Nigeria federal Ministry of Lands, Housing and Urban Development, will, in a public-private partnership (PPP) with the Messrs New FESTAC Property Development Company Limited (NFPDCL), build 50,000 new housing units in the country. The two have signed a deal to this effect. This will be undertaken in the Phase II of developing FESTAC Town in Lagos
Construction of the units will also go hand –in-hand with development of related infrastructure and land reclamation in the largely swampy area. The new 50,000 housing units, which are expected to be set up during development of 1,126 hectares of land, will help federal government earn in 30 years. The plots will be served by the necessary standard infrastructure and all essential services.
Ownership of the new 50,000 new housing units and related property will be transferred to the Federal Housing Authority after 30 years in which it will be run by the concession.
Although some property development experts have termed it a good move, others claim it is not. One developer said it would be hijacked by money bags adding that the land should have been used for affordable housing project through the Nigeria Mortgage Refinance Company.
Nigeria minister of Housing and Urban Development, Mrs. Akon Eyakenyi, has, however, assured that the money will be used to generate money and that there would be no infrastructure breakdown.
