The United Nations, in partnership with Ekiti State Government, on Wednesday announced a $2bn deal for 50,000 affordable homes in the state.

The United Nations Assistant Secretary-General and Chief Executive of Sustainable Infrastructure Impact Investments, Vitaly Vanshelboim, said the project would span 10 years, adding that the development would see Ekiti State join one of the largest affordable housing initiatives in the world.

The agreement to build at least 50,000 affordable homes over the next 10 years was signed in Ado Ekiti by the United Nations Office for Project Services ; SHS Holdings and Ekiti State Government.

As part of the agreement, UNOPS and SHS will mobilise resources from third party investors to fund the initiative which gross development value (based on the sales value of completed homes) is estimated to reach US$2bn.

Vanshelboim said, “We are very pleased to support this contribution to Nigeria’s national development priorities and in particular to help meet the critical need for affordable housing, through innovative approaches to construction and mortgage financing.”

Ekiti State Governor, Dr Kayode Fayemi, said apart from the fact that the partnership would “deliver 50,000 homes in our communities, it will also increase foreign direct investment into Ekiti State and put thousands of our people in jobs.”

He said, “This is how our promise of developing Ekiti and improving the lives of the people can be achieved. This partnership has come at an important time, during the COVID-19 pandemic, which has reminded us of the need to deliver quality social infrastructure to the people.”