From Allafrica · · 1m 40s
Nigeria Delivers 240 Urban Renewal Projects
Nigeria completes 240 urban renewal projects nationwide under President Tinubu's Renewed Hope Agenda.
In brief
Nigeria completes 240 urban renewal projects nationwide under President Tinubu's Renewed Hope Agenda. Nigeria's federal government delivered 240 urban renewal and slum-upgrading projects nationwide as part of President Tinubu's Renewed Hope Agenda. Originally reported by Allafrica.
Government Reports Urban Projects
The federal government reported delivering more than 240 urban renewal and slum-upgrading projects nationwide, with over 100 others at various stages of implementation.
Minister Discloses at Abuja Event
Minister of Housing and Urban Development Muttaqha Rabe Darma disclosed this on Monday in Abuja at the combined commemoration of the 2026 World Habitat Day and World Cities Day.
Renewed Hope Cities Programme
The Renewed Hope Cities and Estates Programme targets 100,000 housing units across 36 states and the Federal Capital Territory.
Civil Service Estate Project
The 250-unit Renewed Hope Civil Service Estate at Dukpa, Gwagwalada, was groundbreaking in August as part of the government's homeownership drive.
Obstacles to Homeownership
High interest rates, limited long-term funding, stringent eligibility requirements and low mortgage penetration remain major obstacles to homeownership.
Federal Mortgage Bank Details
The Federal Mortgage Bank of Nigeria financed 6,911 affordable housing units in 2025, representing 96 per cent of its annual target of 7,200 units.
Mortgage Loan Figures
More than N208 billion in housing and mortgage loans was approved during 2025, with over N120 billion disbursed to support housing construction, mortgage financing, home renovation, cooperative housing and rent-to-own initiatives.
Upcoming Mortgage Initiatives
The bank will commence implementation of its non-interest mortgage product and rent assistance scheme before the end of October to expand housing finance options and ease rent payments for federal civil servants.
The key point
Nigeria's federal government delivered 240 urban renewal and slum-upgrading projects nationwide as part of President Tinubu's Renewed Hope Agenda.