Business & Economy News

FG to Create 1.2million Jobs In Construction Industry

The Nigerian government says it aims to create 1.2 million jobs in the construction sector, using affordable housing provision as a catalyst for economic growth and job creation.

The Minister of Housing and Urban Development,  Mr Musa Dangiwa disclosed at the official launch of the Renewed Hope Cities and Estates programme and the groundbreaking ceremony for the 3,112 housing unit pilot project site by President Bola Ahmed Tinubu in Karsana, Abuja, Nigeria’s capital monitored by BrandiQ

The Minister emphasised the significant role of housing in creating employment opportunities for youths, facilitating entrepreneurship, and also contributing to alleviating poverty.

Dangiwa said, The Renewed Hope Cities and Estates Programme is designed to be a catalyst for economic growth. The construction and development of these new areas will generate employment opportunities, stimulate local businesses, and attract investments. The 50,000 units that we plan to deliver under phase 1 will create 1,250,000 direct and indirect construction jobs. This is in addition to the value chain effects of purchase, supply of building materials, businesses around the construction sites, etc.”

According to the minister, the Renewed Hope Cities and Estates Programme is a strategic initiative that addresses multiple facets of development from urban planning and economic growth to social inclusion and environmental sustainability.

“This programme aligns with President Bola Tinubu’s broader vision of national development. It is a step towards creating smart and modern cities that can compete on a global scale, attracting both domestic and foreign investments. This will not only enhance our country’s image but also position Nigeria as a forward-thinking nation ready to embrace the challenges of the future,” he said.

The Minister emphasised that the project is the pilot under a Public Private Partnership between the Federal Ministry of Housing and Urban Development and a consortium of developers comprising Continental Civil and General Construction and Ceezali Limited signed in December 2023 to deliver a total of 100,000 houses nationwide.

“Under this PPP arrangement, the Ministry is creating the enabling environment and facilitating off-takers for the houses through the Federal Mortgage Bank of Nigeria (FMBN) while the developers will source for land and finance the construction. By encouraging these PPP arrangements, we are taking the financial burden off the government while meeting our citizens’ needs for decent and quality shelter,”he said.

Dangiwa expressed optimism that the Renewed Hope Cities and Estates project will help to alleviate the burden on existing cities and improve the overall quality of life for residents.

In his remarks, the Nigerian President, Bola Tinubu said his government has demonstrated commitment to provide affordable housing to support economic development and job creation, which has been hailed as a step in the right direction.

“We know the value of housing and we appreciate the fact that it is an elixir for economic prosperity and job creation,” he said.

The president expressed his commitment to providing living communities that will redefine the essence of residential living for Nigerians.

The Ministry of Housing’s Renewed Hope Cities and Estates project is aiming to increase economic growth by attracting foreign exchange from the $24bn diaspora remittance.

The program is also targeted at Nigerians in the diaspora and will provide a boost to the economy by attracting investment, leading to a positive outlook for Nigeria.

Related posts

And The Silverbird Man of the Year 2015 is …

Desmond Ekeh

Lessons In Political Marketing: Will Ekiti Voters Be Swayed By Emotions Or Rationality?

Desmond Ekeh

Nigeria loses N78b yearly to cyber criminals – Minister

Desmond Ekeh

Leave a Comment