President Bola Tinubu, on Thursday, initiated the groundbreaking ceremony for the construction of 3,112 housing units in Renewed Hope City, Karsana, Abuja. This development is part of a broader plan to deliver 20,000 housing units in the Federal Capital Territory under a Public-Private Partnership Arrangement, aligned with the Renewed Hope Agenda.
Emphasizing his administration’s commitment to providing decent and affordable housing for Nigerians, President Tinubu outlined the New City Development Plan under the Renewed Hope Agenda. This plan aims to create integrated living communities that redefine residential living, fostering dynamic, integrated, and self-sustaining environments with essential amenities.
President Tinubu highlighted key components of the vision, including well-connected access and internal roads, reliable electricity supply, accessible healthcare facilities, and educational institutions to nurture knowledge and skills. He directed the Minister of the Federal Capital Territory and the Minister of Works to provide access roads to all Renewed Hope Cities and Estates Projects to enhance accessibility and livability.
Acknowledging the moral imperative of affordable housing, President Tinubu also recognized the economic potential of the housing sector as a catalyst for inclusive growth. He emphasized housing as essential social infrastructure and a priority area for economic growth and job creation, estimating that the 20,000 housing units planned for the Federal Capital Territory would generate 500,000 jobs.
President Tinubu expressed his administration’s determination to bridge Nigeria’s housing deficit through Public-Private Partnerships, attracting domestic, foreign, and diaspora investments. He underscored the importance of incentive schemes, capital market boost, and effective governance frameworks for stability, transparency, and integrity.
The President shared that the separation of the Federal Ministry of Housing and Urban Development from Works demonstrates the focused approach to addressing the nation’s housing challenge. He appointed experienced professionals to lead the Ministry and affirmed his commitment to providing the political will needed for historic achievements in housing and urban development.
President Tinubu commended the Federal Ministry of Housing and Urban Development for awarding contracts for 200 housing units in twelve states as Renewed Hope Estates. He urged the Ministry to proceed with groundbreaking ceremonies in these locations, ensuring completion by the end of 2024. Additionally, he lauded the development of Renewed Hope Cities in Kano (1,500 housing units), Lagos (2,500 housing units), and Abuja (3,112) under various funding arrangements.
In the coming weeks, President Tinubu will perform a groundbreaking ceremony for a similar project delivering 2,500 housing units in Ibeju–Lekki coastal city, Lagos. This project will exemplify cross-subsidization, with 400 housing units sold at concessionary rates to low and medium-income Nigerians affiliated with the Nigeria Labour Congress and the Trade Union Congress.