President Bola Tinubu has flagged off the construction of 3,112 pilot housing projects under the Renewed Hope Housing Initiative in the Karsana area of the Federal Capital Territory.
The development of the estate was orchestrated via a public-private partnership between the Ministry of Housing and Urban Development and a consortium of companies tasked with constructing 100,000 housing units across the country.
In the initial phase, the ministry aims to build 50,000 housing units of diverse types utilizing multiple funding channels, including budgetary allocations, the Federal Mortgage Bank of Nigeria, and public-private partnerships, among others.
During his keynote speech on Thursday, Tinubu underscored the significance of housing for humanity, portraying it as a basic right and emphasizing the government’s obligation to its citizens.
Tinubu, making his first public appearance after returning from a two-week private visit to Paris, also commended the ministry for its efforts towards achieving the Renewed Hope mandate for housing and urban development.
He said, “I listened to the minister say they are committed to transforming Nigeria into a giant construction site of housing units. He has shown that he is an exemplary champion that understands how to use housing as a catalyst for economic resurgence and national development. We must all be positive about our country and work together so that we can win together.”
The president also praised the Housing Ministry for proactively engaging the private sector through PPP arrangements, highlighting the significant role the private sector can play in contributing to the realization of a future that Nigerians can take pride in.