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 estate was planned through a public-private partnership between the Ministry of Housing and Urban Development and a consortium of companies for the construction of 100,000 housing units nationwide.
The ministry plans to construct 50,000 housing units of various house types in the first phase using various funding sources, including budgetary allocations, the Federal Mortgage Bank of Nigeria, and public-private partnerships, among others.
Speaking in his keynote address on Thursday, Tinubu stressed the importance of housing to man, describing it as a fundamental right and the responsibility of government 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 further commended the Housing Ministry for taking the initiative to involve the private sector through PPP arrangements, underscoring the immense role the private sector can play in helping to achieve the future that Nigerians can be proud of.
