Under the Renewed Hope Housing Initiative, President Bola Tinubu has begun construction on 3,112 pilot housing projects in the Federal Capital Territory’s Karsana neighborhood.
The Ministry of Housing and Urban Development, in collaboration with a group of companies, designed the estate with the goal of building 100,000 housing units across the country through a public-private partnership.
Using a variety of funding sources, including public-private partnerships, the Federal Mortgage Bank of Nigeria, and budgetary allocations, the ministry intends to build 50,000 housing units of various house types in the first phase.
Speaking on Thursday, Tinubu emphasized the value of housing in his keynote speech, calling it a basic human right and the duty of the state to its people.
In addition, Tinubu praised the ministry for its efforts in carrying out the Renewed Hope mandate for housing and urban development. This was his first public appearance following a two-week private visit to Paris.
He said, “I heard the minister declare that they are dedicated to turning Nigeria into a massive housing development site. He’s demonstrated that he is a model advocate who knows how to use housing as a spur for both national and economic growth. To succeed as a team, we must all have pride in our nation and cooperate.
The president also congratulated the Housing Ministry for being the first to bring the private sector in through PPP arrangements, highlighting the enormous contribution the private sector can make to building a future in which Nigerians can be proud.
