In a press release issued on 16 May, KBC International, a Dubai-based real estate development company, announced that it had signed an agreement with the Nigerian Federal Housing Authority (FHA) for the construction of affordable housing complexes in the capital Abuja, for a total investment of 500 million dollars

KBC International, formerly known as Karda Construction, believes that the construction of affordable housing complexes in the capital Abuja that are “accessible, but comfortable” should help fill the growing housing deficit in Nigeria. Several of these factors explain the housing deficit in Nigeria. These include the high price of building land, the exorbitant interest rates applied by banks on real estate loans, the high costs of building materials, and the refusal of most local developers to invest in affordable housing because of tight profit margins