Abuja traders, FHA to build 5,000 houses
The housing scheme is for traders in Federal Capital Territory (FCT). It is meant to provide affordable houses therefore, tackle the housing problems that traders face in FCT. By the time the scheme is implemented, traders will be accommodated close to the main city of Abuja. The traders are doing this in collaboration with the […]
The housing scheme is for traders in Federal Capital Territory (FCT). It is meant to provide affordable houses therefore, tackle the housing problems that traders face in FCT. By the time the scheme is implemented, traders will be accommodated close to the main city of Abuja. The traders are doing this in collaboration with the Federal Housing Authority (FHA). Already, FHA has shown the traders locations where land is available for the project.
House types
There are different houses for the traders. There is a three-bedroom block of flats of two-storey building in Zuba. There is a two-bedroom bungalow, three-bedroom bungalow both semi-detached and fully detached in Bwari and Karshi. The one in Zuba is the first to commence. The site has been marked out. It will be named Traders Village in FCT.
Prince Edozie Chika Ugwu is chairman of the National Association of Nigerian Traders (NANT), FCT Chapter. He explained, “We’re only waiting for the Federal Housing Authority to reply our letter on 10 percent equity. If they accept the 10 percent we’ve proposed, we’ll ask our members to start opening accounts with the primary mortgage bank to pay the 10 percent equity. Once the 10 percent equity is paid in the account of the primary mortgage bank, they will start. We’re waiting for them to give us the green light.”A one-bedroom flat goes for N6.5 million, two-bedroom N8.5 million, three-bedroom N11 million. The traders are still haggling to reduce these prices.
“They’ve promised us that they will bring down the price. We’re waiting for them to tell us what they’ve agreed on,” the traders chairman said.
He explained, “We’re doing it in such a way that it will be comfortable for the traders and the FHA. We’ve agreed to start with 5,000. After the 5,000, we may go ahead to do another 5,000.” The houses will be built by FHA. This is to ensure standards and order. FHA is coming with its primary mortgage bank – the Federal Housing Savings & Loans to mortgage the houses for the traders. With this, traders are afforded long term moratorium. For this reason, 50 percent of the houses will be one-bedroom. If a trader pays 10 percent equity, depending on the person’s age, the rest of the payment is spread over 15 years. The owner pays like they are paying house rent in the neighbourhood of N400,000/N500,000. However, if one is up to 50 years, they are given 10 years to complete payments. Anyone who can pay for the house at once is also welcome.
Before a trader benefits from this housing scheme, he must be a member of NANT. Not only being a member, one must be a member of the traders cooperative society because the scheme will be driven by the cooperative society.
A prospective beneficiary is expected to contribute 10 percent equity contribution. The chairman said, “Though the housing authority told us 20 percent, we’ve proposed 10 percent so as to enable a small trader to afford to pay.”
Abuja traders do most of their activities in the main city of Abuja but they live far away from the metropolis where the markets are located. They come to their shops from faraway places like Keffi, Masaka, Kaduna Road, Suleja, Gwagwalada, Kwali etc. They face difficulties commuting from their places of abode. This therefore, becomes a move to make the traders live close to their markets so as ease the suffering.
“Before I became the chairman of NANT, it’s part of what I and my team promised the traders. One of the promises was to provide mass housing for them. When the exco sat and discussed, we saw the project as feasible. We agreed to make this move. It was a collective decision by the exco and we’re doing it pursuant to the promises we made to the traders,” the NANT head explained.
At the moment, no construction works have started on site. The scheme is specifically designed for traders so non-traders are not welcome.
There are over 20,000 registered members of the traders association in FCT.