FG Unveils Affordable Pricing for Renewed Hope Housing Scheme

The Federal Government has announced the official prices for the new housing units under the Renewed Hope Cities and Estates Programme, a flagship initiative aimed at addressing Nigeria’s housing deficit and promoting affordable homeownership across the country. The move, which forms part of President Bola Tinubu’s broader economic recovery and social welfare agenda, seeks to make housing accessible to low- and middle-income earners while boosting local construction and job creation.

The Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, disclosed the pricing details during the launch of the latest phase of the scheme in Abuja. He stated that the Renewed Hope housing project is designed to offer citizens quality, affordable, and sustainable homes that meet modern standards, with flexible payment options to accommodate various income levels.

According to Dangiwa, the prices of the units range from ₦8 million for a one-bedroom apartment, ₦12 million for a two-bedroom unit, and ₦18 million for a three-bedroom bungalow, depending on the location and design specifications. He added that the initiative will adopt a mix of outright purchase, rent-to-own, and mortgage financing arrangements through the Federal Mortgage Bank of Nigeria (FMBN) and private sector partners.

The minister explained that the government has carefully reviewed the pricing structure to ensure affordability while maintaining high construction standards. “Our goal is to provide decent and dignified housing for Nigerians at a reasonable cost. We have designed this scheme to eliminate barriers to homeownership by allowing flexible payment systems that suit the financial capacity of different categories of Nigerians,” Dangiwa stated.

He further revealed that the Renewed Hope Cities are being developed in collaboration with state governments, private developers, and financial institutions. The plan includes the construction of over 100,000 housing units nationwide, with the first phase covering 13 states, including Lagos, Kano, Borno, Nasarawa, and Enugu. Each city will feature integrated amenities such as schools, markets, healthcare centers, green spaces, and proper road networks to ensure livability and sustainability.

Dangiwa highlighted that the project will also serve as a major economic stimulus by creating thousands of direct and indirect jobs in the construction and housing value chain. “This is not just about building houses; it’s about building communities and empowering Nigerians economically. Every home built means jobs for artisans, engineers, architects, and suppliers,” he noted.

Speaking further, the minister reassured Nigerians that the government would prioritize local building materials to encourage domestic production and reduce reliance on imports. He said, “We are committed to promoting the use of locally sourced materials such as cement, tiles, and steel. This not only reduces construction costs but also supports local industries and improves economic resilience.”

The Permanent Secretary of the Ministry, Dr. Marcus Ogunbiyi, also emphasized that the Renewed Hope Housing Programme is structured to ensure transparency, accountability, and inclusiveness. He explained that allocation of the units will be done through a merit-based digital platform to avoid bias and corruption. “Applicants will be verified through the housing portal to ensure that the process is fair, transparent, and accessible to all Nigerians,” he said.

The Federal Government has also partnered with the Nigeria Mortgage Refinance Company (NMRC) and selected primary mortgage institutions to offer long-term mortgage loans at single-digit interest rates to eligible buyers. This financial arrangement is expected to ease the burden of home financing and promote sustainable ownership.

Stakeholders in the housing and construction industry have lauded the initiative as a welcome development that aligns with the country’s long-term housing policy. The President of the Real Estate Developers Association of Nigeria (REDAN), Dr. Aliyu Wamakko, commended the government’s renewed focus on housing delivery, describing it as a step in the right direction toward bridging Nigeria’s estimated 28 million housing deficit.

Wamakko urged the government to sustain the programme by ensuring consistent funding and encouraging private sector participation. He also called for the establishment of a national housing data system to monitor progress and ensure equitable distribution of units across all regions.

Several prospective homeowners who spoke during the unveiling expressed optimism that the Renewed Hope Housing Scheme would bring relief to many Nigerians who have long struggled to afford decent accommodation. Some, however, appealed to the government to ensure the projects are completed promptly and not abandoned midway, as seen in previous administrations.

In a statement issued after the event, the Ministry reaffirmed that President Tinubu’s Renewed Hope Agenda places housing development at the center of its social and economic reform efforts. The government aims to not only provide shelter but also stimulate inclusive growth through infrastructure development, urban renewal, and sustainable planning.

The unveiling of the new housing prices marks a significant milestone in the administration’s drive to make homeownership achievable for all Nigerians. With the integration of mortgage support, public-private partnerships, and affordable pricing, the Renewed Hope Housing Scheme is expected to redefine the future of affordable housing in Nigeria and serve as a model for sustainable development across Africa.

By prioritizing accessibility, transparency, and economic inclusion, the initiative signals a renewed commitment by the Federal Government to restore public confidence in national housing delivery — a promise that millions of Nigerians are now watching closely as the project moves from policy to tangible reality.