Home Feature Chinese developers to invest $300m in Nigeria mass housing scheme

Chinese developers to invest $300m in Nigeria mass housing scheme

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As part of measures to bridge the rising accommodation and shelter gaps in the country, Chinese investors have said they are investing a whopping $300m in mass housing schemes for low and middle income earners across the country.

The Assistant of Director, Director of the One Belt One Road Financing Operation in China, Mr Steven Kim, made the disclosure on Tuesday in Abuja at the operational briefing of the ZVECAN Homes and Estate of the ZVECAN consulting and Engineering Limited

This is as 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.

According to Kim, who spoke through an interpreter, Mr Sylvester Osagie Aigbe, most of the $300m 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,” Kim said.

Speaking earlier, 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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