The Nigerian government has unveiled an ambitious plan to create 1.2 million jobs by bolstering the construction sector, leveraging affordable housing initiatives to fuel economic expansion and employment generation.
During the official launch of the Renewed Hope Cities and Estates program and the groundbreaking ceremony for a pilot project site in Karsana, Abuja, Mr. Musa Dangiwa, Minister of Housing and Urban Development, revealed the government’s strategic vision.
Emphasizing the critical role of housing in job creation, entrepreneurship promotion, and poverty alleviation, Minister Dangiwa highlighted the transformative potential of the Renewed Hope Cities and Estates Program.
Read more: Kenya and Poland Strengthen Ties with Bilateral Agreements on Agriculture and Tax Solidarity
“The construction and development of these new areas will generate employment opportunities, stimulate local businesses, and attract investments,” remarked Minister Dangiwa. “The 50,000 units planned for phase 1 will create 1,250,000 direct and indirect construction jobs, in addition to the value chain effects.”
The program adopts a holistic approach to development, encompassing urban planning, economic stimulation, social inclusivity, and environmental sustainability, aligning with President Bola Tinubu’s broader vision of national development.
“This program is a step towards creating smart and modern cities that can compete on a global scale, attracting both domestic and foreign investments,” added Minister Dangiwa.
The pilot project operates under a public-private partnership (PPP) model between the Federal Ministry of Housing and Urban Development and a consortium of developers led by Continental Civil and General Construction and Ceezali Limited. This partnership, established in December 2023, aims to deliver a total of 100,000 houses across the nation.
Read more: Nigeria and Angola Unite to Overcome Trade Barriers and Boost Economic Ties
“Under this PPP arrangement, the Ministry is creating the enabling environment and facilitating off-takers for the houses through the Federal Mortgage Bank of Nigeria (FMBN) while the developers will source for land and finance the construction,” explained Minister Dangiwa.
President Bola Tinubu reiterated the government’s unwavering commitment to providing affordable housing as a means of driving economic growth and fostering job creation.
“We know the value of housing, and we appreciate the fact that it is an elixir for economic prosperity and job creation,” affirmed President Tinubu.
The Renewed Hope Cities and Estates initiative not only aims to bolster economic growth but also seeks to harness foreign exchange from the $24 billion diaspora remittances, fostering investment and projecting a positive economic outlook for Nigeria.
