated by the Head of the Civil Service of the Federation (HoCSF) Mrs. Winifred Oyo-Ita, as part of measures to by the Federal Government to provide affordable housing for the Federal Civil Servants before they retire from service.

Also speaking, the Managing Director, Zvecan Homes and Estate, Mr Nicholas Ogbedo, said his organisation is working with FISH and other government stakeholders to realize their mandate.

He added that his organisation was involved in the Kenyan and Angola schemes, hence his efforts to get the investors to Nigeria for the benefits of the low and medium civil servants.


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