FG BEGINS CONSTRUCTION OF 2,000-HOME RENEWED HOPE CITY IN LAGOS

By NaijaParrot | October 30, 2026

Ibeju-Lekki, Lagos State 

 The Federal Government has commenced the development of a 2,000-unit residential estate in Ibeju-Lekki, Lagos State, as part of its Renewed Hope housing programme aimed at expanding access to affordable homeownership across the country. The proposed development, named Harmony Renewed Hope City, is expected to provide different categories of residential accommodation while offering prospective homeowners access to mortgage financing arrangements designed to make property acquisition more affordable. 

 The Minister of Housing and Urban Development, Muttaqha Rabe Darma, performed the groundbreaking ceremony, describing the project as another step in the government’s efforts to address Nigeria’s housing deficit and improve access to decent accommodation.

According to the project details made available, the estate will comprise 2,000 housing units featuring one of three residential configurations: 

 * Two-bedroom apartments. 

* Three-bedroom apartments. 

* Four-bedroom apartments. 

 The different housing options are expected to accommodate households with varying financial capacities and residential needs. The development is also intended to expand housing opportunities in Ibeju-Lekki, an area experiencing growing commercial and infrastructural development in Lagos State.  

One of the major features announced for the project is the proposed mortgage financing arrangement involving the Federal Mortgage Bank of Nigeria (FMBN). Under the arrangement, eligible beneficiaries are expected to receive up to 90 per cent financing support through the bank, with an affordable single-digit interest rate. 

 The financing structure is designed to reduce the immediate financial burden on prospective homeowners and provide a more accessible route to acquiring residential property. However, the specific eligibility conditions, repayment duration, applicable interest rate and application procedures will be important details for interested Nigerians to confirm when officially released. 

 Speaking at the groundbreaking ceremony, Minister Darma described the initiative as evidence of the Federal Government’s continued commitment to delivering housing projects under the Renewed Hope program. 

 The administration’s housing strategy is focused on increasing residential supply, improving access to mortgage facilities and encouraging developments that can respond to the accommodation needs of Nigerians. 

 The successful completion of the proposed estate will be an important test of the project’s capacity to translate its affordable-housing objectives into actual homeownership opportunities. 

 Although the project has officially commenced with the groundbreaking ceremony, prospective applicants will need further information about the allocation process, house prices, payment requirements and mortgage qualification criteria. 

 The 90 per cent financing support and single-digit interest rate could make the scheme attractive to eligible applicants, but the final affordability of the homes will depend on the terms and conditions eventually published by the relevant authorities. For now, attention will be on the construction timeline, transparency of allocation and the delivery of the promised 2,000 housing units. 

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