UN, Ekiti sign $2bn deal to build 50,000 housing units

Ekiti State Governor, Dr Kayode Fayemi.  

The United Nations, in partnership with Ekiti State Government has signed a $2bn deal to build 50,000 affordable homes in the state.

The United Nations Assistant Secretary-General and Chief Executive of Sustainable Infrastructure Impact Investments, Vitaly Vanshelboim, disclosed that the project would span 10 years and the development would make Ekiti State  to join one of the largest affordable housing initiatives in the world.

The agreement was signed in Ado Ekiti by the United Nations Office for Project Services, SHS Holdings and Ekiti State Government.

UNOPS and SHS as part of the agreement will mobilise resources from third party investors to fund the initiative, which gross development value (based on the sales value of completed homes) is estimated to reach US$2bn.

Vanshelboim said, “We are very pleased to support this contribution to Nigeria’s national development priorities and in particular to help meet the critical need for affordable housing, through innovative approaches to construction and mortgage financing.”

Ekiti State Governor, Dr Kayode Fayemi, said apart from the partnership delivering 50,000 homes in the communities, it will also increase foreign direct investment into Ekiti State and put thousands Ekiti people in jobs.

He remarked that this is how the promise of developing Ekiti and improving the lives of the people can be achieved, adding that the partnership has come during the COVID-19 pandemic, which has reminded them of the need to deliver quality social infrastructure to the people.