As Nigeria races towards a demographic milestone, the urgency for solutions to its housing crisis has never been greater. With a population currently estimated at 223 million and projected by the World Bank to reach 262.9 million by 2030—and a staggering 401.3 million by 2050—the country is on course to become the third most populous nation on earth. This explosive growth, while rich with economic potential, also brings with it an acute demand for housing, infrastructure, and jobs.
Among the most pressing challenges is Nigeria’s yawning housing deficit, which has long plagued urban and rural communities alike. For a forward-looking administration, addressing this shortfall is not just a developmental necessity—it is a national imperative.
In a bold move to tackle the crisis, President Bola Ahmed Tinubu launched the construction of the Renewed Hope Cities and Estates in February 2024.
The flagship project kicked off with 3,112 housing units in Karsana, Abuja, and was swiftly followed by similar developments across the country. Encouragingly, tangible progress is already evident—not just in the bricks and mortar of housing units, but in the broader reforms aimed at overhauling the housing sector.
At present, 14 active construction sites are underway nationwide, accounting for a total of 10,112 housing units. As part of the Renewed Hope Estates initiative, 12 estates—each comprising 250 housing units—are under construction in 12 states, representing two from each geo-political zone: North-East: Yobe, Gombe; North-Central: Nasarawa, Benue; North-West: Sokoto, Katsina; South-East: Abia, Ebonyi; South-South; and Delta, Akwa Ibom. Together, these sites are expected to deliver 3,000 homes in the first phase alone.
Meanwhile, the government has rolled out plans for Renewed Hope Cities—larger, urban-style housing schemes—beginning with developments in the Federal Capital Territory (3,112 units), Kano (2,000 units), and Lagos (2,000 units). Additional projects are in the pipeline for Enugu, Borno, Rivers, and Nasarawa. The overarching goal is to establish at least one Renewed Hope City in every geo-political zone as well as in the FCT.
Significant strides have already been made, with a substantial number of units at the roofing stage. The Federal Ministry of Housing is working closely with developers to ensure that the projects are completed and inaugurated as scheduled.
For instance, at the Abuja site, 1,000 housing units are nearing completion—requiring only plastering and internal finishing. According to industry analysts, these construction efforts have generated over 252,800 jobs, based on an average of 25 jobs per unit. These include both direct and indirect employment opportunities for Nigerians across the economic spectrum.
From architects, civil engineers and surveyors to masons, carpenters, electricians, plumbers, steel fixers and welders—right down to security guards, labourers, concrete pourers, and site excavators—the Renewed Hope Cities and Estates initiative is not only providing shelter, but also serving as a powerful engine of economic revival.
By harnessing the potential of the housing construction sector, the initiative is delivering meaningful work, lifting thousands off the streets, and laying the foundations for a more secure and equitable future.
For many Nigerians, owning a home has long seemed like a distant dream—out of reach due to soaring property prices and prohibitive mortgage requirements. But recent reforms under the Renewed Hope Agenda are beginning to shift the narrative, offering more accessible pathways to home ownership for a broader cross-section of citizens. One of the most viable routes is through the National Housing Fund (NHF) mortgage loan, administered by the Federal Mortgage Bank of Nigeria (FMBN). Under this scheme, eligible Nigerians can secure housing loans of up to N50 million, repayable over 30 years at an affordable 6 per cent interest rate. This stands in stark contrast to the steep 18–23 per cent interest charged by most commercial banks.
What makes the NHF loan particularly attractive is the comparatively low equity requirement. Unlike commercial banks that may demand up to 30 per cent equity, the NHF requires just 10 per cent. For instance, a loan of N10 million would require only N1 million as upfront equity—a potentially life-changing difference for many working-class Nigerians. Another innovative product from the FMBN is the Rent-to-Own scheme. This initiative allows contributors to the National Housing Scheme to move into a home and begin paying for it in monthly, quarterly or annual instalments, over a 30-year period, at a modest 7 per cent interest rate—all without any initial equity. It’s a model designed for flexibility, dignity, and gradual empowerment.
Critics argue that prices are still out of reach for the very people the programme intends to support. For example, a one-bedroom apartment at the Renewed Hope City in Karsana, built under a Public-Private Partnership (PPP), is priced at approximately N22 million. In contrast, a similar unit under the Renewed Hope Estates, funded via government budgetary allocations, costs around N10 million.
In response to growing public scrutiny, the government has pledged further interventions to cushion the affordability gap. Plans are underway to establish a National Social Housing Fund (NSHF)—a bold move aimed at ensuring that low-income earners, the unemployed, the vulnerable and other underprivileged groups are not left behind in the quest for decent and dignified shelter. Ultimately, the evolving suite of options and reforms signals a renewed political will to democratise home ownership in Nigeria—bridging economic divides and enabling millions to finally call a house their home.
To further strengthen its commitment to inclusive housing, The Nation has learnt that a memo to the Federal Executive Council (FEC) and an Executive Bill to the National Assembly are currently in the works to establish a National Social Housing Fund (NSHF). The proposed fund is expected to draw from diverse sources, including annual budgetary allocations, philanthropic donations, corporate social responsibility contributions, and even voluntary donations from patriotic Nigerians.
Insiders close to the administration affirm that President Tinubu is approaching Nigeria’s housing challenge with gravitas and a structured, deliberate strategy. They maintain that the President clearly recognises the urgency of the situation and is resolute in his mission to rekindle citizens’ hope in the possibility of affordable, accessible, and functional housing for all.
According to Dr Olayemi Rotimi-Shodimu, one of the Conveners of the Renewed Hope Housing Public-Private Partnership (PPP) initiative, the programme seeks to offer more than just shelter—it is designed to chart a clear policy direction and provide a structured roadmap for housing-sector PPPs in Nigeria. Beyond policy, the initiative is also engineered to facilitate stakeholder engagement, bringing together key players from across the spectrum—government officials, private sector investors, and international development partners—to foster deeper collaboration and attract sustainable investment into the sector.
At the heart of this reform effort is the Renewed Hope Social Housing Programme, which forms a crucial pillar of President Tinubu’s broader agenda for inclusive growth. The programme is targeted specifically at low-income earners, the unemployed, internally displaced persons (IDPs), and other marginalised groups, spanning both the formal and informal economic sectors. One of the most ambitious components of the programme is the construction of 100 housing units in each of Nigeria’s 774 local government areas, translating to a remarkable 77,400 homes. The government aims to deliver these within a one-year timeframe—a bold undertaking that underscores the scale of its ambition.
The Minister of Housing, Ahmed Dangiwa has revealed that the ambitious Renewed Hope Social Housing Programme will be financed through the Renewed Hope Infrastructure Development Fund (RHIDF). According to him, each estate under the initiative will be developed as a complete community, equipped with vital amenities such as a primary school, healthcare clinic, recreational spaces, police outpost, and a shopping mall—all designed to foster safe, dignified living. Speaking on the all-important issue of affordability, Dangiwa explained that 80 per cent of the homes will be sold to residents of the host communities, based on their ability to pay one-third of their monthly income. “Someone earning N30,000 monthly can pay just N10,000 to own a house,” he said, underscoring the administration’s commitment to housing access for everyday Nigerians.
The remaining 20 per cent of the homes, he added, will be allocated free of charge to vulnerable Nigerians, including widows, orphans, and those with little or no income. This component ensures that no one is left behind in the government’s drive to provide inclusive and equitable housing. Dangiwa also clarified that the Renewed Hope Social Housing Programme is the third leg of a broader housing agenda, which includes Renewed Hope Cities and Renewed Hope Housing Estates. These three components work in synergy to address different layers of housing demand—urban, peri-urban, and rural.
At present, Renewed Hope Cities are under development in seven locations, namely Abuja, Rivers, Lagos, Enugu, Nasarawa, Kano, and Maiduguri—each representing one of the six geopolitical zones plus the Federal Capital Territory. These are being executed through Public-Private Partnership (PPP) arrangements, combining public vision with private sector efficiency. In addition, the federal government plans to construct 250 housing units in two capital cities per geopolitical zone, totalling 12 cities under the Renewed Hope Estates scheme. Unlike the Cities, these Estates are being directly funded through the federal budget, with a clear intent to expand further in the coming fiscal year.
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