FHA begins construction of 30,000 housing units in Nigeria

FHA begins construction of 30,000 housing units in Nigeria
FHA begins construction of 30,000 housing units in Nigeria

The Federal Housing Authority of Nigeria in partnership with the Federal Mortgage Bank of Nigeria (FMBN), have commence the construction of 30,000 housing units in Nigeria.

According to FMBN the housing project will be executed at a cost of US$45.2m. Additionally, about 2 million people will be employed across the country. The housing units will be executed in Lagos, Port Harcourt, Kano and Abuja.

The project was inaugurated at FMBN headquarter during the project inter-agency committee meeting. Speaking at the meeting, the Acting Managing Director/Chief Executive of the bank, Mr. Richard Esin, said the initiative is part of the efforts aimed at meeting the Federal Government’s target of constructing one million housing units annually.

“We’ve received a proposal from the FHA on areas that we can collaborate,” said Richard Esin “One of the areas of collaboration has to do with the discounted disposal of existing FHA housing units. The second is about the financing of middle income public servant housing units through the Estate Development Loan scheme and low income housing needs product scheme, he added.

The FMBN/FHA North-East special intervention for National Housing Fund contributors, which has to do with parts of the country that are seriously ravaged by insurgency.

However, to implement some of the initiatives FHA and FMBN may require up to US$45.2m in order to deliver the proposed 30,000 housing units and at the same time generate over two million jobs across Nigeria.

Nigeria President Muhammadu Buhari recently directed 22 states governed by the All Progressives Congress (APC) to build 250,000 housing units per annum, to fulfill the promise of delivering one million houses per year for Nigerians.

Speaking at the National Economic Council Retreat on the economy at the State House Conference Centre, in Abuja, President Buhari invited foreign investors and local construction companies to join the country to cover its housing deficit which he noted to be at 16 million.