The Federal Government has signed a Memorandum of Understanding with an international firm for the construction of housing estates across the country at a cost of about N300bn.

According to the government, the partnership with BASAP Ventures International Limited will ensure the construction of 15,000 units of “highly affordable low-income houses across the country.”

The Minister of Lands, Housing and Urban Development, Mrs. Akon Eyakenyi, who signed on behalf of the Federal Government at the ministry’s headquarters in Abuja on Monday, described the firm as a mass housing developer that specialised in the provision of holistic solutions for integrated community development.

She stated that the partnership was part of the government’s resolve to provide affordable and sustainable homes in safe and secured environment for Nigerians, adding that the various projects would be completed in one year.

Eyakenyi said, “Today’s signing of a Memorandum of Understanding between the ministry and the BASAP Group for the construction of 15,000 highly affordable low-income houses within a 12-month period across the country is aimed at deepening and fulfilling Mr. President’s promise to positively impact and transform the country in all aspects of life, most especially through the mass production of affordable houses for the citizenry.

“This event is in consolidation of our effort in identifying and partnering with different operators in the housing sector, particularly between real estate developers, building materials’ producers, investors in the real estate business and the different tiers of government, with a view to maximising inputs and outcomes in the delivery of houses.”

In his remarks, the Chairman, BASAP Ventures, Mr. Samson Ayorinde, assured the government that work would commence immediately on the sites allocated to the firm for the projects.

The Managing Director/Chief Executive, BASAP Ventures, Mr. Anthony Adepoju, stated that the firm’s foreign partners were ready to invest $1.5bn in the housing projects.

He noted that the group’s foreign partners were from South Korea and China.

Adepoju said, “Our investors are ready to invest $1.5bn in the transaction. The main reason why we are here is to create jobs by building homes. We are looking at low cost housing and the Ministry of Lands, Housing and Urban Development has given a benchmark price.

“We have started off-taker agreement with some government agencies to build affordable houses for their workers. This ministry is providing land for the projects. We are partnering with investors from South Korea and China.”