The Federal Government has set an ambitious target of creating 1.2 million employment opportunities through the construction of 3,112 housing units under the Renewed Hope Initiative.
This revelation was made by the Minister of Housing and Urban Development, Ahmed Dangiwa, during the groundbreaking ceremony for the project in Karsana, Abuja.
Dangiwa emphasized the government’s commitment to leveraging affordable housing provision as a means to drive economic growth and foster job creation.
The Renewed Hope Cities and Estates Programme, according to the minister, is a comprehensive initiative aimed at addressing various aspects of development, ranging from urban planning and economic expansion to social integration and environmental sustainability.
He further revealed that a budget of N118.9 billion has been allocated for the project.
Nigeria currently grapples with a housing deficit of 28 million units, as reported by the Federal Mortgage Bank of Nigeria.
Dangiwa stated, “The Renewed Hope Cities and Estates Programme is strategically designed to catalyze economic growth. The construction and development of these new areas will not only generate employment opportunities but also stimulate local businesses and attract investments.”
“The planned delivery of 50,000 housing units in phase 1 is projected to create 1.25 million direct and indirect construction jobs within 24 months, at an average of 25 persons per unit. Additionally, there will be ripple effects across the value chain, including the purchase and supply of building materials, and businesses around the construction sites,” he added.
“We aim to start handing over keys to subscribers within 10 to 12 months, once a significant portion of the estate is completed, with the goal of putting the estate to use by the end of the year,” Dangiwa remarked.
He emphasized that the initiative aligns with President Bola Tinubu’s broader vision for national development, aimed at establishing smart and modern cities capable of competing globally and attracting both domestic and foreign investments.
Furthermore, Dangiwa highlighted that the project marks the commencement of a Public Private Partnership (PPP) between the Federal Ministry of Housing and Urban Development and a consortium of developers, including Continental Civil and General Construction and Ceezali Limited. This partnership, signed in December 2023, aims to deliver a total of 100,000 houses nationwide.
“In this PPP arrangement, the Ministry is creating an enabling environment and facilitating off-takers for the houses through the Federal Mortgage Bank of Nigeria. The developers will be responsible for sourcing land and financing the construction. By promoting such PPP initiatives, we aim to alleviate the financial burden on the government while meeting the housing needs of our citizens,” he explained.
Dangiwa expressed confidence that the Renewed Hope Cities and Estates project would alleviate pressure on existing cities and enhance the overall quality of life for residents, asserting, “Housing plays a vital role in creating employment opportunities for youths, fostering entrepreneurship, and alleviating poverty for many.”
Meanwhile, Tinubu directed the Ministry of Housing and Urban Development to commence groundwork on the construction of at least 2,400 housing units across the country’s six geopolitical zones before December.
