The Federal Government, Monday, said that the ongoing construction of housing across the country has created over 250,000 new jobs.

The Minister said, “One of the cornerstone initiatives of the Ministry is the Renewed Hope Cities and Estates Programme, which is currently active in 14 construction sites across Nigeria.

“This programme is set to deliver over 10,000 housing units across multiple locations, spanning all six geopolitical zones.

“The projects include a mix of urban developments such as Renewed Hope Cities in key areas like the Federal Capital Territory, Kano, and Lagos, as well as smaller, but equally important, Renewed Hope Estates, each consisting of 250 homes.

“We have set a clear goal to build at least one Renewed Hope City in each geopolitical zone of the country. These projects are designed to bring homes closer to the people who need them most, ensuring that our housing initiatives are both geographically and economically inclusive,” Dangiwa explained.

“A key component of the Ministry’s strategy to make housing accessible to all Nigerians is its emphasis on affordable homeownership options

Through the National Housing Fund (NHF), managed by the Federal Mortgage Bank of Nigeria (FMBN), Nigerians can access loans of up to N50 million at a competitive 6% interest rate with a repayment period of up to 30 years.”

He explained that the NHF offers a lower equity requirement compared to traditional commercial banks, making it easier for Nigerians to purchase homes.

Additionally, the government has introduced a Rent-to-Own scheme, allowing Nigerians to begin living in homes while making payments toward ownership over a period of 30 years, with no initial equity contribution required.

“These initiatives are life-changing pathways to homeownership for millions of Nigerians who otherwise would not have access to affordable housing,” Dangiwa added.

The Ministry has also launched the Renewed Hope Online Housing Delivery Portal, which has become a key tool in improving accessibility and transparency in the housing allocation process.

He informed that with over 47,605 registered users and more than 1,000 applications completed, the portal has removed the need for backdoor dealings and lobbying, making the housing application process more efficient and equitable.

Dangiwa also discussed the Ministry’s efforts to secure funding for these large-scale housing projects. The Renewed Hope Estates are being financed through a N50 billion allocation from the 2023 supplementary budget, with ₦27.2 billion earmarked for 2024.

Public-private partnerships (PPPs) have also played a crucial role, raising more than N40 billion for projects such as the Karsana Renewed Hope City, which has received support through a N100 billion Bankable Offtaker Guarantee from the FMBN.

Despite the progress, the Minister acknowledged that Nigeria’s housing deficit remains significant, with the country needing to build an estimated 550,000 units per year to meet demand.

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