25th September, 2013
The Ogun State Government in western Nigeria and a Chinese Construction Company, the Citic Construction Ltd. have signed a memorandum of understanding for the construction of 2,000 housing units.
The Investment Manager, Citic Construction, Robert Xu, made the disclosure in Abeokuta, after a meeting between representatives of the company and Gov. Ibikunle Amosun.
Xu explained that the project would commence soon and it would be financed by the International Finance Corporation (IFC) and the Sovereign Wealth Fund (SWF).
Country Manager, International Finance Corporation, Solomon
Adegbie-Quaynor (second left); Investment Director, Citic
Construction, Robert Xu (left) and Senior Manager, Global Financial
Markets, Kenroy Dowers (right) during a visit to the Governor’s
Office, Oke-Mosan, Abeokuta today.
The manager gave assurance that the houses would be affordable, adding: “all classes of people will be taken into consideration’’.
The Country Manager of IFC, Solomon Adegbie-Quaynor, told newsmen that the houses, when completed could be acquired through outright purchase or mortgage.
He said Ogun was being used as a test ground, adding that the gesture would later be extended to other parts of the country.
Amosun said that the development was part of the government’s efforts to provide affordable housing for the people and enhance urban renewal.
He said that his administration was rebuilding the state to make it “the investment destination of choice’’.