The Federal Ministry of Housing and Urban Development states that the ongoing construction of 2,000 housing units, Renewed Hope City in Ibeju Lekki, Lagos, has reached 80 per cent completion.

Housing Minister Ahmed Dangiwa announced this in a statement following an inspection visit to the site, according to a ministry statement. He said the project would  be ready for inauguration soon.

“The Ibeju Lekki Renewed Hope City project is 80 per cent completed, with over 700 housing units under phase one ready for commissioning,” stated the minister. “The administration of President Bola Tinubu is currently building seven Renewed Hope Cities, one in each geo-political zone and Abuja, FCT.”

Mr Dangiwa said the  foundation laying for the second phase of the Lagos Renewed Hope City houses would  be done by President Bola Tinubu after the commissioning of the 700 units of the first phase.

He added that the  Lagos Renewed Hope City, when fully completed, would deliver 2,000 housing units. He said the project underscored Mr. Tinubu’s commitment to bridging Nigeria’s housing deficit.

According to the minister, the Renewed Hope Cities and Estates initiative nationwide aims to provide decent and affordable housing for Nigerians.

Mr Dangiwa also visited the Lekki Economic Trade Zone as part of the Lagos tour activities.

He inspected various housing projects, industries, building materials, testing laboratories, the deep sea port, Alaro City, Lagos Coastal City, and other ongoing developments.

He commended Lekki Worldwide Investments for providing a strategic site for the Federal Government Building Materials Manufacturing Hub within the Lekki Free Trade Zone. He explained that the ministry planned to establish six Building Manufacturing Hubs, one in each geo-political zone, aimed at reducing housing production costs by facilitating the production of local building materials.

He disclosed that an investor has already been secured for the manufacturing hub project, which would help reduce Nigeria’s housing deficit by boosting local production of building materials.

“The hub will promote local content, curb rising costs of materials, encourage domestic production, and ensure sustainable housing delivery nationwide,” he said.

Mr Dangiwa said the intermodal transport infrastructure in Lekki, including a seaport, airport, rail, and roads, would support the effectiveness of the hubs. The minister added that the infrastructure would  attract real estate investments, as housing is required to support these developments.

Muhammad Abdul, executive director of Loans and Mortgage Services at the Federal Mortgage Bank of Nigeria, stated that the Ibeju Lekki houses were designed to be affordable and accessible to workers and cooperative societies, with the bank offering the lowest interest rates in the market.

Earlier, Adeniyi Akinlusi, CEO of Lekki Worldwide Investments Ltd., briefed the minister on the company’s projects, noting that the free zone was designed to stimulate growth, reduce imports, attract investment, create jobs, and boost housing.

(NAN)