FG Unveils Housing Boom: 77,400 Units for 774 LGAs Nationwide

The Minister of Housing and Urban Development, Ahmed Dangiwa, has announced that the Renewed Hope Social Housing Program will be rolled out across all 774 local government areas under President Bola Ahmed Tinubu’s administration. This initiative aims to tackle the housing requirements of Nigerians from various economic backgrounds without discrimination.

The minister disclosed this when he received a delegation from Creative Sphere Limited at his ministry’s offices in Mabushi recently.

Dangiwa stated that the Renewed Hope Social Housing Programme aimed to offer residences to those with low incomes, jobless individuals, disadvantaged populations, and people who have been internally displaced, catering to both the organized and unorganized economic segments.

He stated, "The Federal Government intends to build 100 residential buildings in each of the nation’s 774 local government areas, which will collectively add up to 77,400 units. It is anticipated that this construction project will be finished within twelve months following the commencement."

The ambitious program embodies President Tinubu's dedication to providing every Nigerian with affordable housing, highlighting his zeal for a improved nation where even those who are most at risk can have a suitable place to live. Furthermore, this initiative will receive financial support from the Renewed Hope Infrastructure Development Fund.

Regarding the layout of the residential complexes, he mentioned that every complex would include additional amenities like leisure spaces, an elementary school, a police station, a healthcare center, and a commercial area.

Concerning the distribution of homes, the minister stated that 80 percent of these residences will be made available for purchase by Nigerian residents within the local government area who have an adequate salary. He further mentioned that those wishing to buy must commit one-third of their monthly earnings towards this purchase.

Individuals making as little as ₦30,000 each month would have the opportunity to buy a home, with payments set at just ₦10,000 monthly, representing one-third of their income. Likewise, those earning ₦90,000 would contribute ₦30,000 every month.

The remaining 20 percent of the housing units will be provided at no cost to individuals with low or minimal income, including widows, orphans, and other members of society who have been recognized as vulnerable.

The Renewed Hope Social Housing Program represents the third part of the larger Renewed Hope Housing endeavor, encompassing three elements: the Renewed Hope Housing Estates, the Renewed Hope Cities, and itself as the social housing segment.

The Revived Hope Cities are being established across seven sites: the Federal Capital Territory along with one site in each of the six geopolitical regions—Rivers (South-South), Lagos (South-West), Enugu (South-East), Nasarawa (North-Central), Kano (North-West), and Maiduguri (North-East). These initiatives are part of a Public-Private Partnership agreement.

He revealed that as part of the Renewed Hope Estates program, the federal government intends to construct 250 residential units in every one of the 30 state capitals throughout Nigeria.

"We are building 250 units by selecting two major cities from each geopolitical region, totaling twelve. This initiative is supported by the federal budget, and this year, we plan to extend our efforts," he stated.

Regarding the partnership proposal for the forthcoming Real Estate Innovation and Investment Carnival from Creative Sphere Limited, the minister expressed approval of the initiative.

He pointed out that the carnival, parade, and awards ceremony serve as great platforms to boost the promotion of the housing sector and increase awareness about the ministry's initiatives.

At an earlier point during the meeting, Monday Ogedengbe, who chairs Creative Sphere Limited, informed the Minister that they had come to explore potential cooperation with the Ministry regarding the forthcoming event planned for later this year.

Ogedengbe mentioned that Creative Sphere intends to emphasize the significance of real estate in driving national economic development through a vibrant, carnival-like awareness initiative targeted at this industry level, with activities spanning across national borders as well as globally.

Provided by Syndigate Media Inc. ( Syndigate.info ).
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