President Bola Ahmed Tinubu says his administration is making steady progress in delivering on its promise to expand access to affordable housing under the Renewed Hope Agenda.
In a detailed statement on the housing sector, the President recalled that the administration committed to delivering 100,000 homes nationwide, including 50,000 in the first phase through cities of 1,000 housing units in each geopolitical zone and the Federal Capital Territory, as well as estates of up to 500 units across the remaining 30 states.
He said implementation was now underway, noting that over 3,000 housing units have been flagged off at Karsana in Abuja, while the 2,000-unit Renewed Hope City in Ibeju-Lekki, Lagos State, is at an advanced stage with sales already ongoing. According to him, more than 15,000 housing units are currently under construction across the country.
Tinubu added that the government is also addressing structural barriers in the housing sector, including land titling, construction financing, equipment leasing, and pricing transparency.
He said efforts are ongoing to formalise land ownership, improve access to building equipment, and publish standardised housing costs to reduce corruption and uncertainty in the sector.
On housing finance, the President said the MOFI Real Estate Investment Fund has enabled 1,859 families across 25 states to access ₦128 billion in mortgages at 9.75 per cent interest over 20 years.
He also highlighted the Family Homes Fund scheme, which he said is targeting low-income households, with a broader mandate to deliver 500,000 homes and create about 1.5 million jobs.
He acknowledged that Nigeria’s housing deficit remains significant, stressing that it would take sustained effort over time to close the gap.
According to him, the current approach integrates the entire housing value chain — from land administration and construction to financing and household ownership — as part of a broader economic strategy.
“Housing has moved from a welfare conversation to a national growth strategy,” he said, adding that affordable housing delivery is also driving jobs, investment, and economic output.
Tinubu said the Renewed Hope Agenda represents a long-term commitment to expanding home ownership opportunities for Nigerians, describing it as a right rather than a privilege.