The Ogun State Government has entered into a partnership agreement with a Chinese developer and construction company, Citic Construction, for the development of over 2,000 housing units in the state.
The project, which has the International Finance Corporation and the Sovereign Wealth Fund Investment Authority as major players, according to a statement, will further expand the scope of the government’s affordable housing and urban renewal programme.
The Country Manager, IFC, Mr. Solomon Adegbie-Quaynor, was quoted as saying that the partnership was to “develop houses for the masses from social housing, middle income housing and slightly higher than middle income housing,” adding, “Ogun is our first port of call where the feasibility will be done.”
Adegbie-Quaynor noted that the construction company in charge of the project had the ability to build large units of houses, which could be purchased through mortgages “after assessing the demand and the ability of the buyer to pay.”
The Investment Manager, Citic Construction, Mr. Robert Xu, gave an assurance that the houses would be cost effective, saying, “We are leveraging on the infrastructure available in this state in terms of roads, water and power.”
Governor Ibikunle Amosun had earlier stated that the political will was there to push the project in any direction that would be in the interest of the people, adding, “Our proximity to Lagos and our advantage as the gateway to the West African sub-region put us in a better stead.”
“Very soon, Ogun will be the best investment destination of choice. If you are not in Ogun, you are not in Nigeria,” he added.
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