The Federal Government is set to begin construction on an additional 2,000 housing units in eight states across the South and North Central geopolitical zones under the Renewed Hope and Estates program.
The housing units will be built in Abia, Akwa Ibom, Benue, Delta, Osun, Oyo and Nasarawa States.
The Minister of Housing and Urban Development, Arc. According to a Ministry’s official website statement, Ahmed Musa Dangiwa will officially kick off the construction between June 26 and July 6, 2024.
This planned launch comes barely a month after the Federal Government began constructing 1,500 housing units in five northern states: Katsina, Yobe, Gombe, Sokoto, and Kano.
“The Hon. Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa is set to officially flag off construction work for an additional 2,000 housing units in eight (8) States in the South and North Central zones of the country in continuation of the groundbreaking ceremonies for Renewed Hope Cities and Estates. States slated for the exercise include Abia, Akwa Ibom, Delta, Ebonyi, Osun, Oyo and Nasarawa,” the statement read in part.
According to the statement, the construction schedule begins with a 250-unit housing project in Ebonyi State on June 26, 2024, followed by 250 units in Abia on June 27.
The project will continue with 250 units in Akwa Ibom on June 28 and 250 units in Delta State on June 29. Further construction includes 250 units in Osun on July 2, 250 units in Oyo on July 3, 250 units in Benue on July 5, and concludes with 250 units in Nasarawa on July 6.
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The statement further detailed that each of these 250-unit housing projects will comprise 50 units of one-bedroom semi-detached bungalows, 100 units of two-bedroom semi-detached bungalows, and 50 units of three-bedroom semi-detached bungalows.
Additionally, the construction of these housing projects is expected to generate approximately 50,000 skilled and unskilled jobs, averaging 25 jobs per unit, thereby stimulating the local economies of the states involved.
The statement also highlighted that all housing projects under the Renewed Hope and Estates programme, totalling 6,612 units—including 3,112 units in Abuja, 1,500 units in Katsina, Yobe, Gombe, Sokoto, and Kano States, and the 2,000 units planned to begin next week—are scheduled for completion and commissioning by the end of 2024, ensuring they will be available for occupancy by Nigerians in need.
What you should know
- The Renewed Hope Cities and Estates programme, initiated by President Bola Tinubu’s administration, aims to tackle the housing shortage in Nigeria by delivering 1,000 housing units in each of the 36 states and 4,000 in the Federal Capital Territory.
- The first phase, which commenced in February with the launch of 3,112 housing units in the Karsana District of Abuja, will be executed in batches to eventually cover the entire country.
- The initial housing projects, which have already commenced construction, along with the additional 2,000 units scheduled to start next week, are funded by the 2023 Supplementary Budget of the Federal Ministry of Housing and Urban Development. Future projects under the Renewed Hope Cities and Estates programme will be financed through the Ministry’s 2024 budget.
- This housing initiative aims to promote inclusivity and integration, addressing inequalities by offering a range of affordable homeownership options. These include single-digit interest rate mortgage loans with up to 30-year terms from the Federal Mortgage Bank of Nigeria, Rent-to-Own options allowing beneficiaries to pay towards ownership in monthly, quarterly, or annual instalments, and outright purchase options for high-income earners.
- The Renewed Hope Cities and Estates programme will operate as a cross-subsidy initiative, with 80% of the housing units sold at commercial rates and the remaining 20% offered at concessional rates to low- and medium-income Nigerians affiliated with the Nigeria Labour Congress and the Trade Union Congress.