Lagos Renewed Hope City 80% completed, awaits presidential inauguration – Dangiwa

The Federal Government has announced that the Renewed Hope City housing project at Ibeju-Lekki, Lagos, has reached 80 percent completion and will soon be inaugurated by President Bola Ahmed Tinubu.

Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, disclosed this on Thursday during an inspection of the site, stating that over 700 housing units under phase one are ready for commissioning. He added that the President will also lay the foundation for the project’s second phase after the inauguration.

The Lagos Renewed Hope City is designed to deliver 2,000 housing units and is one of seven Renewed Hope Cities currently being constructed across the six geo-political zones and the Federal Capital Territory. According to Dangiwa, the initiative demonstrates the administration’s commitment to bridging Nigeria’s housing deficit by providing decent and affordable homes.

As part of his visit, the minister toured the Lekki Free Trade Zone, inspecting housing projects, industries, laboratories, the deep-sea port, Alaro City, and other ongoing developments. He praised Lekki Worldwide Investments Ltd. for allocating a strategic site for the Federal Government’s Building Materials Manufacturing Hub within the zone.

Dangiwa explained that six hubs will be established nationwide to cut housing production costs by boosting local manufacturing of building materials. He disclosed that an investor has already been secured for the Lagos hub, which will encourage domestic production and sustainable housing delivery.

“The hub will promote local content, curb rising costs of materials, encourage domestic production, and ensure sustainable housing delivery nationwide,” the minister said. He noted that Lekki’s intermodal infrastructure, including a seaport, airport, rail, and roads, will further attract real estate investments.

During the visit, Dr. Muhammad Abdul, Executive Director of Loans and Mortgage Services at the Federal Mortgage Bank of Nigeria (FMBN), said the Ibeju-Lekki houses were designed to be affordable for workers and cooperative societies, with mortgage facilities offered at the lowest market interest rates.

Dangiwa also inspected Alaro City, where he commended its management for adopting sustainable building practices, stressing that such efforts align with the Federal Government’s plan to close the country’s housing gap.