The Federal Government of Nigeria, in collaboration with Harmony Gardens & Estate Development Limited, is set to break ground on a 5,000-unit housing development in Ibeju-Lekki, Lagos State, on October 30, 2026. This project is part of the Federal Government's Renewed Hope Housing Development Initiative and the Federal Mortgage Bank of Nigeria's Renewed Hope Housing Programme, aimed at increasing access to homeownership and addressing Nigeria's housing deficit. The development will be located at Lekki Aviation Town Estate, within the Yegunda Government-Approved Resettlement Scheme.
The housing project will deliver 5,000 units across three locations: Granville, The Parliament, and Lekki Aviation Town, within 24 months. Prospective homeowners will be required to make an equity contribution of ₦5.5 million, with mortgage financing available for up to 90 percent of the property's value. The financing package offers single-digit interest rates and repayment periods ranging from 15 to 30 years, subject to eligibility requirements and applicable terms and conditions. This initiative aims to provide an alternative route to homeownership for Nigerians who may struggle to purchase properties outright.
The Managing Director and Chief Executive Officer of Harmony Gardens & Estate Development Limited, Hon. (Dr.) Audullahi Saheed Mosadoluwa, described the project as a significant step towards making homeownership more accessible through public-private sector collaboration. He stated that the initiative goes beyond constructing residential buildings, with the broader objective of enabling thousands of Nigerians to acquire properties through structured financing arrangements. Mosadoluwa emphasized that the goal is to ensure quality housing is no longer a privilege for a few but an achievable reality for many.
The development will feature modern housing infrastructure, community facilities, security systems, and sustainable living environments. According to Mosadoluwa, the partnership 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 promoting long-term wealth creation through homeownership. The project is expected to stimulate economic activities by creating construction-related jobs and increasing demand for building materials, benefiting artisans, suppliers, contractors, and other businesses within the construction value chain.
Ibeju-Lekki has become an attractive location for property developers and investors due to its expanding industrial, commercial, transportation, and residential activities. The 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. This project underscores the role of public-private partnerships in mobilizing resources and expertise to support large-scale housing delivery under the Federal Government's Renewed Hope agenda.
Prospective homeowners and investors are advised to obtain official information on available housing categories, eligibility criteria, mortgage terms, and repayment obligations before making financial commitments. The October 30 groundbreaking ceremony will mark the formal commencement of the project, with the developers targeting the delivery of all 5,000 housing units within 24 months. The project is a significant step towards addressing Nigeria's housing deficit and making homeownership more accessible to its citizens.
The Renewed Hope Housing Development Initiative and the Federal Mortgage Bank of Nigeria's Renewed Hope Housing Programme aim to increase access to homeownership and address Nigeria's housing deficit. The partnership between the Federal Government and Harmony Gardens & Estate Development Limited is a testament to the government's efforts to provide affordable housing options for its citizens. The project is expected to have a positive impact on the economy and the housing sector in Nigeria.
Key points
- The project aims to deliver 5,000 housing units within 24 months.
- The financing package offers single-digit interest rates and repayment periods ranging from 15 to 30 years.
- The development will feature modern housing infrastructure, community facilities, security systems, and sustainable living environments.
