Minister of Housing and Urban Development, Mr Ahmed Dangiwa, has announced that President Bola Tinubu will in the coming weeks inaugurate the Renewed Hope City Project in Ibeju Lekki, Lagos.
Dangiwa made this known on Thursday after inspecting industrial areas within the Lekki Free Trade Zone and Lagos Free Trade Zone. He said the inspection was part of plans to build a Building Materials Manufacturer Hub within the trade zone.
He described the housing project as one of the flagship 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 the minister, the Ibeju Lekki project is already at 80 per cent completion, 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.
He explained that the Lagos scheme, when fully completed, would deliver 2,000 housing units. Dangiwa added that the project underscored President Tinubu’s commitment to bridging Nigeria’s housing deficit through affordable housing and real estate development.
Executive Director, Loans and Mortgage Services, Federal Mortgage Bank of Nigeria, Dr Muhammad Abdul, also spoke on the project. He said the houses are designed to be affordable and accessible to workers and cooperative societies.
Abdul explained that beneficiaries are expected to make a 10 per cent initial payment, while the balance would be spread across their years of service. He added that interest rates are pegged between six and nine per cent, making them among the lowest in the housing finance market.
He disclosed that some housing units have already been handed over, with prices ranging from N3 million to N50 million, depending on type and design. “This model ensures that no worker pays beyond one-third of their income for housing, in line with international labour standards,” Abdul said.
Dangiwa reaffirmed that the Renewed Hope Cities initiative would be replicated nationwide to provide decent and affordable housing for Nigerians.