Gov. Seyi Makinde of Oyo State, on Wednesday, inuagurated the construction of 360 units of houses at Ajoda New Town Housing Estate in Ibadan.
The News Agency of Nigeria, (NAN) reports that the project, which is Public Private Partnership in collaboration with Remax Realtors Limited, will cost N2.5 billion.
The housing units consist of 2-bedroom semi-detached, 3-bedroom semi-detached and 3-bedroom detached.
Speaking at the occasion, Makinde said the project was in fulfilment of one of his campaign promises.
“Those who have taken time to study our Roadmap for Accelerated Development in Oyo State, 2019-2023, would have come across our promise to facilitate private sector driven housing delivery through Public-Private Partnership (PPP) initiatives.
“The government, through the Oyo State Housing Corporation (OYSHC), is providing 13 hectares of land for the scheme, while the developer will solely finance the entire project.
“The project will cost N2.5 billion and, upon completion, the developers will recoup their finances when the houses are sold.
“We have seen the wisdom of getting developers to commit to projects by using their own monies to carry them out.
“Some people may wonder why we are starting off in Ibadan Zone.
“Well, the need for an affordable housing scheme in Oyo State is clearly evident.
“Statistics show that the population of the capital city has been growing at over two per cent since 2018 with a peak of over 2.5 per cent in 2020.
“So, half of the population of Oyo State live in Ibadan zone.
“But that the project is starting in Ibadan zone, does not mean that it will end here.
“Our plan is to replicate these housing units in other parts of Oyo state in the shortest possible time,’’ Makinde said.