In a move to revitalise the Nigeria’s economy, the Real Estate Development Association (REDAN), an umbrella body of all registered real estate developers in Nigeria, After several consultations with relevant stakeholders in the built sector, is set to sign a memorandum of understanding (MoU) with Family Homes Funds, to build 100 housing units in each of the 774 local government in the country.
The scheme tagged Rural-Urban Housing Initiative (RUHI) 774, is expected to create about 1.9million employment (2500 direct and indirect jobs in each local government ) for Nigerians nationwide.
Family Homes Fund (FMF) is a social intervention programme of the federal government with initial shareholding by the Federal Ministry of Finance and the Nigeria Sovereign Investment Authority.
In an interview with NATIONAL ECONOMY in Abuja at the weekend, president, REDAN, Dr. Aliyu Wamakko, said the scheme tagged: “Rural-Urban Housing Initiative (RUHI) 774,” is part of the contribution of the association towards creating employment for Nigerians as the scheme is expected to provide about 2500 jobs (direct and indirect jobs) in each of the 774 local government nationwide.
According to Wamakko, the targeted customers for the housing scheme are the medium and low-income earners in the para-military, NHF contributors and any Nigerian that has the capacity to pay back. “We have written letters to our offtakes and they have confirmed that they will participate.Our aim is to revitalise the nation’s economy by creating massive employment. Our jobs have no incubation period. We want to turn around the way of doing business in the country and make the government aware that they have no business building houses. We are sure of creating employment, wealth through this scheme especially at a time the country is in recession and battle global pandemic,’’ he said.
Wamakko also said REDAN was teaming up with the FHF for financing for the project. The association, according to him, wants a single digit loan so that the dream of building an affordable housing unit can be realised.
‘‘If the government can give intervention fund to the health and entertainment sectors, then it should give to the construction sector too. Most of the people that will handle the project are REDAN members.The association has about 3000 registered corporate firms all over the country. We are going to pay interest on the loan and create massive employment for the people in the rural areas. Funding this initiative is a win-win situation for the government,’’ he explained.
The REDAN president also said that the association was working with professionals in the built sector like the Nigerian Institute of Builders; Nigerian Institute of Architects; Nigerian Institute of Quantity Surveyors; Nigerian Institute of Land Surveyors to ensure standards of the houses.
He said REDAN is in touch with the building materials association of Nigeria to make sure the houses to be built are ‘made in Nigeria’ thereby creating opportunities for raw materials.
‘‘Some of them have promised 25 per cent discount for us as their own corporate social responsibility (CSR) for the execution of the project,” he said.
He also explained that all the professional bodies have agreed to use the project to mentor fresh graduates from the university as they are ready to release their members at the federal, state and zonal chapters to participate in the needed supervision for the project. He said REDAN is creating a cluster with the housing project which the government can also use for economic empowerment for Nigerians.
‘‘The FMBN is expected to provide mortgages for the beneficiaries. We want FMBN to do this under their Rent-To-Own programme. Beneficiaries will be given keys before they start payment which will be 25,000 per month. We are providing our lands for the project. All we want from the government is single digit loan and we are going to pay VAT on it. We are using this to revitalize the macroeconomic indices at the local level to the federal levels in the country,’’ he said.