Nigeria, Arc. Musa Dangiwa, the Minister of Housing and Urban Development, has reaffirmed the Federal Government’s commitment to establishing extensive housing development projects nationwide. The latest announcement comes as part of the government’s Renewed Hope Cities and Estates program, which seeks to provide affordable housing solutions to citizens across various income brackets.
During a groundbreaking event for a 3,112-unit housing project in the Karsana District of Abuja, President Bola Tinubu inaugurated the pilot phase of the Renewed Hope Cities and Estates program. Minister Dangiwa took the opportunity to disclose plans for the first phase of the initiative, which aims to construct 50,000 housing units of diverse types spread across the six geopolitical zones and the Federal Capital Territory.
Under the first phase, the Ministry of Housing and Urban Development intends to establish integrated living communities known as Renewed Hope Cities, each comprising 1,000 housing units in a single location within each geopolitical zone and the FCT. Additionally, Renewed Hope Estates will be developed with 500 housing units per site in the remaining thirty states of the federation.
Minister Dangiwa outlined the comprehensive range of housing options to be provided, including one-bedroom blocks of flats, two-bedroom blocks of flats, three-bedroom blocks of flats, two-, three-, and four-bedroom terraces, as well as four- and five-bedroom duplexes. These designs aim to cater to the diverse needs of individuals and families across the socioeconomic spectrum.
Notable among the upcoming projects is the development of a 2,500-unit housing complex in the Ibeju Lekki Coastal City, Lagos. Additionally, Renewed Hope Estates are set to be established in Kano and twelve other states, as indicated by the Ministry of Housing and Urban Development’s statement.
Minister Dangiwa stressed the inclusivity of the Renewed Hope Cities and Estates program, emphasizing that Renewed Hope Cities would serve all income levels, while Renewed Hope Estates are specifically designed to meet the housing needs of low- and medium-income earners. These estates will feature one-, two-, and three-bedroom semi-detached bungalows, with flexible designs allowing for future expansion as beneficiaries’ incomes grow.
Funding for the ambitious housing program will be sourced from multiple channels, including budgetary allocations, assistance from the Federal Mortgage Bank of Nigeria (FMBN), and strategic Public-Private Partnerships, as previously reported by Nairametrics.
Furthermore, the government is offering various ownership options for housing units within the Renewed Hope Cities and Estates program, including single-digit, up to 30-year mortgage loans from the Federal Mortgage Bank of Nigeria, Rent-to-Own plans, and an Outright Purchase option tailored for high-income earners.
The unveiling of these housing development plans marks a significant step towards addressing the housing challenges faced by millions of Nigerians and underscores the government’s commitment to providing sustainable solutions for the nation’s growing population.
Credit: Nairametrics
