A USA company to invest $1bn in Nigeria’s housing scheme – An American company, Cantor Fitzgerald, plans to invest more than $1 billion to the Nigerian housing project having a perspective to reduce its more than 17 million housing deficit.
Cantor Fitzgerald reputed to have a controlling portion of the US mortgage market, specialises in mortgage-backed securities and has already concluded plans to build 10,000 houses in Kaduna, Lagos, Enugu and Abujawithin the next one year.
The houses, according to the Managing Director of Cantor Fitzgerald Investment Bank, Jack Hefferman, will costNigerians between N8 million and N15 million to obtain for a moratorium of 20 years. Speaking when he signed a Memorandum of Understanding (MoU) with the Federal Government, Hefferman said his organisation was established in 1975, adding that he was fascinated about Nigeria’s steady progress in the mortgage market, hence the need to bring liquidity to Nigeria to deepen the mortgage market.
He said that works on designated sites would commence in April this year starting with Lagos State while the 10,000 initial houses will be built in four states at a reasonable interest rate. This excludes the 10,000 initial houses being worked on through the assistance of the Nigeria Mortgage Refinancing Company (NMRC).