The Federal Housing Authority of Nigeria in partnership with the Federal Mortgage Bank of Nigeria (FMBN), have commenced 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 headquarters during the project inter-agency committee meeting. Speaking at the meeting, the Acting MD/CEO of the bank, Richard Esin, said the initiative is aimed at meeting the Federal Government’s target of constructing one million housing units annually.
However, to implement some of the initiatives FHA and FMBN may require up to US$45.2m to deliver the proposed 30,000 housing units and 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.
President Buhari has invited foreign investors and local construction companies to join the country to cover its housing deficit – noted to be at 16 million.
