President Bola Tinubu has said his administration is making steady progress in addressing Nigeria’s housing challenges, revealing that more than 15,000 housing units are currently under construction across the country under the Renewed Hope Housing Programme.
In a statement shared on his official X account on Tuesday, the President said the government remains committed to its promise of making decent and affordable housing accessible to Nigerians.
According to Tinubu, the Renewed Hope Agenda was designed to create a clear path to homeownership for hardworking Nigerians who have spent years paying rent without the opportunity to own a home.
“When I presented the Renewed Hope Agenda to Nigerians, I made a commitment to make decent housing more affordable and ensure that hardworking families could eventually own homes of their own,” he said.
The President explained that the housing programme initially targeted the construction of 100,000 housing units nationwide, with 50,000 units planned in the first phase. The project includes large-scale housing developments across the six geopolitical zones and the Federal Capital Territory, as well as estates in other states.
He noted that major projects are already taking shape, including over 3,000 housing units at Karsana in Abuja and a 2,000-unit estate in Ibeju-Lekki, Lagos State, which has reached an advanced stage of completion and is already open for sales.
Tinubu also highlighted reforms aimed at tackling long-standing challenges in the housing sector, including issues relating to land ownership, financing, construction costs and access to building equipment.
According to him, the Federal Government is working with the World Bank to expand formal land registration, with a target of increasing land titling coverage from less than 10 per cent to about 50 per cent nationwide.
The President added that new policies have been introduced to improve equipment leasing for contractors, ensuring that construction projects are not delayed due to a lack of machinery.
He further disclosed that the government has introduced transparent pricing mechanisms for housing projects while establishing regional building material hubs to reduce construction costs and encourage the use of local resources.
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On housing finance, Tinubu said 1,859 families across 25 states have accessed mortgage loans worth ₦128 billion through the MOFI Real Estate Investment Fund. He noted that the loans come with repayment terms fixed at 9.75 per cent interest over 20 years.
He also referenced the Family Homes Funds initiative, which is expected to deliver 500,000 homes and create about 1.5 million jobs across the country.
Despite the progress recorded, Tinubu acknowledged that Nigeria’s housing deficit remains significant and cannot be eliminated overnight.
“I will not pretend that the work is finished because it is not. Nigeria’s housing deficit runs into millions of units, and it will take years of consistent effort to close that gap,” he said.
The President, however, maintained that for the first time in decades, all aspects of the housing sector—including land administration, construction, materials, financing and homeownership—are being addressed in a coordinated manner.
He added that housing is no longer being treated solely as a social welfare issue but as a key component of economic growth, job creation and national development.
According to him, the construction and real estate sectors have become major contributors to the nation’s economy, creating opportunities across several industries while helping more Nigerians achieve the dream of homeownership.
“Renewed Hope was never charity. It is about ensuring that every Nigerian has the opportunity to own a place they can proudly call home,” Tinubu stated.
