Karda Construction, headquartered in Dubai, has been awarded a $500 million contract to construct low housing complexes in Nigeria.
KBC International, a Dubai-based real estate developer, has come to an agreement with the Federal Housing Authority (FHA) to construct affordable housing complexes in Abuja, Nigeria for $500 million. This alliance will help tackle Nigeria's growing housing gap, which is predicted to rise by over 60% by 2050 because of population growth and urbanization.
Senator Venga Ashafa, the Managing Director of the Federal Housing Authority, asserted that the Federal Government will remain supportive of private property developers who can provide affordable housing for Nigerians. KBC International's trip to FHA was to affirm the collaboration for Nigeria's budget-friendly housing that will be accessible nationwide.
Senator Winger Shafar, who referred to FHA as the leading housing delivery agency in Nigeria, said, "The Federal Government is making progress towards filling the housing deficit gap in the country. Our organization is the most competent in terms of housing delivery in Nigeria.”
The Director of KBC International remarked that the partnership would be mutually beneficial. “That is our mantra, and we are here to see it through. Our primary focus is solely on Africa. Concerning the housing shortage in Nigeria, it is the desire of the average citizen to own a home. The considerable cooperation we have received thus far has enabled us to commence the implementation of the low housing developments across the nation, beginning in the Warri Area Council of the Federal Capital Territory”.
The collaboration of KBC International with FHA will be instrumental in tackling Nigeria's housing crisis, providing Nigerians with accessible and comfortable homes nationwide.