Firm unveils N270bn rice-based alternative building materials

Ekopanely Nigeria Limited, a building construction firm has unveiled alternative building materials with the target of aiding in closing the nation’s housing deficit.

At a stakeholders’ engagement at the weekend, the chairman of the board of Ekopanely, Rotimi George, said $250 million foreign direct investment capital had been secured in partnership with OSE System AB of Sweden, owners of OurEcolution, to provide fast and affordable mortgage to Nigerians.

“The collaboration guarantees foreign direct investment capital of at least $250 million in additional 10 plants at different locations across the country. Also, the mortgage houses would be built with walls made from rice straw through a technology-based process in a public private partnership, an initiative that is tagged ‘From Rice Fields to Mortgage Housing’” he explained.

George said the initiative offers 35-to-40 per cent cost saving for Nigerians when compared to conventional building systems. He also claimed that the project will deliver a 3-bedroom bungalow within seven days; and an estate within three months.

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The firm added that it has already entered into agreement with 12 states of the federation with a minimum 50,000 metric tons of rice production capacity to ensure efficient supply of the raw materials for the company.