In Lagos, where housing swallows a significant portion of household income, the state is rolling out new measures to ease the path to homeownership. Its strategy combines regulatory reform with financial intervention to make property ownership more accessible for residents.
One notable step toward solving the housing problem has been the crackdown on exploitative charges, such as caution and inspection fees.
Complementing this is a zero-interest scheme for the Nigerian diaspora, encouraging investment in local development without the burden of interest payments.
These efforts reflect a multifaceted approach to ensuring by every means that low- and middle-income earners across the state are not marginalised in home acquisition as well as capturing indigenes in diaspora.
Addressing the Housing Challenge
Some states across the nation are also deploying many different methods to mitigate the burden of home ownership for indigenes.
A notable state is Ogun, which has provided over 4,000 units, including rent-to-own and mortgage schemes starting around 5.5 million naira through public-private partnerships.
In Rivers State, an ambitious urban project pledges to deliver 20,000 units for low-income workers.
Meanwhile, the federal government’s Renewed Hope Cities & Estates initiative aims to deliver 50,000 units across six geopolitical zones through mortgages and rent-to-own schemes.
The Federal Integrated Staff Housing (FISH) programme is supplying subsidised units to civil servants by partnering with private developers, thereby offering high-quality houses at reduced costs.
Measurable progress
It’s yet to be seen how much Lagos’ crackdown on illegal agent fees has improved transparency, but the state has achieved 3,500 units out of its 7,000 target.
Across 14 states in the country, the Renewed Hope Cities & Estates initiative now has 10,112 units under construction, creating about 252,800 jobs. Already, the federal government has announced the construction of 250-unit estates in 12 states, including Kano, Abuja, and Lagos.
Meanwhile, the 10 billion naira FCMB‒MREIF mortgage programme, offering long-term loans of up to 100 million naira with a window period of 20 years, has begun processing hundreds of applications from middle-income earners nationwide.
Lagos State is demonstrating a comprehensive path toward homeownership alongside federal initiatives. Combined, these measures are reshaping Nigeria’s narrative by bringing opportunities to the doorstep of all income levels notwithstanding. The collective goal is to reduce the wide gap in deficiency.
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