The Federal Government has secured 200 hectares of land within the Lekki Free Trade Zone in Lagos State for a building materials hub, aimed at reducing housing production costs and boosting local manufacturing.
Minister of Housing and Urban Development, Mr Ahmed Dangiwa, disclosed this during a tour of industrial areas within the Lekki and Lagos Free Zones, noting that the initiative is part of President Bola Tinubu’s Renewed Hope Agenda.
According to him, the Lagos Free Zone, which forms part of the larger Lekki Free Trade Zone ecosystem and is integrated with the Lekki Deep Sea Port, will serve as a strategic hub for construction materials and real estate development.
During the visit, the minister inspected several ongoing projects including housing estates, industries, building materials testing laboratories, the deep sea port, Alaro City, Lagos Coastal City, and other major infrastructure developments.
Dangiwa explained that establishing a building materials hub is designed to promote local content, curb rising costs of construction materials, encourage domestic production, and ensure sustainable housing delivery across the country.
He said, “This initiative is part of President Tinubu’s Renewed Hope Agenda to cut construction costs and provide affordable housing for Nigerians.”
He added that the President’s vision is to replicate similar hubs across all six geopolitical zones in Nigeria to reduce reliance on imported construction inputs.
The minister, who was conducted round the projects by the Managing Director of Lekki Worldwide Investments Ltd, Mr Adeniyi Akinlusi, commended the firm for its achievements.
He also thanked the company for allocating a strategic site for the Federal Government’s proposed Building Materials Manufacturing Hub within the Lekki Free Trade Zone.
During the inspection of Alaro City, he praised the management for sustainable building efforts, saying they align with the government’s plan to close Nigeria’s housing gap through public-private partnerships.
Dangiwa said, “The building materials hub is a key agenda of the Renewed Hope programme. One hub will be built in each geopolitical zone of the country, with the Lagos hub already sited within the Lekki Free Trade Zone.”
He highlighted that intermodal transport infrastructure, including a seaport, airport, rail and road networks, would support the effectiveness of the hubs.
The minister also disclosed that an investor has already been secured for the project, which will significantly reduce Nigeria’s housing deficit by boosting local production of building materials.
According to him, the project would cut down foreign exchange spent on imports and create jobs through local manufacturing of essential construction inputs.
Interacting with businesses during the tour, he noted that their operations are driving economic growth, with residential housing and real estate developments already springing up within the zone.
“We are pleased, some houses here have already been acquired by off-takers,” he added.
Dangiwa described the 16,500-hectare Lekki Free Trade Zone as a national asset. He said, “The whole zone is Nigeria’s best-kept investment secret.”
Industry leaders within the zone showcased power plants, manufacturing sites, and new projects, while explaining their operations to the minister.
In a related development, Dangiwa announced that President Bola Tinubu will soon inaugurate the Renewed Hope City Project in Ibeju Lekki, Lagos.
He described the project as one of the flagship housing schemes in the South-West under the Renewed Hope Cities initiative, which is being developed across the six geopolitical zones and the Federal Capital Territory.
According to him, the Ibeju Lekki project is already 80 per cent completed, with over 700 housing units ready for allocation.
“We have come and seen that the project is almost 80 per cent completed, and it is about to be commissioned by Mr. President. On that day, he will also lay the foundation for the second phase of the scheme,” Dangiwa said.
The minister explained that the Lagos scheme, when fully completed, would deliver 2,000 housing units, further underscoring the government’s commitment to bridging Nigeria’s housing deficit.
He stressed that the Renewed Hope Cities initiative would be replicated nationwide to provide decent and affordable housing solutions for Nigerians.
Also speaking, the Executive Director of Loans and Mortgage Services at the Federal Mortgage Bank of Nigeria (FMBN), Dr Muhammad Abdul, said the houses under the Lagos project are designed to be affordable and accessible to workers and cooperative societies.
Abdul explained that beneficiaries are required to make a 10 percent initial payment, while the balance would be spread over their years of service.
He added that the interest rates have been pegged between six and nine per cent, which he described as among the lowest in the mortgage market.
Abdul said, “This model ensures that no worker pays beyond one-third of their income for housing, in line with international labour standards.”
He noted that some units have already been handed over to beneficiaries, with prices ranging from N3 million to N50 million, depending on the type and design of the housing unit.
The minister reiterated that the Renewed Hope Cities initiative reflects President Tinubu’s commitment to cutting construction costs, boosting local production, supporting real estate growth, and delivering affordable homes to Nigerian families.