The Executive Director/CEO Regional Sustainable Centre of Excellence for Sub-Sahara Africa, Dr. Aminu Trader yesterday said local and foreign investors are pulling up resources to the tune of N8.3 trillion to embark on massive building projects round the country for low income earners.
Trader spoke during a Memorandum of Understanding (MoU) signing ceremony between Nigerian Building and Road Research Institute (NBRRI) and Regional Sustainable Energy Centre of Excellence for Sub-Sahara Africa in Abuja, assuring that the building project will cover most of the states of the federation.
According to him, the two organisations have been planning this for years. They expect the partnership to bridge the housing deficit in Nigeria. The whole idea is to make housing socially affordable as the organizations understand the financial engineering on how to couple and deliver these houses.
He also said by the end of this year, the N8.3trillion should be available for work to take off. Interested investors are already on ground waiting for when to start work. The foreign investors mostly ask for bank guarantee and management guarantee, which has already been provided before the signing of the MoU.
The DG said the houses will be very affordable, as the payment will be from N17.000 to N20,000 a month for a period of 30years. The building materials, he said, will be locally sourced while the house again will be gotten based on individuals income.
The Director-General, NBRRI Prof. Francis Duna said the building of the houses will portray more than ever what NBRRI does, it produces local building materials instead of importing from China and other countries round the world. The organisation also produces latrite, roofing materials all local contents.