By Fredrick Nwabufo
Housing is a corporeal, psychological, and social need. It is not only a rudimentary component of existence but also an apodictic facet of human dignity. It is as essential as life. Nigeria does have a challenge of affordable housing. The enormity of the challenge is even more perturbing when our steadily rising population is thrown into the dialectics of demography and poverty.
According to the World Bank, Nigeria’s population, which currently is estimated to be 223 million, is projected to hit 262.9 million by 2030 and 401.3 million by 2050, becoming the third largest in the world. This obviously should be a critical concern for a forward-thinking government, particularly as regards housing, vis-a-vis, the present gaping deficit.
On assumption of office, President Bola Tinubu activated his Renewed Hope Agenda for housing and urban development, inventorising salient objectives hedged around not only providing essential housing for citizens but also creating jobs and stimulating economic growth.
It was in full apprehension of the fundamentality of housing that the President decoupled the Ministry of Housing and Urban Development from the Ministry of Power. This was primarily to ensure efficiency, timely delivery, and to eliminate unwieldiness.
The President launched the construction of the Renewed Hope Cities and Estates in February 2024 with 3,112 housing units in Karsana, Abuja, and a string of analogous projects across the country. It is heartwarming to report that significant progress has been made on the projects, in addition to the reforms initiated to strengthen the housing sector.
Here is a rundown on the housing outcomes as presented by the Ministry of Housing and Urban Development.
RENEWED HOPE CITIES AND ESTATES
– Currently, there are 14 active construction sites nationwide, for a total of 10,112 housing units.
– Renewed Hope Estates: 12 estates, comprising 250 housing units each, across 12 states, with two states from each geo-political zone, under construction. The states include – Yobe, Gombe (North-East); Nasarawa, Benue (North-Central); Sokoto, Katsina (North-West); Abia, Ebonyi (South-East); Delta, Akwa Ibom (South-South); totalling 3,000 units.
– Renewed Hope Cities: These are larger urban projects which are being developed in the FCT (3,112 units), Kano (2,000 units), and Lagos (2,000 units), with additional cities planned in Enugu, Borno, Rivers, and Nasarawa. The goal is to build at least one Renewed Hope City in each geo-political zone of the country and the FCT.
– A significant number of these units are at the roofing stage, and the ministry is working closely with the developers towards their completion and inauguration. For instance, at the Renewed Hope City in Abuja, 1,000 units are near ready with only plastering, internal features remaining.
– Job Creation and Economic Impact: At an average of 25 jobs per house, the ongoing projects have directly and indirectly generated over 252,800 jobs for Nigerians, including skilled and unskilled workers.
– At an average daily wage of ₦5,000, many workers are earning over ₦150,000 monthly.
– From professionals such as architects, civil engineers, surveyors, skilled workers like masons, carpenters, electricians, plumbers, steel fixers, welders to labourers, security personnel, concrete pourers, excavation workers, the Renewed Hope Cities and Estates is unlocking the potential of housing construction as a veritable source of good paying jobs that are taking the youth off the streets.
HOME OWNERSHIP
The home ownership options include:
– The National Housing Fund (NHF) mortgage loan from the Federal Mortgage Bank of Nigeria. This loan can offer Nigerians up to N50 million to purchase the house, pay back over 30 years, at a 6% interest rate instead of the 18-23% interest rates from commercial banks. What makes this NHF loan more interesting is that it requires a maximum of only 10% equity, compared to the up to 30% equity from commercial banks. What this means is that if you want a N10 million loan, all you need to have is N1 million.
– FMBN Rent-to-own. With this product by the Federal Mortgage Bank of Nigeria, contributors to the National Housing Scheme are allowed to move into homes and pay gradually over 30 years without any upfront equity in monthly, quarterly or annual instalments towards owning the home at 7% interest rate.
– Outright purchase: There is an outright purchase option for those Nigerians who can afford to pay upfront.
– The option of payment by instalment is also available with up to four instalments allowable for convenience.
– A one-bedroom apartment at the Renewed Hope City in Karsana, built under a PPP model, costs about N22 million, while a similar unit under the Renewed Hope Estates, funded through budgetary allocations, costs approximately N8–9 million.
ONLINE ACCESS
– To streamline and ensure easy, transparent, and convenient access to the homes the Renewed Hope Online Housing Delivery Portal has been developed. This is an innovative and user-friendly platform where Nigerians can explore available housing units, apply, and track their ownership journey. Already, over 47,605 Nigerians have created accounts on the platform with over 1,000 paid applications recorded so far.
– It is a one-stop shop for homeownership. Nigerians do not need to lobby anyone to own a home under the Renewed Hope Cities and Estates Programme. You simply visit the site www.renewedhopehomes.fmhud.gov.ng, check the house you want, in the state that you want, apply, pay, and print a provisional letter of offer.
NATIONAL SOCIAL HOUSING FUND (NSHF)
– Progress has been made to establish a National Social Housing Fund (NSHF) in line with the President’s Renewed Hope Agenda to ensure that all Nigerians including the low and no income, vulnerable and underprivileged groups have access to decent and dignified accommodation.
– A memo to the Federal Executive Council (FEC) and an Executive Bill to the National Assembly is underway for the creation of a National Social Housing Fund. Potential sources of funding include budgetary provision, donations from philanthropic organisations, corporate social responsibility, and voluntary donations from Nigerians.
President Tinubu is confronting Nigeria’s housing challenge with gravitas and a deliberate plan, understanding the criticality of the situation. He is determined to renew the hope of citizens on affordable and functional housing.
Fredrick Nwabufo is Senior Special Assistant to the President on Public Engagement
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