Abuja: Dr Gbadewole Kayode, the Vice President of the Real Estate Development Association of Nigeria (REDAN), Abuja Chapter, has reiterated the organization’s commitment to addressing the significant housing deficit in Nigeria. Kayode, who also serves as the Managing Director of Crown Allied Global Realty Limited, made these remarks during the official groundbreaking ceremony of ‘The Embassy’, a new estate project located in the Wasa District of Abuja.
According to News Agency of Nigeria, Dr. Kayode highlighted the critical challenges posed by the housing deficit, particularly within the Federal Capital Territory (FCT), where Nigerians continue to struggle with inadequate housing. He stated, “Officially, we have a 14.98 million housing deficit in Nigeria. We are committed to reducing this deficit, especially in the FCT, which is why we are undertaking the groundbreaking of ‘The Embassy’.”
The project aims to deliver 2,400 housing units, which Kayode believes will significantly impact the housing sector. He emphasized that the development will feature energy-saving technologies and offer a large volume of housing units. To assist low-income earners, the estate offers flexible payment options, allowing part payments to be spread over six months. Additionally, housing units are available for purchase through mortgage arrangements supported by the Federal Mortgage Bank of Nigeria and other Primary Mortgage Institutions (PMIs).
In terms of job creation, Kayode projected that over 3,000 jobs would be generated through the development of ‘The Embassy’. He noted that the Federal Government aims to create jobs and stimulate economic growth through the informal sector. “For instance, building a duplex requires more than 30 workers. If you multiply this by 2,400 units, the job creation impact by Crown Luxury Properties in the FCT and across Nigeria is substantial,” he explained.
Kayode further highlighted the strategic advantages of ‘The Embassy’, including its proximity to the city center, infrastructure, and amenities such as electricity, solar power, and EV charging spots. The estate is designed as a smart community, fully solar-powered, and includes a commercial district spread over 20 hectares, featuring hotels. Investors have the opportunity to purchase land within the commercial hub for the development of malls, which can be leased or rented out.
The groundbreaking event drew stakeholders from the real estate sector and was coordinated by Dr. Kayode, underscoring the project’s significance in addressing Nigeria’s housing challenges.