In an effort to address the housing Deficit bedeviling the country, and also boost Job creation, President Bola Tinubu has made a pledge of completing 100,000 housing units across the country, over the next three years.
President Tinubu made the Pledge in his address to the nation on Sunday, August 4, 2024, amid ongoing protests across Nigeria.
In his televised address on Sunday, Tinubu called for an end to violence in several states since the protests started, saying he was always open to dialogue.
“My dear Nigerians, especially our youth, I have heard you loud and clear. I understand the pain and frustration that drive these protests, and I want to assure you that our government is committed to listening and addressing the concerns of our citizens,” president Tinubu said.
In President Tinubu’s words “Six months ago in Karsana, Abuja, I inaugurated the first phase of our ambitious housing initiative, the Renewed Hope City and Estate. This project is the first of six we have planned across the nation’s geopolitical zones. Each of these cities will include a minimum of 1,000 housing units, with Karsana itself set to deliver 3,212 units.
In addition to these city projects, we are also launching the Renewed Hope Estates in every state, each comprising 500 housing units, the President Continued. Our goal is to complete a total of 100,000 housing units over the next three years. This initiative is not only about providing homes but also about creating thousands of jobs across the nation as well as stimulating economic growth.”
Nigeria has a population of over two hundred and forty million people spread over a land area of approximately 923,000 square kilometres. With a huge population, Nigeria’s housing demand is about ten point seven one (10.71) million units resulting in a housing deficit of between twenty-two to twenty-eight million units. This shows that 700,000 housing units are required yearly to close the deficit, but the annual construction of houses in Nigeria is below 10,000 units.
The Nigerian President launched the Renewed Hope City Housing project with a clear vision to boost the mortgage and housing sector, reduce the deficit and guarantee efficient and people friendly mass housing for Nigerians.
Undoubtedly, this project would address the country’s huge housing deficit, which has been worsened by increasing population, lack of an efficient mortgage system, poor funding, and increased construction materials costs as well as rural/urban migration.
