Afrigather 
By Fredrick Nwabufo
Housing is a corporeal, psychological, and social want. It isn’t solely a rudimentary element of existence but in addition an apodictic side of human dignity. It’s as important as life. Nigeria does have a problem of reasonably priced housing. The enormity of the problem is much more perturbing when our steadily rising inhabitants is thrown into the dialectics of demography and poverty.
In keeping with the World Financial institution, Nigeria’s inhabitants, which at the moment is estimated to be 223 million, is projected to hit 262.9 million by 2030 and 401.3 million by 2050, turning into the third largest on the earth. This clearly must be a vital concern for a forward-thinking authorities, significantly as regards housing, vis-a-vis, the current gaping deficit.
On assumption of workplace, President Bola Tinubu activated his Renewed Hope Agenda for housing and concrete improvement, inventorising salient goals hedged round not solely offering important housing for residents but in addition creating jobs and stimulating financial development.
It was in full apprehension of the fundamentality of housing that the President decoupled the Ministry of Housing and City Growth from the Ministry of Energy. This was primarily to make sure effectivity, well timed supply, and to get rid of unwieldiness.
The President launched the development of the Renewed Hope Cities and Estates in February 2024 with 3,112 housing models in Karsana, Abuja, and a string of analogous tasks throughout the nation. It’s heartwarming to report that vital progress has been made on the tasks, along with the reforms initiated to strengthen the housing sector.
Here’s a rundown on the housing outcomes as introduced by the Ministry of Housing and City Growth.
RENEWED HOPE CITIES AND ESTATES
– At present, there are 14 lively development websites nationwide, for a complete of 10,112 housing models.
– Renewed Hope Estates: 12 estates, comprising 250 housing models every, throughout 12 states, with two states from every geo-political zone, beneath development. The states embody – Yobe, Gombe (North-East); Nasarawa, Benue (North-Central); Sokoto, Katsina (North-West); Abia, Ebonyi (South-East); Delta, Akwa Ibom (South-South); totalling 3,000 models.
– Renewed Hope Cities: These are bigger city tasks that are being developed within the FCT (3,112 models), Kano (2,000 models), and Lagos (2,000 models), with extra cities deliberate in Enugu, Borno, Rivers, and Nasarawa. The aim is to construct at the least one Renewed Hope Metropolis in every geo-political zone of the nation and the FCT.
– A major variety of these models are on the roofing stage, and the ministry is working carefully with the builders in the direction of their completion and inauguration. As an illustration, on the Renewed Hope Metropolis in Abuja, 1,000 models are close to prepared with solely plastering, inside options remaining.
– Job Creation and Financial Influence: At a median of 25 jobs per home, the continuing tasks have instantly and not directly generated over 252,800 jobs for Nigerians, together with expert and unskilled employees.
– At a median day by day wage of ₦5,000, many employees are incomes over ₦150,000 month-to-month.
Learn Additionally:
– From professionals akin to architects, civil engineers, surveyors, expert employees like masons, carpenters, electricians, plumbers, metal fixers, welders to labourers, safety personnel, concrete pourers, excavation employees, the Renewed Hope Cities and Estates is unlocking the potential of housing development as a veritable supply of fine paying jobs which might be taking the youth off the streets.
HOME OWNERSHIP
The house possession choices embody:
– The Nationwide Housing Fund (NHF) mortgage mortgage from the Federal Mortgage Financial institution of Nigeria. This mortgage can provide Nigerians as much as N50 million to buy the home, pay again over 30 years, at a 6% rate of interest as an alternative of the 18-23% rates of interest from business banks. What makes this NHF mortgage extra fascinating is that it requires a most of solely 10% fairness, in comparison with the as much as 30% fairness from business banks. What this implies is that in order for you a N10 million mortgage, all it’s worthwhile to have is N1 million.
– FMBN Hire-to-own. With this product by the Federal Mortgage Financial institution of Nigeria, contributors to the Nationwide Housing Scheme are allowed to maneuver into houses and pay step by step over 30 years with none upfront fairness in month-to-month, quarterly or annual instalments in the direction of proudly owning the house at 7% rate of interest.
– Outright buy: There’s an outright buy possibility for these Nigerians who can afford to pay upfront.
– The choice of fee by instalment can be accessible with as much as 4 instalments allowable for comfort.
– A one-bedroom condominium on the Renewed Hope Metropolis in Karsana, constructed beneath a PPP mannequin, prices about N22 million, whereas an analogous unit beneath the Renewed Hope Estates, funded by way of budgetary allocations, prices roughly N8–9 million.
ONLINE ACCESS
– To streamline and guarantee simple, clear, and handy entry to the houses the Renewed Hope On-line Housing Supply Portal has been developed. That is an modern and user-friendly platform the place Nigerians can discover accessible housing models, apply, and observe their possession journey. Already, over 47,605 Nigerians have created accounts on the platform with over 1,000 paid functions recorded thus far.
– It’s a one-stop store for homeownership. Nigerians don’t must foyer anybody to personal a house beneath the Renewed Hope Cities and Estates Programme. You merely go to the positioning www.renewedhopehomes.fmhud.gov.ng, test the home you need, within the state that you really want, apply, pay, and print a provisional letter of provide.
NATIONAL SOCIAL HOUSING FUND (NSHF)
– Progress has been made to determine a Nationwide Social Housing Fund (NSHF) consistent with the President’s Renewed Hope Agenda to make sure that all Nigerians together with the low and no earnings, weak and underprivileged teams have entry to first rate and dignified lodging.
– A memo to the Federal Govt Council (FEC) and an Govt Invoice to the Nationwide Meeting is underway for the creation of a Nationwide Social Housing Fund. Potential sources of funding embody budgetary provision, donations from philanthropic organisations, company social duty, and voluntary donations from Nigerians.
President Tinubu is confronting Nigeria’s housing problem with gravitas and a deliberate plan, understanding the criticality of the state of affairs. He’s decided to resume the hope of residents on reasonably priced and useful housing.
Fredrick Nwabufo is Senior Particular Assistant to the President on Public Engagement
