China To Invest $300m In Nigeria’s Housing Scheme

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Housing Scheme
Housing Scheme

Chinese government says it will invest 300 million dollars in Nigeria’s mass housing scheme soon.

Mr. Steven Kim, Director, One Belt and One Road, Financial Operation Office, made this known at a news briefing organised by Zvecan Homes and Estates on Tuesday in Abuja.

Kim noted that his organisation was collaborating with Zvecan Homes and Estate with whom they recently signed Memorandum of Understanding (MoU) to construct 5000 housing units in FCT and its environs.

He said the investment would enable them to realise the aim for which their office was set up in China. “The aim is simply to support people oriented projects.

“We are from One Belt and One Road, Financial Operation Office in China an organisation that invests in projects that directly affect the life of people in Africa.

“We are here to support Zvecan on their projects, particularly that of the Federal Integrated Staff Housing Scheme (FISH). We believe that this is the project that will benefit the lives of the people in Abuja and Nigeria in general and we will be able to finance the project through our office.”

According to him, the investment will not only be in cash but in materials like electricity fittings, solar power among others.

Mr. Aigbe Osagie, Managing Director, Global Hint Construction Company, China, one of the expatriates companies to be used, said such projects were already ongoing in Kenya and Angola.

He further said they had constructed over 5,000 houses in Angola and Kenya, adding that they wanted to replicate same in Nigeria, explaining that the challenge with construction in Africa was majorly the terrain.

He said while the soil in China supported building of massive high risings the opposite was the case in Africa.

Also, Mr Nicholas Ogbede, Managing Director Zvecan Homes and Estate said the investment by the Chinese government would help alleviate the housing challenge of civil servants.

According to him, the Chinese have different technologies in construction that will ensure drastic reduction in the cost of construction and houses for civil servants and Nigerians.

He said Zvecan Homes and Estate had also signed MoU with the Office of the Head of Civil Service of the Federation to Construct 700 housing units under the FISH Programme.

“We want to provide affordable houses in good locations for civil servants, because many of them travel long distances before getting to their offices every day. “Presently, we have more than 5,000 off takers who have indicated interest in our estates and we have decided to use the National Housing Fund to access mortgage for the civil servants.

“We are also trying to get in touch with relevant ministries departments and agencies that can provide raw materials for our construction at low prices to help us achieve our set goal,’’ Ogbede said.

The Chinese developers had earlier in April 2018 visited Nigeria to carry out a survey and soil test on the construction sites. (NAN)