The Federal Ministry of Housing and Urban Development, in partnership with Harmony Gardens & Estate Development Limited, is set to commence a 5,000-unit housing development in Ibeju-Lekki, Lagos State. The project, part of the Renewed Hope Housing Development Initiative and the Federal Mortgage Bank of Nigeria’s Renewed Hope Housing Programme, aims to expand access to homeownership and address Nigeria’s housing deficit.
The groundbreaking ceremony will take place at Lekki Aviation Town Estate, within the Yegunda Government-Approved Resettlement Scheme, along the New Lekki-Epe International Airport Expressway, Ibeju-Lekki, at 10 a.m. on October 30, 2026. The development will deliver 5,000 housing units within 24 months across three locations — Granville, The Parliament and Lekki Aviation Town.
Eligible prospective homeowners may participate with an advertised equity contribution of N5.5 million, while mortgage financing of up to 90 per cent of the property’s value is available under the proposed arrangement. The scheme also advertises a single-digit interest rate and repayment periods of between 15 and 30 years, subject to eligibility requirements and applicable terms and conditions.
The initiative is expected to provide an additional pathway to homeownership for Nigerians who may find it difficult to purchase residential properties outright, particularly amid rising housing costs. Dr Audullahi Saheed Mosadoluwa, managing director and chief executive officer of Harmony Gardens & Estate Development Limited, described the project as a major step towards making homeownership more accessible through public-private collaboration.
Mosadoluwa said the initiative goes beyond the construction of houses, stressing that its broader objective is to create opportunities for Nigerians to acquire properties through structured financing. He added that the development is designed to provide modern housing infrastructure, community facilities, security systems and sustainable living environments.
The collaboration with the Federal Ministry of Housing and Urban Development and the Federal Mortgage Bank of Nigeria reflects a shared commitment to expanding housing delivery and supporting long-term wealth creation through homeownership. Beyond residential development, the project is expected to stimulate economic activity through construction-related employment, demand for building materials and opportunities for artisans, suppliers and other businesses in the building industry value chain.
Ibeju-Lekki has continued to attract interest from property developers and investors due to its expanding industrial, commercial, transportation and residential activities. The proposed development across Granville, The Parliament and Lekki Aviation Town is expected to contribute to the area’s urban expansion and strengthen its position as an emerging real estate destination in Lagos State.
Key points
- The project aims to deliver 5,000 housing units within 24 months.
- Eligible prospective homeowners may participate with an advertised equity contribution of N5.5 million.
- The initiative is expected to stimulate economic activity through construction-related employment and demand for building materials.
