By Eshioromeh Sebastian
The Federal Government has unveiled a housing initiative under President Bola Tinubu’s Renewed Hope Agenda that allows teachers, nurses, police officers, civil servants and other low and middle income Nigerians to become homeowners with an initial deposit of just N100,000.
The plan was announced on Friday during the groundbreaking ceremony for a 2,000 unit Renewed Hope Housing Development at Lekki Aviation Town in Ibeju Lekki, Lagos State.
Under the arrangement, prospective homeowners will pay an initial N100,000 and spread the remaining balance over a period of up to 25 years through the Federal Mortgage Bank of Nigeria.
The Chief Executive Officer of Harmony Gardens and Estate Development Limited, Abdullahi Saheed Mosadoluwa, announced the payment structure at the event and commended President Tinubu for creating what he described as an unprecedented pathway for ordinary Nigerians to own homes without breaking the bank.
Mosadoluwa said the initiative was designed to make homeownership accessible to workers who have long struggled to enter the property market due to rising housing costs and the difficulty of raising substantial deposits.
He listed teachers, nurses, police officers, civil servants, young entrepreneurs and Nigerians in the diaspora as some of the groups expected to benefit from the scheme.
The Minister of Housing and Urban Development, Muttaqha Rabe Darma, who performed the groundbreaking, said the project was part of the government’s broader efforts to address Nigeria’s housing deficit and expand access to affordable homeownership.
Darma explained that the government’s housing strategy was built around four major priorities, namely increasing housing supply, improving access to mortgage financing, strengthening private sector participation and adopting evidence based policies.
He noted that increasing the number of houses across the country would not be sufficient to address the housing crisis unless prospective buyers could also access affordable financing, adding that the government was working to remove obstacles that prevent eligible Nigerians from accessing mortgage facilities.
The minister urged the developers to maintain high construction standards, comply with environmental regulations and ensure the houses are delivered within the agreed timeframe, stressing that the success of the initiative would be measured by the delivery of quality and affordable homes rather than the commencement of construction alone.
The 2,000 unit development is being executed through a partnership involving the Federal Ministry of Housing and Urban Development, Harmony Gardens and Estate Development Limited and Metroscape Development Company Limited, and will feature two bedroom and three bedroom housing units.
Representing Lagos State Governor Babajide Sanwo Olu, Prince Bayo Balogun welcomed the development and described it as an important private sector investment capable of supporting the state’s growing housing needs.
The Chairman of the House of Representatives Committee on Urban Development and Regional Planning, Awaji Inombek Abiante, called for proper planning and the provision of essential infrastructure around the housing estate, noting that housing developments should be supported by adequate transportation networks, markets and other public facilities.
The Permanent Secretary of the Federal Ministry of Housing and Urban Development, Shuaib Belgore, said the ministry would provide institutional oversight and quality assurance to ensure the development meets the required standards.
Ibeju Lekki was selected for the development amid increasing investments and economic activities in the area driven by major projects such as the Dangote Refinery, Lekki Deep Sea Port and Lekki Free Trade Zone.
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