The Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, has announced that the construction of the 2,000-unit Renewed Hope City in Ibeju-Lekki, Lagos State, has reached 80 percent completion, with over 700 housing units in the first phase already fully completed.
Dangiwa, who disclosed this during an inspection visit to the project site, revealed that the completed units are set for commissioning soon by President Bola Ahmed Tinubu, who will also perform the groundbreaking ceremony for Phase Two of the project.
The Renewed Hope City initiative is part of the Federal Government’s flagship housing scheme designed to provide decent and affordable homes for Nigerians. Similar cities are under development across the six geopolitical zones and the Federal Capital Territory, Abuja, with the Lagos project serving as a model for sustainable urban development.
According to the Minister, the government has gone beyond mere housing delivery by also prioritizing the establishment of six Building Materials Manufacturing Hubs, one in each geopolitical zone. An investor has already been secured to site one of such hubs within the Lekki Free Trade Zone, aimed at reducing the cost of housing construction, promoting local content, and boosting job creation.
Dangiwa further explained that the Lagos Renewed Hope City benefits from its strategic location, supported by intermodal infrastructure such as the Lekki deep-sea port, the proposed airport, rail connectivity, and road networks, which are expected to drive both economic activities and real estate investment in the corridor.
On financing, the Minister assured Nigerians that the Federal Mortgage Bank of Nigeria (FMBN) has rolled out affordable mortgage plans with single-digit interest rates between 6% and 9%, allowing beneficiaries to pay gradually over long tenures. Housing units are priced between ₦3 million and ₦50 million, depending on design and size, with options like rent-to-own also available. Beneficiaries are expected to make a 10 percent down payment, while repayment will be spread over their working years, ensuring affordability and compliance with international labor standards.
He noted that the Renewed Hope Cities were a clear demonstration of the Tinubu administration’s resolve to bridge the housing deficit and provide opportunities for Nigerians to own decent homes without being overburdened financially.
The Lagos project is the first of the Renewed Hope Cities expected to be inaugurated, with others at different stages of development nationwide.