The Federal Government has said that the construction of 50,000 housing units under phase one of the Renewed Hope Housing Cities and Estates will create over 1.2 million direct and indirect jobs.

The Minister of Housing and Urban Development, Ahmed Dangiwa, made this known on Friday in Abuja, at the ministerial briefing on the performance of President Bola Tinubu’s administration in the last one year.

Dangiwa said that the job creation was in addition to the value chain effects of the purchase and supply of building materials, as well as businesses around the construction sites among others.

He explained that the ministry’s vision was to create an efficient housing market where all Nigerians would have the right to a secured, decent, and affordable home as a platform for active participation in economic development.

Dangiwa added that the ministry’s overall strategic action plan was centred on the three core pillars of the Tinubu Renewed Hope Agenda.

He said that the ministry had achieved some major mile
stones in housing in the last one year like the planning and actualisation of the Renewed Hope Cities and Estates Development Programme inaugurated by President Bola Tinubu earlier this year.

According to him, the Renewed Hope Housing Programme is designed to be a catalyst for economic growth, adding that the construction and development of the new areas will generate employment opportunities, stimulate local businesses, and attract investments.

‘From the ministry’s 2024 approved budget, we are also rolling out another batch of Renewed Hope Estates of semi-detached bungalows.

‘To enhance affordability and ease of off take, we used organic designs where one bedroom can be expanded to two-bedrooms and three-bedrooms as the income of beneficiaries increase over time,” he added.

Dangiwa further said that the programme aimed to address social inequality by providing a broad range of affordable ownership options.

He said this included single digit and up to 30 years mortgage loans to be provided by the Federa
l Mortgage Bank of Nigeria.

He said that the other programme included rent-to-own options where beneficiaries could move in and pay towards homeownership in monthly, quarterly, or annual instalments and outright purchase for high income earners.

He disclosed that the government approved the total sum of N126.5 billion from the 2023 supplementary and 2024 budget for the projects including slum upgrade and urban renewal.

The minister explained that the ministry currently had estates in 12 states and three cities nationwide namely Katsina, Yobe, Gombe, Abia, Nasarawa, Benue, Akwa Ibom, Delta, Sokoto, Oyo, Osun, Abuja, Yobe and Lagos..

He revealed that contractors had been mobilised and commenced work to deliver 3,500 units, adding that an MoU had been signed with reputable developers to build 100,000 housing units nationwide.

‘Work has commenced for 3,112 housing units under this public-private-partnership bringing the total number of housing units currently under construction to 6,612’, he said.

Source:
News Agency of Nigeria