Abuja Airport Garden City Project to Transform Housing and Tourism Sectors, Adamawa Approves Land for Diaspora Housing Project and more…
Abuja Airport Garden City Project to Transform Housing and Tourism Sectors, Says Developer
President Tinubu’s administration is tackling Nigeria’s housing deficit, estimated at 28 million units, by promoting private sector investment. A significant effort is the Abuja Airport Garden City project, spearheaded by the First Rotech Group, led by Chief Austin Oguejiofor. This ambitious development aims to enhance Abuja’s real estate landscape with a sophisticated, self-sustained city near the Nnamdi Azikiwe International Airport, covering 250 hectares.
The project, which has government support, promises to provide housing for 3,000 residents, integrate modern amenities, and create over 25,000 jobs. It also aims to boost the economy through tourism and business opportunities. Partnering with Dubai's GTX Construction Ltd, the initiative invites both local and diaspora investors, offering various benefits and ensuring high-quality, timely construction. The Abuja Airport Garden City is set to transform Abuja into a central hub of attraction in Africa, offering luxury living and significant economic benefits.
Senate Committee Supports N500 Billion Annual Housing Allocation; Minister Asserts Housing Investment is Profitable
The Senate Committee on Lands, Housing, and Urban Development has shown strong support for the Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa's call for an annual allocation of N500 billion to fund the Renewed Hope Cities and Estates program. During an oversight session, Committee Chairman Sen. Aminu Tambuwal assured the Minister of the committee’s full backing to achieve the Ministry’s housing development goals. Vice Chairman Sen. Victor Umeh highlighted the necessity of the proposed budget due to the country's severe housing deficit, inflation, and volatile foreign exchange rates, noting that even N500 billion might not be sufficient.
Arc. Dangiwa emphasized the mismatch between housing needs and budgetary provisions, stating that an annual increase of about 550,000 housing units over the next decade requires approximately N5.5 trillion per year. He highlighted the importance of Public Private Partnerships and other housing finance sources but stressed that government support is crucial. Dangiwa pointed out that the 2023 and 2024 budget allocations of N100 billion and N80 billion respectively are insufficient. He urged the Senate to consider a minimum annual allocation of N500 billion, less than 10% of the annual requirement, as a profitable investment rather than an expense. He emphasized that housing development stimulates economic growth, job creation, and national development, with over 80% of housing investment returning value to the economy.
Adamawa Approves Land for Diaspora Housing Project
Governor Ahmadu Fintiri of Adamawa State has approved land for the federal government's Diaspora Housing Project. The approval was given during a visit by the Federal Housing Authority (FHA) management to the Government House in Yola. Governor Fintiri stated that the project aligns with his administration’s efforts to provide affordable housing. He highlighted the completion of 1,000 housing units in Malkohi and other initiatives to mitigate subsidy removal effects.
Fintiri assured that necessary provisions, including land, would be ready within seven days, emphasizing his administration's commitment to the project. FHA Managing Director/CEO Hon Oyetunde Ojo noted that the project will allow Diaspora Nigerians to own quality homes in the country, supporting President Bola Ahmed Tinubu’s Renewed Hope Agenda. The housing units will include facilities like a police station, hospital, and supermarket, with 60% of contractors sourced from the state. Ojo also praised Governor Fintiri for his support and various developmental initiatives.