The N30 Billion Nasarawa Technology Village being constructed in Aso Pada in Karu Local Government area of Nasarawa State is being funded through private financial institutions, venture capitals and private equity firms, the Managing Director of ABS Blueprint Consortium, Mr. Mohammed Yamusa Sulaiman, has said.
Daily Trust had reported in its edition of Saturday that the Nasarawa State government is spending N30 billion in the construction of the 1,962 housing units in the technology village.
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However, clarifying the position in a chat with our correspondent, the ABS boss said, “The project is being funded through the Family Homes Fund Limited (FHFL), a new entity established to drive social housing initiatives all across Nigeria, Financial Institutions such at TAJ Bank and other private equity and venture capital firms.”
He revealed that the housing component of the project alone will cost N22 billion, while the other features which include an independent power plant would gulp about N8 billion.
The technology hub will attract major international IT firms, and will train up to 2,000 students each year as software engineers.
This, he stressed, will develop their market reach and capabilities to enable them earn from high paying IT jobs around the world, thereby creating a Tech driven economy in the area.
Mr. Sulaiman emphasised that the project is being executed under a Public Private Partnership (PPP) arrangement, and that the 1,962 units’ Technology Village will comprise of 668 units of one-bedroom flats, 558 units of two-bedroom flats, 376 units of two-bedroom bungalows, as well as 360 units of three-bedroom bungalows.
He said the Nasarawa State government is providing the land, which would be listed as its equity investment in the project.
Speaking earlier at the ground breaking for the project on Friday, the Nasarawa State governor, Engr. Abdullahi Sule, had explained that funding of laudable projects like the Technology Village has always been a challenge, but that drawing from contemporary practices across the globe, the state government will rely on private investors to execute this particular project under the PPP arrangement.
According to Governor Sule, this is in line with his administration’s development blue print in the area of housing, technology, employment, and the strong drive to ensure industrialisation in the state.
The governor promised to strictly monitor the execution of the project in its various stages of development.
Also speaking at the ground breaking ceremony, the Managing Director of TAJ Bank, Mr. Hamid Joda, commended the state governor for envisioning such a noble project, especially on the Abuja/Nasarawa corridor.