President Bola Ahmed Tinubu is set to launch the construction of 3,500 housing units in Lagos and Kano on December 17 and 18, 2024.
These housing projects, comprising 2,000 units in Ibeju-Lekki, Lagos, and 1,500 units in Kano, are part of the Renewed Hope Cities under the broader Renewed Hope Cities and Estates Programme, aimed at addressing Nigeria’s housing deficit, with construction work already commenced at both sites.
These housing projects, comprising 2,000 units in Ibeju-Lekki, Lagos, and 1,500 units in Kano, are part of the Renewed Hope Cities under the broader Renewed Hope Cities and Estates Programme, aimed at addressing Nigeria’s housing deficit.
While the official launch is yet to take place, construction work has already begun at both sites.
The Minister of Housing and Urban Development, Arc. Musa Dangiwa, made this disclosure during the Presentation of the 1st to 3rd Quarters 2024 Performance Assessment on Implementation of the Presidential Priorities and Ministerial Deliverables.
This information was outlined in a statement published on the ministry’s official website on Tuesday.
“From December 17 to 18, Mr. President has graciously accepted to break ground for two additional Renewed Hope Cities totaling 3,500 units —2,000 housing units in Ibeju-Lekki, Lagos, and 1,500 housing units in Kano. In fact, construction work is already ongoing at these sites,” Dangiwa stated.
Dangiwa also disclosed that the Renewed Hope Cities and Estates Programme now comprises 13,612 active housing units, including the projects in Ibeju-Lekki, Lagos, and Kano.
Additionally, he highlighted plans for new Renewed Hope Cities sites, with 2,000 units each, in Nasarawa, Enugu, and Borno States.
What you should know
The Renewed Hope Cities and Estates Programme is designed to help close Nigeria’s significant housing deficit while ensuring affordability through strategic funding models.
- Under the programme, the Renewed Hope Estates, comprising 250 to 500 housing units per site, are funded through government budgetary allocations. These projects benefit from subsidies for infrastructure and free land provided by state governments where the estates are sited, ensuring lower costs for prospective homeowners.
- In contrast, the Renewed Hope Cities are developed exclusively under the Public-Private Partnership (PPP) model. Here, private developers finance the projects through high-interest loans and shoulder the costs of land acquisition and infrastructure development, leading to higher housing prices.
- Explaining the differences, Housing Minister Arc. Musa Dangiwa noted that units in Renewed Hope Cities and Renewed Hope Estates vary significantly in pricing due to these funding mechanisms.
For example, one-bedroom apartments under the Renewed Hope Estates Programme cost between N8 million and N9 million, while similar units in Renewed Hope Cities, developed under the PPP model, are priced at N22 million due to the higher development costs borne by private developers.