• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketTreasury BillsMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Finance

      CBN says cryptocurrency ban in interest of Nigerians

      February 25, 2021

      Companies-in-Action

      Zenith Bank in strong operational performance as profit rises 10.4% to N230.56bn in FY20

      February 25, 2021

      Companies

      United Capital posts strong numbers as earnings rise 50% to N12.87bn in 2020

      February 23, 2021

      Finance

      CIBN revives mentorship initiative for bank workers

      February 20, 2021

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      Insurance Business

      Enterprise risk management surges amid pandemic, RIMS reports

      February 25, 2021

      WORLD BUSINESS & ECONOMY

      Hyundai to recall 82,000 electric cars over battery malfunction

      February 25, 2021

      Frontpage

      Global health insurance premiums fall amid pandemic, says new report

      February 24, 2021

      Frontpage

      Insurance M&A record highest growth in Africa, Middle East in 2020

      February 23, 2021

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Oil and Gas

      REA delivers 100kW hybrid solar mini grid to Edo community

      February 25, 2021

      Oil and Gas

      OPL 310: LEKOIL engages Optimum Petroleum over CRSA agreement

      February 25, 2021

      Frontpage

      Nigeria still losing 200,000bpd crude daily as NNPC enlists army’s intervention

      February 25, 2021

      Frontpage

      Nigeria to sell 170MW electricity capacity to Togo from Calabar plant

      February 24, 2021

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analyst Insight

      Coronation MB analysts project sharp rates rise after Nigeria recession exit

      February 25, 2021

      Analyst Insight

      How NITDA can further foster data protection compliance in Nigeria

      February 22, 2021

      Analyst Insight

      Do we need more start-ups in insurance?

      February 16, 2021

      Analyst Insight

      Naira, PMI’s and Inflation in focus

      February 16, 2021

Frontpage National: Governance, Policy & Politics Nigeria Frontier Markets

Ekiti State, UNOPS, SHS sign $2bn deal to build 50,000 affordable homes in 10 years

July 1, 2020792 views0 comments

Ekiti State, UNOPS, SHS sign $2bn deal to build 50,000 affordable homes in 10 years
Kayode Fayemi, executive governor, Ekiti State (CREDITS: Premium Times)

A deal that will see the building of 50,000 affordable homes over a ten year period in Ekiti State has been signed between the government of the state, SHS Holdings and UNOPS.

A statement announcing the deal and made available to Business A.M. explained that all of the new affordable homes to be built will include renewable energy and disease preventative technology, including solar panel roofs, waste-to-energy technology and mosquito-repelling coatings.

With the signing of the deal, Ekiti is the latest to join one of the largest affordable housing initiatives in the world, part of UNOPS Sustainable Infrastructure Impact Investments (S3I) – which will deliver at least one million homes across multiple countries on three continents over the next decade. The partnership will create thousands of local jobs at the factory and on construction sites and will spur economic growth among a host of local industries, the statement read.

It noted that as part of the agreement, UNOPS and SHS will seek to mobilize resources from third-party investors to fund the initiative whose gross development value (based on the sales value of completed homes) is estimated to reach $2 billion, adding that SHS will supply proprietary state-of-the-art technology as well as oversee the development of housing by qualified contractors while UNOPS will bring to bear its comparative advantages in the mandated (by the UN General Assembly) areas, such as: infrastructure, procurement and project management.

“The government of Ekiti will identify and allocate suitable land for potential developments, and help create an enabling environment for foreign direct investment and mortgage finance,” the statement added.

Explaining further, it stated that S3I aims to break down barriers and create attractive opportunities for private sector investors to engage in long-term development initiatives – with a focus on affordable housing, renewable energy and health infrastructure.

Kayode Fayemi, governor of Ekiti State, speaking on the development said: “We are very excited to partner with UNOPS and SHS to deliver affordable housing to the people of Ekiti State. This partnership will not only deliver 50,000 homes in our communities, it will also increase foreign direct investment into Ekiti State, and put thousands of our people in jobs. This is how our promise of developing Ekiti, and improving the lives of the people can be achieved. This partnership has come at an important time, during the COVID-19 pandemic, which has reminded us of the need to deliver quality social infrastructure to the people. I am excited that UNOPS and SHS have chosen Ekiti State as the first destination in Nigeria for this project, and we will do everything to ensure we create a model that can be replicated across the country.”

Ekiti State, UNOPS, SHS sign $2bn deal to build 50,000 affordable homes in 10 years
Vitaly Vanshelboim, assistant secretary-general, United Nations (CREDITS: UNOPS)

Vitaly Vanshelboim, United Nations assistant secretary-general and chief executive of S3I (Sustainable Infrastructure Impact Investments), also commenting said: “We are very pleased to support this contribution to Nigeria’s national development priorities and in particular, to help meet the critical need for affordable housing, through innovative approaches to construction and mortgage financing. UNOPS is strongly committed to helping find new ways to finance inclusive, resilient and sustainable development activities that generate positive social, economic and environmental impacts.”

Also speaking on the signing of the deal, Allen Zimbler, chairman of SHS Holdings, said: “SHS Holdings is proud to participate in signing a collaboration agreement with the Ekiti State Government of Nigeria and UNOPS in respect of building at least 50,000 sustainable housing units for key government employees and other eligible citizens, in sites to be identified within the State. SHS is committed to making housing accessible to all, using robust and reliable construction technology, and employing proprietary energy-efficient solar rooftops, waste to energy technology and mosquito-repellant coating. We look forward to working with the Ministry of Lands, Housing and Development of the Ekiti State Government and to creating opportunities for the employment of significant numbers of local citizens in the process.”

According to an explanatory note, UNOPS mission is described as to help people build better lives and countries achieve peace and sustainable development. “We help the United Nations, governments and other partners to manage projects, and deliver sustainable infrastructure and procurement in an efficient way,” it stated.

On the other hand, UNOPS S3I seeks to de-risk and structure infrastructure investment projects in an effort to help attract financing from the private sector to national development agendas. Projects selected are subjected to a rigorous and comprehensive due diligence process that will ensure a positive environmental, social and economic impact, while offering risk-mitigated above-market financial returns for private sector investors.

Share on Facebook Tweet Email
TagsAffordable homes in Ekiti State Ekiti sign $2bn deal Ekiti State SHS UNOPS
PreviousA cloudy second half as Nigeria navigates through coronavirus storm
NextMoody’s warns Nigerian banks vulnerable in face of forex liquidity pressures akin to 2016-2017 crisis

Leave a comment

- Cancel reply

MARKET DATA

Market Videos

Recent Posts

  • Lions’ Den 2021: An opportunity for promising Nigerian entrepreneurs
  • Nigeria bourse in red as selloffs in banking, consumer goods stocks see bears return  
  • African Alliance paid N967m in claims in first 40 days of 2021, MD reveals
  • REA delivers 100kW hybrid solar mini grid to Edo community
  • Unilever Nigeria to complete tea business separation by end of 2021

World

Africa

Buhari, Okonjo-Iweala congratulate Adesina over reelection as AfDB President

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

Oil prices jump more than 1% after Iran says two missiles struck one of its tankers

Frontpage October 11, 2019

1
2

Nigeria, world stocks hit record highs, gaining on average 11% in 2017

Frontpage June 2, 2017

3

Commodity prices soften in Q2 2017 beaten back by falling oil prices, but year-on-year index up

Frontpage July 21, 2017

4

Needless tax incentives costing Nigeria N580bn – OXFAM

Frontpage July 17, 2019

5

FG tees off social investment programme with N100bn housing fund for low-income earners

Frontpage May 30, 2017

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.