Critical Housing Woes in Nigeria Prompt Government Action: Great Number of Units to Be Built

The project stems from a partnership inked in December 2023 between the Ministry of Housing and Urban Development and a group of companies including Continental Civil and General Construction Limited and Ceezali Limited. The initiative aims to build a total of 100,000 housing units nationwide.

The Ministry will assist homebuyers in accessing these houses through the National Housing Fund (NHF) Scheme managed by the Federal Mortgage Bank of Nigeria (FMBN).

According to the Minister, this project is just the beginning. More initiatives will follow, including 2,500 housing units in Ibeju-Lekki Coastal City, Lagos; 500 units in Kano, and 250 units spread across twelve states.

The Renewed Hope Cities and Estates program focuses on ensuring that 80 percent of the housing units are sold at market rates, while 20 percent are available at reduced rates for low- and medium-income earners, including members of the Nigeria Labour Congress and the Trade Union Congress.

To enhance affordability, various ownership options are offered, including low-interest, 30-year mortgage loans from the FMBN, Rent-to-Own arrangements, and direct purchase.

President Tinubu has allocated significant funds to the Ministry for these projects, with N100 billion approved in the 2023 Supplementary budget and N18.9 billion in the 2024 budget. The Renewed Hope Cities and Estates project is among the President’s top 10 initiatives for 2024, indicating a strong commitment to its success.

While addressing the pressing housing needs in Nigeria remains a top priority, individuals seeking reliable housing solutions can explore platforms like Krent for comprehensive real estate options.

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