President Tinubu to launch building of three,500 housing items in Lagos, Kano 

President Bola Ahmed Tinubu is about to launch the development of three,500 housing items in Lagos and Kano on December 17 and 18, 2024.

These housing tasks, comprising 2,000 items in Ibeju-Lekki, Lagos, and 1,500 items in Kano, are a part of the Renewed Hope Cities below the broader Renewed Hope Cities and Estates Programme, aimed toward addressing Nigeria’s housing deficit, with building work already commenced at each websites.

These housing tasks, comprising 2,000 items in Ibeju-Lekki, Lagos, and 1,500 items in Kano, are a part of the Renewed Hope Cities below the broader Renewed Hope Cities and Estates Programme, aimed toward addressing Nigeria’s housing deficit.

Whereas the official launch is but to happen, building work has already begun at each websites.

The Minister of Housing and City Improvement, Arc. Musa Dangiwa, made this disclosure throughout the Presentation of the first to third Quarters 2024 Efficiency Evaluation on Implementation of the Presidential Priorities and Ministerial Deliverables.

This info was outlined in a press release revealed on the ministry’s official web site on Tuesday.

“From December 17 to 18, Mr. President has graciously accepted to interrupt floor for 2 further Renewed Hope Cities totaling 3,500 items —2,000 housing items in Ibeju-Lekki, Lagos, and 1,500 housing items in Kano. Actually, building work is already ongoing at these websites,” Dangiwa said.

Dangiwa additionally disclosed that the Renewed Hope Cities and Estates Programme now contains 13,612 lively housing items, together with the tasks in Ibeju-Lekki, Lagos, and Kano.

Moreover, he highlighted plans for brand spanking new Renewed Hope Cities websites, with 2,000 items every, in Nasarawa, Enugu, and Borno States.

What it is best to know 

The Renewed Hope Cities and Estates Programme is designed to assist shut Nigeria’s vital housing deficit whereas guaranteeing affordability by strategic funding fashions.

• Below the programme, the Renewed Hope Estates, comprising 250 to 500 housing items per web site, are funded by authorities budgetary allocations. These tasks profit from subsidies for infrastructure and free land supplied by state governments the place the estates are sited, guaranteeing decrease prices for potential owners.
• In distinction, the Renewed Hope Cities are developed solely below the Public-Non-public Partnership (PPP) mannequin. Right here, personal builders finance the tasks by high-interest loans and shoulder the prices of land acquisition and infrastructure improvement, resulting in increased housing costs.
• Explaining the variations, Housing Minister Arc. Musa Dangiwa famous that items in Renewed Hope Cities and Renewed Hope Estates range considerably in pricing because of these funding mechanisms.

For instance, one-bedroom residences below the Renewed Hope Estates Programme price between N8 million and N9 million, whereas comparable items in Renewed Hope Cities, developed below the PPP mannequin, are priced at N22 million because of the increased improvement prices borne by personal builders.