Nigeria signs MOU for housing PPP deal

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Nigeria signs MOU for housing PPP deal

The Nigerian Government, through the Minister of Lands, Housing and Urban Development, Akon Eyankeyi, has signed a memorandum of understanding (MOU) to develop a housing PPP project in the Federal Capital Territory, FCT Abuja.

The MoU have been signed between the Federal Government and a Dubai-based firm, Messrs Signature Value Homes Limited. The company submitted an unsolicited proposal for the project in November last year.

According to Mrs. Akon Eyankeyi the project will be developed on a 20 hectares of land situated at Gwagwalada. She added that the land at Gwagwalada FCT will comprise one bedroom, two bedroom and three bedroom flats on ground plus tree upper level floors comprising approximately 1,672 houses.

The total project investment is estimated at US$80 million.

Mrs. Akon Eyankeyi stated:

The company is technically capable and has the financial capacity to undertake the project if given the opportunity. PPP is the vehicle through which the Ministry builds mass housing. The Ministry provides land and developers build according to agreed specifications. The company presented a profile of successful execution of projects in India and Sub- Sahara African Countries and is also engaged in mass housing development with the Niger State government.

The Field Headquarters in Abuja was contacted and has confirmed that the said land on which the company proposes to develop the houses, infrastructure and facilities is free and unencumbered. The PPP Unit considered the proposal as a viable project and highly recommended it for implementation. This however necessitated the Minister's approval for partnership with the company.

The project is expected to start in early 2015. For the first phase a total of 300 units will be developed.

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