The Federal Government is aiming to create 1.2 million jobs for through the construction of 3,112 housing units under the Renewed Hope Initiative.
The Minister of Housing and Urban Development, Ahmed Dangiwa, revealed that during the groundbreaking ceremony of the project in Karsana, Abuja recently.
He noted that the government was prepared to take advantage of affordable housing provision to spur economic growth and job creation.
According to the minister, the Renewed Hope Cities and Estates Programme is a strategic initiative that addresses multiple facets of development from urban planning and economic growth to social inclusion and environmental sustainability.
He also disclosed that N118.9bn had been a budgeted for the project.
Nigeria currently has a 28 million housing gap, according to the Federal Mortgage Bank of Nigeria.
Dangiwa said, “The Renewed Hope Cities and Estates Programme is designed to be a catalyst for economic growth. The construction and development of these new areas will generate employment opportunities, stimulate local businesses, and attract investments.
The 50,000 units we plan to deliver under phase 1 will create 1.25 million direct and indirect construction jobs at 25 persons per unit in 24 months. This is in addition to the value chain effects of purchase, supply of building materials, and businesses around the construction sites.
“Hopefully, within 10 to 12 months, we will start giving keys to those who have subscribed when a substantial part of the estate is completed and we hope the estate will be put to use before the end of the year.
“This programme aligns with President Bola Tinubu’s broader vision of national development. It is a step towards creating smart and modern cities that can compete globally, attracting domestic and foreign investments. This will not only enhance our country’s image, but also position Nigeria as a forward-thinking nation ready to embrace the challenges of the future.”
The minister emphasised that the project was the pilot under a Public Private Partnership between the Federal Ministry of Housing and Urban Development and a consortium of developers comprising Continental Civil and General Construction and Ceezali Limited signed in December 2023 to deliver a total of 100,000 houses nationwide.
“Under this PPP arrangement, the Ministry is creating the enabling environment and facilitating off-takers for the houses through the Federal Mortgage Bank of Nigeria. The developers will source for land and finance the construction. By encouraging these PPP arrangements, we are taking the financial burden off the government while meeting our citizens’ needs for decent and quality shelter,” he said.
Dangiwa expressed optimism that the Renewed Hope Cities and Estates project would relieve the burden on existing cities and improve the general quality of life for residents, stating, “Housing plays a significant role in creating job opportunities for youths, facilitating entrepreneurship, and reducing poverty for many.”
Meanwhile, Tinubu also directed the Ministry of Housing and Urban Development to begin groundwork on the construction of at least 2,400 housing units across the country’s six geopolitical zones before December.
SOURCE: PUNCHNG
