Tinubu Highlights Housing Reform Progress Under Renewed Hope Agenda

President Bola Tinubu has announced that his administration’s housing sector reforms are yielding measurable results, with thousands of affordable homes currently under construction across Nigeria.

In a progress report shared publicly on Tuesday, the President reiterated his commitment to the “Renewed Hope Agenda,” which aims to transition low- and middle-income families from long-term renting to affordable homeownership.

Phased Project Implementation

The administration’s comprehensive strategy targets the delivery of 100,000 housing units nationwide. The ongoing first phase aims to deliver 50,000 units, structured through:

* Mega-Cities: 1,000-unit urban developments established across the six geopolitical zones and the Federal Capital Territory (FCT).

State Estates: Housing projects of up to 500 units across the remaining 30 states.

Highlighting specific project milestones, the President noted that construction has commenced on over 3,000 homes in Karsana, Abuja. Additionally, a 2,000-unit housing estate in Ibeju-Lekki, Lagos State, has reached an advanced stage of completion, with active sales already underway. Nationwide, more than 15,000 housing units are currently under construction.

Systemic and Structural Reforms

Beyond physical construction, the federal government is implementing structural reforms to resolve long-standing bottlenecks in land titling, construction logistics, and transparency:

Land Registration: In collaboration with the World Bank, the government is expanding formal land registration. The initiative aims to unlock “dead capital” by increasing formal titling from the historical baseline of under 10% to a projected 50% nationwide.

Equipment Leasing: Legal and financial frameworks governing equipment leasing have been strengthened, enabling local contractors to secure heavy construction machinery with greater legal certainty and financial backing.

Anti-Corruption Measures: Uniform pricing mechanisms for government-backed housing have been published to eliminate arbitrary fees and bribery. Concurrently, regional materials hubs are being established across all six geopolitical zones to leverage local resources and stabilize building costs.

Mortgage and Financing Frameworks

Addressing the critical challenge of affordability, the administration has introduced new financing structures to support prospective buyers.

Through the MOFI Real Estate Investment Fund, 1,859 families across 25 states have already secured mortgages totaling ₦128 billion. The loans feature a fixed interest rate of 9.75% with a 20-year repayment term. Furthermore, the Family Homes Funds initiative continues to target the delivery of 500,000 homes tailored for low-income earners and vulnerable demographics, a program projected to generate approximately 1.5 million jobs.

While acknowledging that Nigeria’s overall housing deficit remains substantial and will require years of sustained effort to close, the administration emphasized that integrating land titling, local materials, construction logistics, and accessible financing has successfully positioned the real estate sector as a primary driver of national economic growth and gross domestic product (GDP).