• Govt to replicate project in Abuja, Kano
TRIBUTES to the human will and intelligence to conquer nature reverberated in Lagos Thursday as leaders stood in awe of the Eko Atlantic City, located inside the Atlantic Ocean-end of the state. The Eko Atlantic City was described as a project equal to any other of its type from any part of the world.
President Goodluck Jonathan, who was at the laying of the dedication stone for the five million square metre-Eko Atlantic City project, explained that the corporation would be driven by a Public Private Partnership that would also involve international financiers.
On the occasion, Jonathan announced the launch of a national mortgage finance corporation to address the country’s over 16 million housing shortfall. He disclosed that the World Bank had already provided $300 million to kick-start the company even as major stakeholders involved in the project would include Mortgage Banking Association of Nigeria (MBAN), local and foreign bodies such as Federal Ministry of Finance, Federal Ministry of Lands, Housing and Urban Development, Central Bank of Nigeria (CBN) and the World Bank.
“We believe this will provide the much-needed liquidity that has been lacking in the mortgage sector as well as solve the problem of high interest rates. The housing sector has its peculiar challenges and that is why the Federal Government, a few weeks ago, organised a private sector retreat where it was agreed that the revival of the mortgage sector was paramount to solving the national housing problem.”