Arc. Musa Dangiwa, the Minister of Housing and Urban Development, has reaffirmed the Federal Government’s intention to establish a housing development project consisting of 2,500 units in the Ibeju Lekki Coastal City, Lagos.
Dangiwa revealed this on Thursday while delivering his speech at the groundbreaking event for the 3,112-unit housing project in the Karsana District of Abuja. The project was inaugurated by President Bola Tinubu to kickstart the pilot phase of the Renewed Hope Cities and Estates programme.
In the first phase of the Renewed Hope Cities and Estates programme, the Ministry of Housing and Urban Development plans to build 50,000 housing units of different types across the six geopolitical zones and the Federal Capital Territory.
- “Under phase One, we plan to deliver a total of 50,000 housing units across Nigeria. The Cities will have 1,000 housing units per site in one location in each of the six geo-political zones in the country and FCT, while the Estates will have 500 housing units per site in the remaining thirty (30) States.
- “We have designed the Renewed Hope Cities as integrated living communities targeting all income brackets. They comprise one-bedroom blocks of flats, two-bedroom blocks of flats and three- bedroom blocks of flats; two-, three- and four-bedroom terraces, four-bedroom duplexes, and five-bedroom duplexes,” he said.
Speaking further, Dangiwa disclosed that the upcoming projects to commence under the Renewed Hope Cities and Estates programme include the 2,500-unit development in Ibeju-Lekki Coastal City, Lagos, and the establishment of Renewed Hope Estates in Kano and twelve other states, as indicated in a statement on the ministry’s website.
More insight
- The Housing Minister pointed out that while Renewed Hope Cities, each consisting of 1,000 housing units in a single location, will cater to all income brackets, Renewed Hope Estates are specifically designed to meet the housing needs of low- and medium-income earners.
- Dangiwa further explained that the Renewed Hope Estate will feature one-, two-, and three-bedroom semi-detached bungalows. To enhance affordability and ease of acquisition, the minister revealed that organic designs were employed, allowing for the expansion of one-bedroom units into two- or three-bedroom configurations as beneficiaries’ incomes increase over time.
- As previously reported by Nairametrics, the Minister mentioned that the implementation of the Renewed Hope Cities and Estates program will utilize multiple funding sources, including budgetary allocations, assistance from the Federal Mortgage Bank of Nigeria (FMBN), and strategic Public-Private Partnerships.
- Ownership options for housing units in the Renewed Hope Cities and Estates program include single-digit, up to 30-year mortgage loans from the Federal Mortgage Bank of Nigeria, as well as Rent-to-Own plans allowing payments towards ownership. Additionally, an Outright Purchase option is available for high-income earners.