Chinese Investors To Hand Nigeria $300m For Housing Scheme

By Ikenga Chronicles June 18, 2018

Chinese Investors To Hand Nigeria $300m For Housing Scheme

A whopping sum of $300million is set to be invested in Nigeria for mass housing schemes for low and middle income earners across the country.

This was disclosed by Steven Kim, Director of the One Belt One Road Financing Operation in China, in Abuja at the operational briefing of the ZVECAN Homes and Estate of the ZVECAN Consulting and Engineering Limited.

In his words, he admitted that the gesture would bridge the rising accommodation and shelter gaps in the country.

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Kim, who spoke through an interpreter, Mr Sylvester Osagie Aigbe, said most of the $300 million would be spent on local raw materials and technical manpower, while some importations including some raw materials, not readily available in Nigeria, would come from China.

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“The Chinese Government is reviewing some of its policies in some countries receiving aids and grants, some of the reviews involve direct investment in housing and other critical infrastructural needs. Like we are going to do in Nigeria, partnering indigenous organisations, we have been involved in similar mass housing schemes in Kenya and Angola, where we are building over 3000 units of different specifications of affordable housing,” Kim said.