President Bola Ahmed Tinubu has disclosed that the Federal Government is currently constructing more than 15,000 housing units across the country as part of efforts to expand access to affordable housing and tackle Nigeria’s housing deficit.
The President said the projects are being executed under the Renewed Hope Agenda, which aims to deliver 100,000 housing units nationwide, with the first phase targeting 50,000 homes through housing cities and estates spread across the six geopolitical zones and the Federal Capital Territory.
According to him, major projects already underway include over 3,000 housing units at Karsana in Abuja and a 2,000-unit housing city in Ibeju-Lekki, Lagos, which has reached an advanced stage and is already open for sales.
Tinubu noted that the administration is complementing the housing programme with reforms in land administration, construction financing and mortgage accessibility.
He revealed that 1,859 families across 25 states have so far secured mortgages worth N128 billion through the MOFI Real Estate Investment Fund at a single-digit interest rate of 9.75 per cent, repayable over 20 years.
The President acknowledged the country’s huge housing deficit but expressed confidence that ongoing investments and policy reforms would make home ownership more affordable while stimulating economic growth and creating jobs across the nation.
