While Nigeria has recorded successes and bottlenecks in the area of Public Private Patnerships (PPPs), Nasarawa State has taken a bold step under the leadership of Engineer Abdullahi A. Sule, to address the challenges of housing deficit in Karu LGA, one of the commercial hubs tied to the heart of FCT.
Mitigating the country’s substantial infrastructure deficit, estimated at over $100 billion yearly for the next three decades, requires joint efforts beyond the scope of government resources alone. This is where the Public-Private Partnerships (PPPs) appear as a practicable solution to bridge this yawning gap.
In line with this vision was the creation of the Nasarawa State Investment Development Agency (NASIDA), chaired by Managing Director Ibrahim Adamu Abdullahi. NASIDA spared no efforts in laying the groundwork for private sector engagement, catalyzing legislation to tailor investment processes in the state.
Hinging on real estate development, NASIDA created strategic partnerships with financial institutions like the Federal Mortgage Bank and the Family Homes Fund, culminating in a landmark tripartite Memorandum of Understanding (MOU).
Via a thorough selection process, the ABS Blueprint Modern Shelter Consortium emerged as the preferred partner for a housing development project spanning 67 hectares in Aso Pada, Karu Local Government Area of Nasarawa state.
Appreciable progress was made under the stewardship of the Consortium, with the issuance of a N2 billion corporate bond, facilitated by Mega Capital. Despite initial challenges with banking arrangements, the team showed remarkable swiftness, completing 100 housing units in less than 100 days.
Gaining support from organizations such as the Federal Staff Loans Board and the Family Homes Fund, the project amassed significant interest from potential buyers, offering a range of housing options to meet various needs.
According to media reports, the project’s trajectory took a decisive turn with the entry of InfraCredit, supported by NASIDA’s unflinching backing. Securing a groundbreaking N12.5 billion guarantee line from InfraCredit, coupled with funding from Shelter Afrique, marked a milestone in residential real estate financing. Notably, InfraCredit’s involvement facilitated EDGE certification for the entire development, aligning with global sustainability standards. Furthermore, InfraCredit orchestrated mortgage arrangements through the Housing Solutions Fund, addressing demand-side challenges and fostering inclusive growth.
Meanwhile, beyond housing, the Nasarawa Technology Village project embodies a holistic approach, integrating technology-driven solutions to nurture talent and foster innovation. Partnering with Decagon Institute, renowned for its expertise in software development training, Nasarawa aspires to create a thriving ecosystem for tech enthusiasts.
Drawing inspiration from successful ventures like the Edo Tech Park, this initiative holds promise in promoting Nigeria onto the global tech stage while retaining local talent.
In transforming the narrative of PPPs from pain to pleasure, Nasarawa sets a precedent for joint development models. With plans in the pipeline to extend this success in projects across other states, including the Sokoto New City and markets development in Bauchi, Nasarawa remains at the forefront of this laudable initiatives.
Recall that the Borno State Governor, Babagana Umara Zulum, had on Monday 11 March inaugurated 100 housing units of the first phase of the Nasarawa Technology Village (NTV).
The inauguration was held at the premises of the NTV at Aso Pada in Karu Local Government Area of Nasarawa State.
Zulum also laid the foundation for the second phase of the project which comprises the construction of a Technology Incubation Hub and 370 housing units.
Speaking as Special Guest of Honour at the occasion, the Borno state governor commended the initiative, which he described as ‘monumental’.
He emphasized that the Nasarawa Technology Village project holds great promise, as it will assist the state leverage its abundant mineral resources to fuel innovation and technological advancements.
He further explained that the state has the human capacity to be transformed into a technology hub, and urged the state to collaborate with the National Agency for Science Engineering Infrastructure and other relevant institutions to turn the state’s resources into technological products that will lead to job creation for the youth populace.
On his part, the Nasarawa State Governor, Abdullahi Sule, said the project is a cornerstone of the state economic development agenda, as it continues to work towards instituting a thriving business environment that would attract more private capital to the state to bolster the state economy and propel growth.
Sule called on the private sector to take advantage of the potential that abound in the state and the various incentives to partner the government in establishing impactful projects such as the NTV project.
Meanwhile, the Managing Director of the Nasarawa Investment and Development Agency (NASIDA), Ibrahim Abdullahi, said the project, which portrayed the success of the Public-Private Partnerships in Nigeria, would bridge the housing deficit of the state by leveraging private sector capital and expertise.
Also speaking, the Minister of Housing and Urban Development, Ahmed Dangiwa, said the project showed the vision of the state in improving human capital development and providing affordable housing for the people.
