The government of Kwara State, situated in western Nigeria, is actively looking for private sector investors to partner with it in the provision of housing.
Investment opportunity
Private developers are invited to partner the Kwara State Government in the provision of housing estates in the new Government Residential Area located at Budo Osho in the state capital Ilorin. The administration is already in discussion with a reputable financial institution that is ready to get involved in the development. Yolas Consultants has been commissioned for the supervision of Phase A of the project, comprising about 35% of the available plots.
A number of private companies have in the recent past partnered with the state government in the provision of housing. These include:
Return on investment
The cost of the project plus the profit margin will form the selling price. Investors will recoup their investment based on the agreed modality with the beneficiaries.
Requirements to be submitted by prospective developers
1. Application form to be completed by the applicant (Cost: N1 000)
2. Certificate of Incorporation
3. Current Tax Clearance Certificate
4. Site plan of the proposed site
5. Feasibility and viability report
6. Environmental impact assessment report
7. Financial plans and proposal for source of funding
8. Company profile including previous experience in housing delivery
9. Prototype building plan of the proposal and layout plan
10. Evidence of financial
capability such as a letter of commitment from credible financial institutions showing their willingness to fund or partner in the funding of the proposal
11. Evidence of registration with the Federal Mortgage Bank and a primary financial institution
12. Evidence of membership of the Real Estate Development Association
13. Provision of affordable housing with due consideration of the social and financial situation of the average Kwaran
14. Identification of at least three suitable sites for the proposal with location and site plans submitted to the Ministry of Lands and Housing
Contact Details Investors interested in this opportunity should contact Fela Ibidapo, Special Assistant to the Executive Governor, Kwara State (Investments) at infonigeria@gan.co.za
