The Federal Government has disclosed the cost structure of its Renewed Hope Housing Programme, aimed at tackling Nigeria’s housing deficit while creating jobs and stimulating economic growth.
According to Musa Dangiwa, minister of Housing and Urban Development, the programme offers one-bedroom apartments at varying prices depending on the funding model.
Government-funded units under the Renewed Hope Estates Programme are priced between ₦8 million and ₦9 million, benefiting from budgetary provisions, free land, and subsidised infrastructure.
Meanwhile, units constructed under the Public-Private Partnership (PPP)-driven Renewed Hope Cities initiative cost ₦22 million, as private developers bear the financial burden of land acquisition, infrastructure development, and high-interest loans.
Dangiwa explained that the Renewed Hope Housing Programme uses a dual approach to meet the nation’s housing needs.
The Estates Programme targets low-income earners with affordable housing options, while the Cities initiative caters to middle- and high-income groups who can afford market-rate homes.
Nigeria’s housing deficit, which requires the construction of 550,000 units annually for the next decade, makes PPPs indispensable. The Minister argued that budgetary allocations alone—currently capped at ₦50 billion annually—fall short of the ₦5.5 trillion required each year.
He advocated for increasing the housing budget to at least ₦500 billion in the 2025 budget to expand housing projects across more states and scale up unit production.
Since its inception, the housing programme has created over 252,800 jobs for skilled and unskilled workers nationwide. Construction efforts include 10,112 housing units in 14 locations, with many projects nearing completion.
Workers such as masons, plumbers, and labourers earn up to ₦150,000 per month, contributing to local economic activity in project areas.
Key projects include 250-unit estates in states like Yobe, Ebonyi, and Delta, as well as larger developments such as the 3,112-unit Renewed Hope City in the Federal Capital Territory (FCT) and 2,000-unit projects in Kano and Lagos.
With urbanisation accelerating, the government has emphasised the urgency of sustainable urban development. By 2050, Nigeria’s urban population is expected to rise to 70%, creating additional pressure on housing and infrastructure.
Currently, an estimated 59% of urban residents live in slums, underscoring the need for more affordable housing options.
Dangiwa stressed that planning for Nigeria’s rapidly growing cities is essential to achieving a balance between economic, social, and environmental benefits for present and future generations.
Governor Inuwa Yahaya of Gombe State commended the initiative, describing housing as necessary for national stability. He highlighted his administration’s delivery of over 1,000 housing units through partnerships with the North East Development Commission and other agencies.
Added to this, Gombe State has launched urban planning initiatives to improve access to affordable, climate-resilient housing.
President Bola Tinubu’s vision to construct 100,000 homes over the next three years is a commitment to reduce the housing deficit.
