The Federal Government has formalized a historic agreement with a consortium of companies, marking a significant step in the construction of 100,000 housing units across Nigeria.
The Public-Private Partnership (PPP) venture involves the Federal Government collaborating with Continental Civil and General Construction Company and CEEZALI Limited, aiming to provide affordable housing solutions to citizens.
The Memorandum of Understanding (MoU) was officially signed by the Minister of Housing and Urban Development, Ahmed Dangiwa, on behalf of the Federal Government.
The consortium, comprising seasoned entities in the construction sector, is set to bring its expertise to the forefront, contributing to the realization of the ambitious housing project.
Under the terms of the MoU, the consortium will not only provide construction finance but will also oversee the development of the 100,000 housing units, ensuring completion according to agreed-upon designs and prices.
This strategic partnership marks a departure from conventional approaches to housing development, introducing a collaborative effort between the public and private sectors to tackle the critical issue of housing availability.
Addressing the media, Minister Ahmed Dangiwa outlined the multifaceted support the Federal Ministry of Housing and Urban Development would provide to make the project a success.
The ministry is poised to facilitate the provision of affordable mortgage loans to prospective homeowners through the Federal Mortgage Bank of Nigeria.
Also, the ministry will play a crucial role in expediting the approval and grant of legal titles for select lands earmarked for the housing projects, scattered across various regions of the country.
The initiative aligns with the government’s commitment to creating a conducive environment for citizens to access affordable housing, a fundamental aspect of social and economic development.
As the country grapples with housing challenges, this partnership signals a proactive and innovative approach to meeting the housing needs of the growing population.
With the signing of this MoU, the nation anticipates a transformative impact on the housing landscape, ushering in an era of increased homeownership and improved living conditions for a significant number of Nigerians.