Overwhelmed by the country’s huge housing deficit estimated to be whopping 17 million units, a new group known as the Society of Real Estate Developers of Nigeria, has emerged to support the government at all levels in tackling this huge housing shortfall.
As windows of opportunity, the Society is to construct and deliver to the federal government of Nigeria 10,000 housing units for each of the 37 states in Nigeria including the FCT.
This is contingent upon the federal government providing adequate land in each of the state, complete titled documents for the land provided and guarantee of off-take for the completed project and a commitment of not more than 10 per cent of the total cost of project payable at the time the company is mobilised to site. The window of opportunity for the state government is allocation of 5000 housing units to be built and delivered under the auspices of the PPP on condition that each state government shall fulfill conditions a, b and c above.
The society shall build for each of the local government a standard modern market on the stream of the local government if required, and a modern functional health centre in collaboration with the federal ministry of health will be built provided the local government can make available adequate land for each of the projects with complete legal title of ownership of the land and finally the guarantee of off-take for the market. These were disclosed by the Executive Chairman, Soredon Limited, a Lagos-based real estate development company and promoters Society of Real Estate Developers of Nigeria, Dr. Michael Abiodun Adedeji, at a press briefing at the weekend.
Adedeji said the Soredon group projects that it seems impossible to overcome this 17 million-unit shortage at the pace currently experienced in Nigeria unless a drastic step is taken, as the 17million housing shortage increases every year by a factor directly related to the population increase. “This is what prompted the sponsorship of the Society of Real Estate Developers of Nigeria by Soredon Limited. This will enable the society to perform its function as project executors and societal benefactors. The membership of this society for this reason is restricted to corporate entities in the field of real estate development, construction engineering, civil, structural, mechanical and electrical engineering, building and allied trade concerns.
The chairman who noted that Italian consortium is putting in place a funding vessel to be called Euro-Afrique project funds SRL which shall attract funding in form of loans, grants and investment from various funding sources around the globe, added that even before the structure is put in place, there has been a Five Billion Euro Proof of Funds assigned for take off projects by a group of enthusiastic funders. According to him, his society will involve the strategy of the public, private partnership PPP, in in tackling the housing deficit spanning the federal, state and local governments, pointing out that the society intends to invest heavily in research and development not to re-invent the ‘hoe’ but to add value to the ‘hoe’ or replace it with better mechanical implement that will enable the project meet the demand of the future.
“This will look into every aspect of building engineering and see how to improve on the presently defined building components and evolve a better package in terms of quality and service. We have made contact with two universities in Europe and we intend to enlist the co operation of PRODA in Enugu to evolve a robust research and development unit that will be equal to the best in any part of the world. “We have the raw materials, we have highly academic people and the need to satisfy the teeming population of Nigeria and Africa as a whole, which is enough to push us into an innovative research that will enable us to meet the demand of the nearest future. “Nigeria has been embarrassed severally by the incidents of collapsed buildings all because the quality of workmanship and materials are inadequate. This is why the society will insist on the intellectual and practical quality of housing delivery. “As we have stated earlier, the society will be parading 40 first class corporate entities vast in engineering experience which watchword shall be quality first. SOREDON will also put in place a monitoring group to monitor and access the quality of work delivered by these experienced corporate entities. This is a sort of self assessment to ensure the quality of materials and delivery.
“With the future in mind, the society is also embarking on the establishment of the School of Skill Acquisition to be based in Itori, Ogun state. This is to be managed by an Italian consortium in order to produce thoroughly trained and skilled technicians and technologists in the area of civil engineering, construction and building sector. “In the interim, the group is recruiting good technicians and technologists from Ghana, Togo and Nigeria and shall continue to do so until the products of the school for skill acquisition is ripe for the market. All this is being done to guarantee the quality of delivery”, Adedeji stated.