To fund the Rural-Urban Housing Initiative (RUHI-774) projects around the country, the Real Estate Developers Association of Nigeria(REDAN) has acquired N26 billion from Shelter Afrique.
REDAN’s president, Aliyu Wamakko, revealed this during a recent international press conference held in Abuja. He said the most recent development was part of REDAN’s attempt to support government efforts to provide shelter.
According to report, REDAN announced plans to launch a national housing program last year called the Rural-Urban Housing Initiative (RUHI-774). The program’s goal was to build at least 100 housing units in each of the federation’s 774 local government councils, including the Federal Capital Territory.
The Rural-Urban Housing Initiative (RUHI-774), which aims to develop at least 100 housing units in each of the 774 Local Government Councils of the Federation, including the FCT, where feasible and viable, is REDAN’s flagship project for national housing development, according to Aliyu.
“To finance the RUHI-774 projects across the country, we have secured construction finance in the amount of N26 billion from the Pan African Affordable Housing Finance Institution, Shelter Afrique.”
Aliyu continued by pleading with President Bola Tinubu to swiftly sign the Real Estate Regulation and Development Bill into law.
He claimed that doing so will lower unemployment and bring about other positive effects on the country’s economic progress.
He asserts that through standardizing transactions in the industry, the bill will bring about a more uniform approach to real estate development in Nigeria.
“REDAN was the driving force behind the bill’s intention. The Economic and Financial Crime Commission, the Special Control Unit Against Money Laundering, the Independent Corrupt Practices and Other Related Offenses Commission, professional organizations in the built industry, academics from universities, international bodies, etc., provided us with a wealth of information that we used to draft the RECON bill that was presented to the Senate and House of Representatives of the 9th National Assembly.”
“The law will provide a transparent and supportive environment for Nigerian real estate development that is in line with international best practices. Additionally, it will stop criminal acts in Nigeria’s real estate development industry”, Aliyu continued.