FG’s Renewed Hope One-bedroom Apartments Cost ₦8 Million, Require 10 Years of Full Savings for Minimum Wage Earners

The Nigerian Federal Government has disclosed the pricing structure of its Renewed Hope Housing Programme. Housing Minister Musa Dangiwa provided the details on Sunday, November 17, 2024, during a presentation at the State House Gallery, Aso Villa.

According to Dangiwa, one-bedroom apartments under the government-funded Renewed Hope Estates Programme cost ₦8 million to ₦9 million. These units are subsidised with budgetary funding and free land. In contrast, units built through the Public-Private Partnership (PPP) model under the Renewed Hope Cities initiative are priced at ₦22 million. This higher cost is due to the financial burdens of private developers, who have to finance land acquisition, infrastructure, and high-interest loans.

Dangiwa explained that the Cities initiative is for middle- and high-income groups who can afford market-rate housing, while the Renewed Hope Estates are designed for low-income earners. However, simple calculations show that the government-subsidised units are far beyond the reach of ordinary Nigerians.

With Nigeria’s minimum wage at ₦70,000 per month, it would take a worker at least ten years of saving their entire salary—without any other expenses—to afford the ₦8 million unit. Given the harsh economic realities, the minimum wage is barely enough to cater to a person’s essential needs. For many Nigerians, owning a home through this programme is unattainable. Therefore, the government’s ambitious housing plans will do little or nothing to address the country’s housing deficit.

The Renewed Hope Housing projects include 250-unit estates in Yobe, Ebonyi, and Delta states and larger developments like the 3,112-unit Renewed Hope City in the Federal Capital Territory (FCT). The government plans to increase housing units per state from 250 to 500 in 2025.

However, with nearly 59 per cent of urban residents living in slums, there is a need for genuinely affordable housing options. While the government has pledged to construct 100,000 homes over the next three years, questions remain about whether these homes will be accessible to the ordinary Nigerian or stay out of reach for those who need them most.

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Mayowa Durosinmi

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M. Durosinmi is a West Africa Weekly investigative reporter covering Politics, Human Rights, Health, and Security in West Africa and the Sahel Region

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