The Federal Government has commenced the construction of 250 housing units at the Renewed Hope Estate site in Yobe State as part of the Renewed Hope Cities and Estates initiative.
The Minister of Housing and Urban Development, Arc. Musa Dangiwa, officially launched the project on Friday, according to a statement published on the Ministry of Housing and Urban Development’s website.
Representing Dangiwa at the launch, the Minister of State for Housing and Urban Development, Abdullahi Tijjani Gwarzo, noted that the project will include 50 one-bedroom, 150 two-bedroom, and 50 three-bedroom semi-detached bungalows, all designed for future expansion as beneficiaries’ incomes grow.
“The Renewed Hope Estate in Yobe comprises of 50 units of 1-bedroom semi-detached bungalows, 150 units of 2-bedroom semi-detached bungalows, and 50 units of 3-bedroom semi-detached bungalows.
“We have designed these housing units in a way that makes it easy and affordable for people to offtake. We have used organic designs to allow for future expansion as the income of beneficiaries increases. What this means is that the 1-bedroom can be expanded to 2 bedrooms and a 2-bedroom expandable to 3 bedrooms as the owner’s financial situation improves or he grows in service,” the Housing Minister said.
Additionally, the Minister tasked the project developers—Messrs. Katalyst Dynamics & Contracting Co. Ltd, Jikantiti Nigeria Limited, MB Yalwa Contractors Ltd, and 2 Horses Ventures Limited—to build according to specifications and complete the work within the next three months.
What you should know
The Renewed Hope Cities and Estates project, launched by President Bola Tinubu’s administration, aims to reduce the housing deficit in Nigeria by delivering 50,000 housing units in its first phase.
Renewed Hope Cities will consist of 500-1,000 housing units per location in each of the six geopolitical zones and the Federal Capital Territory. Renewed Hope Estates will feature 250 units per site across the remaining thirty states.
Contracts for 3,500 housing units in 13 states have already been awarded under Phase 1, funded by the N50 billion 2023 Supplementary Budget from the Federal Ministry of Housing and Urban Development. Additional states will be included in the 2024 Budget, as announced by the Minister of Housing.
To address social inequality, the project offers various affordable ownership options, including single-digit, up to 30-year mortgage loans from the Federal Mortgage Bank of Nigeria, rent-to-own schemes, and outright purchases for high-income earners.
The programme operates on a cross-subsidy model, with 80% of units sold at commercial rates and 20% at concessional rates for low- and medium-income Nigerians affiliated with the Nigeria Labour Congress and the Trade Union Congress.