REMARKS BY THE HON. MINISTER OF HOUSING AND URBAN DEVELOPMENT AT THE FHMUD MOU SIGNING WITH CONTINENTAL CIVIL AND GENERAL CONSTRUCTION COMPANY LIMITED AND CEEZALI LIMITED ON THURSDAY, DECEMBER 21, 2023.
Protocols
Good morning, ladies, and gentlemen.
1. I am really excited because after several months of strategic planning, engagements and hard work we are today set to record a significant milestone in our quest to deliver on the Renewed Hope Vision of His Excellency, President Bola Ahmed Tinubu for Housing and Urban Development.
2. In a short moment we will be signing a Memorandum of Understanding with a consortium comprising CONTINENTAL CIVIL AND GENERAL CONSTRUCTION COMPANY LIMITED and CEEZALI LIMITED for the delivery of 100,000 housing units across Nigeria.
3. The housing units are to be delivered under a Strategic Public Private Partnership (PPP) as part of our Renewed Hope Cities and Estates Program. Under the terms of this partnership the consortium will be the ones to provide construction finance and build the housing units to completion based on agreed housing designs and prices.
4. The Federal Ministry of Housing and Urban Development on its side will facilitate provision of affordable mortgage loans to offtakers through the Federal Mortgage Bank of Nigeria (FMBN), facilitate the approval and the grant of all legal titles in select lands for the projects as part of its efforts to create an enabling environment for private sector investment in the housing sector.
5. Target beneficiaries are Nigerians in both the formal and informal sectors of the economy that contribute to the National Housing Fund (NHF) Scheme.
6. The 100,000-housing Renewed Hope Housing Project is to be implemented in two phases. Phase One will deliver 20,000 in the Federal Capital Territory (FCT) while Phase Two will deliver 60,000 houses in select locations across the six geopolitical zones of the Federal Republic of Nigeria.
7. At 25 jobs per unit, this PPP will create 2,500,000 direct and indirect helping to achieve His Excellency, President Bola Ahmed Tinubu’s target to lift 100million Nigerians out of poverty.
8. The housing problem that Nigeria faces is massive, and I sincerely believe that the task of developing Nigeria’s housing sector, ensuring increased access to decent and affordable housing is a collective endeavor. It is a patriotic job that requires the contribution, and active participation of all stakeholders across the entire housing value chain - from developers, mortgage bankers, development finance institutions, and government-owned housing institutions. We are all part of the housing eco-system and all that we do in our various spaces and areas of responsibilities impact positively or negatively on our collective desire to build a better and functional housing system that works for Nigerians.
9. We recognize that we cannot tackle Nigeria’s housing problem from budgetary allocation. So, we have prioritized Public Private Partnerships as effective tools for complementing government efforts to bridge the housing deficit.
10. And we aim to do it right. That is why we have developed a robust framework to ensure that each one that we as a Ministry enters is structured to succeed. Our PPP model involves transparent agreements, clear roles and responsibilities, and risk-sharing mechanisms to ensure accountability, fairness, and long-term sustainability.
11. These partnerships enable leveraging the strengths of both the public and private sectors, fostering innovation, efficiency, and increased access to funding. By combining the resources, expertise, and creativity of both sectors, we plan to facilitate the development of affordable housing, infrastructure, and sustainable communities that align with the diverse needs of our populace. Our long-term goal is to address the housing shortage and enhance the quality of life for our citizens.
12. I would like to commend the leadership of the consortium CONTINENTAL CIVIL AND GENERAL CONSTRUCTION COMPANY LIMITED and CEEZALI LIMITED for their passion for this project. And I look forward to working with them towards ensuring that we deliver as spelt out in the MoU.
13. With this MoU Signing, we are ending the year 2023 on a very strong note and setting a solid foundation for a strong start for the new year 2024.
14. Thank you.
