President Bola Ahmed Tinubu will officially launch the construction of 3,500 housing units in Lagos and Kano as part of the Renewed Hope Cities and Estates Programme.
The events are scheduled for December 17 in Lagos and December 18, 2024, in Kano.
According to the Minister of Housing and Urban Development, Arc. Musa Dangiwa, construction work at both sites is already underway.
Arc. Dangiwa said that the move demonstrates the administration’s commitment to address Nigeria’s housing deficit.
The housing projects, he noted, consists of 2,000 units in Ibeju-Lekki, Lagos, and 1,500 units in Kano.
It could be recalled that Dangiwa had announced such plans during the 1st to 3rd Quarters 2024 Performance Assessment on Presidential Priorities and Ministerial Deliverables.
He emphasized the need for additional Renewed Hope Cities with 2,000 housing units each in Nasarawa, Enugu, and Borno States.
The Renewed Hope Cities and Estates Programme now includes 13,612 active housing units nationwide.
The initiative features two models:
1. Renewed Hope Estates – funded through government allocations and benefiting from subsidies such as free land and infrastructure provided by state governments.
These units are priced between ₦8 million and ₦9 million for one-bedroom apartments.
2. Renewed Hope Cities – developed under a Public-Private Partnership (PPP) model where private developers fund the projects.
Due to high-interest loans and the developers’ responsibility for land and infrastructure costs, unit prices are significantly higher, starting at ₦22 million for one-bedroom apartments.
Dangiwa explained that the pricing disparities reflect the funding mechanisms for each model.
The estates aim to offer affordable housing, while the cities cater to those seeking premium housing solutions.
It hopes to incorporate greening methods and environmental sustainability approaches.
The Renewed Hope Programme aligns with President Tinubu’s vision of reducing Nigeria’s housing deficit.
It also hopes to promote urban development through innovative funding and public-private collaboration.
In February, Tinubu had instructed the Ministry of Housing and Urban Development to initiate the construction of at least 2,400 housing units across Nigeria’s six geopolitical zones by December.
The directive was issued during the groundbreaking ceremony for the 3,112-unit Renewed Hope City in Karsana, Abuja.
Nigeria faces a significant housing deficit, with over 28 million units required to meet the demand.
This was contained in estimates conducted by the Federal Mortgage Bank of Nigeria and the World Bank.
Pelumi Mukthar, Lagos State
