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* Links housing drive to Tinubu’s $1trn economic vision
Sunday Aborisade in Abuja
The Managing Director of the Federal Housing Authority (FHA) Mortgage Bank, Mr. Hayatudeen Atiku Awwal, has unveiled an ambitious plan by the authority and its partners to deliver 10,000 new housing units across the country by 2027, in line with President Bola Tinubu’s vision of building a $1 trillion economy.
Speaking at the official handover of keys to homeowners in the newly completed Expressview Estate, a joint development between BAM Projects and Properties Limited and the FHA on Airport Road, Abuja, Awwal said the housing sector must play a pivotal role in driving national economic growth, job creation and inclusivity.
He said: “Let us set a bold target. 10,000 housing units before 2027. It is ambitious but achievable. Our president has challenged us to work towards a trillion-dollar economy, and housing must play a central role in achieving that goal.”
According to him, recent policy measures by the Tinubu administration, including the establishment of the Ministry of Finance Incorporated (MOFI) Real Estate Investment Trust Fund and the expansion of funding windows through the Federal Mortgage Bank of Nigeria (FMBN) and the National Housing Fund (NHF) have created new opportunities for Nigerians to access affordable home loans.
“Every Nigerian can now access up to N100 million from the N250 billion MOFI Fund at a single-digit interest rate of 9.75 per cent through MOFI for up to 20 years, and up to N50 million through the National Housing Fund at six per cent for as long as 30 years,” Awwal explained.
“The opportunities are immense; the demand is there. What we need now is the will to deliver,” he said.
Representing the FHA Chairman, Hon. Ojo Oyetunde said the FHA Mortgage Bank boss commended BAM Projects for its professionalism and capacity to deliver within a challenging operating environment.
He described Expressview Estate as a “model for future public-private housing collaborations”.
Sitting on 1.5 hectares out of a three-hectare parcel, the estate’s second phase is already being planned. It features well-ventilated three-bedroom terrace duplexes, modern road and drainage infrastructure, and eco-friendly landscaping.
Awwal noted that the project faced hurdles ranging from land encumbrances to relocation of a police station and delays in obtaining statutory approvals, but praised the developers for their persistence.
“This project is a symbol of quality, efficiency, and value, a product of teamwork and resilience,” he said.
He also revealed plans for a comprehensive facility management structure to ensure the estate’s long-term sustainability, covering waste management, security and noise control.
The FHA, he added, would create a buffer zone around the estate to prevent encroachment and promote greener living.
“Our vision is for this to be more than just a housing estate, it should be a real home. We are committed to ensuring residents enjoy a clean, secure and sustainable environment,” he assured.
Awwal further disclosed that FHA is partnering with FHA Energy to provide affordable electricity metering solutions for residents, enhancing the estate’s affordability and sustainability.
Congratulating new homeowners and investors, he emphasized that property values within the estate had already appreciated beyond expectations, reflecting the strength of the partnership model.
“Your return on investment is already exceeding projections. BAM Projects has proven its capacity to deliver, and we are proud to have them as partners,” he added.
In his remarks, the Managing Director of BAM Projects and Properties Limited, Mr. Mansur Mohammed, described the project as a demonstration of what effective collaboration between the public and private sectors can achieve in Nigeria’s housing industry.
He said: “At BAM, we don’t just build houses; we build communities with sustainability in mind.
“Beyond residential units, we built a police station in Lugbe, upgraded the nearby marketplace, and constructed public toilets to improve sanitation. The greenery around the estate reflects our eco-friendly development philosophy.”
He lauded the FHA and FHA Mortgage Bank for their support and revealed that BAM had completed a 45-hectare residential development in Karasana while expanding into commercial and recreational projects.
Mohammed paid tribute to the late founding Managing Director of BAM, Abubakar Mohammed, describing him as a visionary whose legacy continues to inspire the firm’s mission.
“This estate was conceived before my tenure, but today we celebrate its completion by the grace of God. It is a reminder that every commitment we make must have a lasting impact on others,” he said.
Also speaking, the Director of BAM Projects, Mr. Alhassan Abdulmumin, commended the company’s young professional team for their dedication and called on investors to continue partnering with BAM to drive housing delivery nationwide.
“We have completed Expressview and are ready for the next challenge. Our team is eager to go and the time is now,” he said.
With the successful completion of Expressview Estate, stakeholders have said FHA’s renewed push, anchored on private-sector partnerships and expanded access to low-interest mortgages, signals a new phase in Nigeria’s quest to bridge its 18-million-unit housing deficit and ensure affordable and sustainable shelter for all.
