The Federal Government is set to commence the construction of an additional 2,000 housing units across eight states in the South and North Central geopolitical zones under the Renewed Hope and Estates programme.
The states slated for this project include Ebonyi, Abia, Akwa Ibom, Delta, Osun, Oyo, Benue, and Nasarawa.
The construction is scheduled to kick off between June 26 and July 6, 2024, with the Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, officiating the groundbreaking ceremonies.
This initiative follows the recent launch of 1,500 housing units in five northern states: Katsina, Yobe, Gombe, Sokoto, and Kano.
According to a statement from the Ministry’s official website, the construction schedule will begin with a 250-unit project in Ebonyi State on June 26, 2024, followed by:
– 250 units in Abia on June 27
– 250 units in Akwa Ibom on June 28
– 250 units in Delta State on June 29
– 250 units in Osun on July 2
– 250 units in Oyo on July 3
– 250 units in Benue on July 5
– 250 units in Nasarawa on July 6
Each 250-unit housing project will comprise:
– 50 units of one-bedroom semi-detached bungalows
– 100 units of two-bedroom semi-detached bungalows
– 50 units of three-bedroom semi-detached bungalows
The initiative is expected to create approximately 50,000 skilled and unskilled jobs, averaging 25 jobs per housing unit, thereby stimulating the local economies of the involved states.
The Renewed Hope and Estates programme aims to address Nigeria’s housing shortage by delivering 1,000 housing units in each of the 36 states and 4,000 units in the Federal Capital Territory. The programme was initiated by President Bola Tinubu’s administration and will be executed in batches to eventually cover the entire country.
The first phase began in February with the launch of 3,112 housing units in the Karsana District of Abuja. The projects currently under construction and the additional 2,000 units set to begin next week are funded by the 2023 Supplementary Budget of the Federal Ministry of Housing and Urban Development. Future projects will be financed through the Ministry’s 2024 budget.
This housing initiative aims to promote inclusivity and integration by addressing inequalities and offering a range of affordable homeownership options. These options 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
– Outright purchase options for high-income earners
The 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.