Nigeria: NLC Plans N960 Billion Housing Estates

The Nigeria Labour Congress (NLC) is collaborating with a private property developer Kriston Lally, to develop housing estates in some parts of Nigeria for its members as well as a four-star hotel.

Deputy President of the NLC Comrade Promise Adewusi who unveiled the plan together with the Group Executive Vice Chairman of Kriston Lally EPC, Mustapha Madawaki at the weekend said affordable houses would be built for any willing members of NLC's eight million members across the country.

Adewusi said NLC is worried about "the 40 million housing deficit in the country as revealed by a United Nations study. The project is expected to cost about $6billion or N960 billion. We consider the 2% interest rate of the total amount of the property spread over 15 years as very attractive and well below what is obtainable in the mortgage environment."

He said the NLC has already acquired land in Nasarawa State and others to kick start the project, adding that it is also reaching out to state governments where it has no land to acquire land for the project.

On his part, Group Executive Vice Chairman of Kriston Lally EPC, Mustapha Madawaki said, "The opportunity is open to any member of the NLC and beneficiaries are expected to pay a minimum 10% of the cost and then pay the rest spread over 15 years' period. All interested persons should do is to pay at any branch of Zenith Bank and we will take over the process from there."

The housing estates which include bungalows, two and three bedrooms would also include the construction of a four-star hotel with a 180-guests room capacity.


Source :

Posted on : 30 Nov,-0001

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