The Lagos State Government allocated N101.6 billion for Housing and Community Amenities in the 2025 budget, reflecting an 81.69% increase compared to the N55.92 billion allocation in 2024. This represents 3% of the state’s total N3.366 trillion budget for 2025. This information was obtained from the Lagos Economic Development Update (LEDU) 2025 report, recently released by the Economic...
Lagos State has solidified its position as one of Africa’s leading economic hubs, with its Gross Domestic Product (GDP) soaring to $259.75 billion based on Purchasing Power Parity (PPP). This milestone makes Nigeria’s commercial capital the second-largest city economy on the continent, trailing only Cairo, Egypt. The announcement was made yesterday during the launch of the Lagos Economic...
Housing and Urban Development Minister Arc Ahmed Musa Dangiwa has issued a strong warning to all developers of Renewed Hope Housing Estates and Cities across the thirteen locations nationwide to maintain high construction standards and deliver quality work and says " we will not tolerate any substandard work found on any Renewed Hope Project Site anywhere in the country”. Dangiwa emphasised that...
A Retreat for the stakeholders in the Housing Sector organised by the Federal Ministry of Housing and Urban Development has been held in Lagos, Wednesday, 19th February, 2025. Themed "Actualizing the Renewed Hope Agenda for Housing and Urban Development: Examining Strategies, Identifying Opportunities to Boost Scale and Impact”, the retreat brought together key stakeholders, including heads of...
The Federal Mortgage Bank of Nigeria (FMBN) has raised the ceiling for its National Housing Fund (NHF) Mortgage Loan from N15 million to N50 million, a strategic move aimed at expanding access to affordable housing and helping more Nigerians achieve homeownership. The announcement was made during the FMBN Day Celebration at the 46th Kaduna International Trade Fair, where the Bank reaffirmed its...
Lagos State Government, on Saturday, signed a Memorandum of Understanding with a construction company, Summa Group, to construct the long-awaited Lekki-Epe International Airport. In a statement on his X handle on Saturday, the state governor, Mr Babajide Sanwo-Olu, noted that the airport is an essential part of his administration’s vision to improve connectivity in the state and stimulate economic...
The Lagos State Government has made it mandatory for building owners in the state to install Close Circuit Television Cameras (CCTV) on buildings of six floors and above. The state Commissioner for Physical Planning and Urban Development, Dr Oluyinka Olumide, said this in a statement issued by the ministry’s Deputy Director of Public Affairs, Mr Mukaila Sanusi, on Tuesday. The commissioner...
The Federal Housing Authority FHA, has suspended all ongoing construction and development in its Estates in Lagos. A special public announcement released and signed by the management on Thursday directed that all forms of construction works within the FHA estates located in Festac town , Ipaja, Abesan , Isheri, Olofin and others is put to a halt forthwith.Therefore, all developers are...
The Minister of Housing and Urban Development, Ahmed Dangiwa, has urged foreign investors at the Saudi Real Estate Forum to seize the vast opportunities within Nigeria’s housing sector, particularly through the Federal Government’s Renewed Hope Cities and Estates Programme. This is according to a statement on Tuesday by the Special Assistant Media and Strategy to the Minister,...
The World Bank has forecasted that Nigeria’s economy will grow by 3.5 per cent in 2025 and rise slightly to 3.7 per cent in 2026. This projection, contained in the latest Global Economic Prospects report, reflects a modest recovery for the nation amidst persistent economic challenges and global uncertainties. According to the report, Nigeria’s economic growth improved to an...