Minister of Housing and Urban Development, Mr Ahmed Dangiwa, says President Bola Tinubu will, in the coming weeks, inaugurate the Renewed Hope City Project in Ibeju Lekki, Lagos.
Dangiwa disclosed this on Thursday after inspecting industrial areas within the Lekki Free Trade Zone and Lagos Free Trade Zone as part of plans to build a Building Materials Manufacturer Hub within the trade zone.
He described the project as one of the flagship schemes in the South-West under the Renewed Hope Cities initiative, being developed across the six geopolitical zones and the Federal Capital Territory.
According to him, the Ibeju Lekki project is already 80 per cent completed, with over 700 housing units ready for allocation.
“We have come and seen that the project is almost 80 per cent completed, and it is about to be commissioned by Mr President.
“On that day, he will also lay the foundation for the second phase of the scheme,” Dangiwa said.
The minister explained that the Lagos scheme, when fully completed, would deliver 2,000 housing units.
He added that the project underscored Tinubu’s commitment to bridging Nigeria’s housing deficit.
Executive Director, Loans and Mortgage Services, Federal Mortgage Bank of Nigeria, Dr Muhammad Abdul, said the houses are designed to be affordable and accessible to workers and cooperative societies.
He explained that beneficiaries were expected to make a 10 per cent initial payment, while the balance would be spread over their years of service.
Abdul noted that the interest rates are kept between six and nine per cent, being among the lowest in the market.
Abdul noted that some units had already been handed over, with prices ranging from N3 million to N50 million, depending on type and design.
“This model ensures that no worker pays beyond one-third of their income for housing, in line with international labour standards,” he said.
The minister reaffirmed that the Renewed Hope Cities initiative would be replicated nationwide to provide decent and affordable housing for Nigerians.
(NAN)
