FG, Estate to Break Ground on 5,000 Housing Units in Lagos

The Federal Ministry of Housing and Urban Development, in partnership with Harmony Gardens & Estate Development Limited, is set to hold the groundbreaking ceremony for a 5,000-unit housing development in Ibeju-Lekki, Lagos State, on Friday, October 30, 2026.

The project, which falls under the Renewed Hope Housing Development Initiative and the Federal Mortgage Bank of Nigeria’s Renewed Hope Housing Programme, is aimed at expanding access to homeownership and addressing Nigeria’s housing deficit.

The 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.

The development is projected to deliver 5,000 housing units within 24 months across three locations — Granville, The Parliament and Lekki Aviation Town.

Ahead of the groundbreaking, details of the scheme indicate that 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.

Speaking on the housing unit project, managing director and chief executive officer of Harmony Gardens & Estate Development Limited, Dr Audullahi Saheed Mosadoluwa, 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.

“Our goal is to ensure that quality housing is no longer a privilege for a few but an achievable reality for many,” he said.

He added that the development is designed to provide modern housing infrastructure, community facilities, security systems and sustainable living environments.

According to him, 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.

The project also highlights the role of public-private partnerships in mobilising resources and expertise for large-scale housing delivery under the federal government’s Renewed Hope agenda.

Prospective homeowners and investors have been advised to obtain official information on available housing categories, eligibility requirements, mortgage conditions and repayment obligations from the Federal Mortgage Bank of Nigeria and the Federal Ministry of Housing and Urban Development before making financial commitments.

The October 30 ceremony is expected to formally mark the commencement of the development.