Abuja — Estate developers in Nigeria under the aegis of Real Estate Development Association of Nigeria (REDAN) are targeting the construction of 500,000 houses in the country as a means to stimulate its floundering economy.
Making the disclosure at the weekend in Abuja , REDAN President, Chief Olabode Afolayan said his association was disturbed by the impact of the global financial meltdown on Nigeria, and was prepared to cushion the effect by engaging in massive housing schemes to stimulate industrial production as well as generate jobs.
"We may be building up to 500,000 houses at a time in a year, and you can imagine the quantity of cement, roofing sheets, asbestos, nails and all sorts of building materials that would be involved," said Afolayan, stressing, "all these will require so much building materials in such a way that the manufacturing sector will begin to operate at optimal capacity."
According to Afolayan, his association would begin by targeting the construction of at least 10,000 houses in each of the 36 states, but would raise that of Abuja to at least 40,000 units per year, as a means to help lower the cost of the buildings.
"We plan to build so many houses, as much as 400,000, that is 10, 000 units per year in each state of the federation. This means 360,000 houses over all, in addition to 40,000 in Abuja , which we hope will help to crash the construction cost.
We are also bringing in new technologies that will bring down cost of housing without reducing its quality. That I can assure you we will do," promised the REDAN President.
He promised to meet with President Umar Musa Yar'Adua to discuss ways in which his association can help government cushion the impact of the current global economic meltdown, saying, "will make the President realize that the only way out of the global recession is the real estate."
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how can one be part of the target of REDAN, we will like to know what it takes to be a registered member of REDAN cos my company will like to be part of the vision.