Renewed Hope: PRESIDENT Tinubu TO Deliver 3,500 Affordable Homes in Lagos and Kano
President Bola Ahmed Tinubu is set to officially launch the construction of 3,500 housing units in Lagos and Kano on December 17 and 18, 2024.
The housing initiative includes 2,000 units in Ibeju-Lekki, Lagos, and 1,500 units in Kano. These projects are part of the broader Renewed Hope Cities and Estates Programme, a strategy aimed at tackling Nigeria’s housing shortage. While the groundbreaking ceremony is scheduled for mid-December, construction at both sites has already commenced.
The announcement was made by the Minister of Housing and Urban Development, Arc. Musa Dangiwa, during the 2024 Quarterly Performance Assessment on the implementation of Presidential Priorities and Ministerial Deliverables.
Details of the housing projects were also published in a statement on the ministry's official website. "From December 17 to 18, Mr. President will officially inaugurate two new Renewed Hope Cities, which will provide a total of 3,500 housing units—2,000 in Ibeju-Lekki, Lagos, and 1,500 in Kano. Construction at these locations is already underway," said Dangiwa.
He further revealed that the Renewed Hope Cities and Estates Programme now includes 13,612 housing units under development across the country. Plans for additional housing sites in Nasarawa, Enugu, and Borno States, each featuring 2,000 units, were also outlined.
Key Features of the Renewed Hope Housing Programme
The Renewed Hope Cities and Estates Programme is designed to reduce Nigeria’s significant housing deficit while ensuring accessibility and affordability. It employs two distinct funding models:
Renewed Hope Estates:
These estates consist of 250 to 500 housing units per site and are primarily funded through government budgetary allocations. Subsidies for infrastructure and free land provided by state governments lower the cost for prospective buyers.Renewed Hope Cities:
These projects are developed under a Public-Private Partnership (PPP) model. Private developers finance the construction through loans and cover the costs of land acquisition and infrastructure. This model results in higher housing costs due to the increased development expenses.
The Housing Minister explained that pricing for units differs significantly between the two models. For example:
One-bedroom apartments in Renewed Hope Estates are priced between ₦8 million and ₦9 million.
Similar units in Renewed Hope Cities, developed under the PPP model, are priced at ₦22 million, reflecting the higher cost borne by private developers.
This housing programme represents a critical step towards addressing Nigeria’s housing challenges while providing a mix of affordable and premium housing options to meet diverse needs.