The Federal Government, in partnership with Harmony Gardens and Estate Development Limited, is set to commence a 5,000-unit housing project in Ibeju-Lekki, Lagos State, as part of efforts to expand homeownership opportunities and address Nigeria’s housing deficit.

The groundbreaking ceremony is scheduled for Friday, October 30, 2026, at Lekki Aviation Town Estate, within the Yegunda Government-Approved Resettlement Scheme, along the New Lekki-Epe International Airport Expressway. The event is expected to begin at 10 a.m.

The development falls under the Federal Government’s Renewed Hope Housing Development Initiative and the Federal Mortgage Bank of Nigeria’s Renewed Hope Housing Programme.

The project is expected to deliver 5,000 housing units within 24 months across three locations: Granville, The Parliament and Lekki Aviation Town.

Under the proposed financing arrangement, eligible prospective homeowners may be required to provide an initial equity contribution of ₦5.5 million, while mortgage facilities could cover up to 90 per cent of a property’s value. The scheme also advertises single-digit interest rates and repayment periods ranging from 15 to 30 years, subject to eligibility criteria and applicable conditions.

Managing Director and Chief Executive Officer of Harmony Gardens and Estate Development Limited, Audullahi Saheed Mosadoluwa, described the initiative as an important step towards making homeownership more accessible through collaboration between the public and private sectors.

He said the project was designed not only to provide residential buildings but also to create opportunities for thousands of Nigerians to acquire properties through structured financing.

Mosadoluwa added that the development would feature modern housing infrastructure, community facilities, security systems and other amenities intended to support a sustainable living environment.

He said the partnership with the Federal Ministry of Housing and Urban Development and the Federal Mortgage Bank of Nigeria reflected a shared commitment to expanding housing delivery and promoting long-term wealth creation through property ownership.

Beyond addressing housing needs, the project is expected to generate employment opportunities in the construction sector and stimulate demand for building materials, skilled labour, artisans, suppliers and related services.

Ibeju-Lekki has attracted growing interest from property developers and investors because of its expanding industrial, commercial, transport and residential activities.

The proposed development across the three locations is expected to contribute to the area’s urban growth and strengthen its position as an emerging real estate destination in Lagos State.

The initiative also highlights the role of public-private partnerships in mobilising resources and technical expertise for large-scale housing projects under the Federal Government’s Renewed Hope agenda.

Prospective homeowners have been advised to obtain official information on available housing options, eligibility requirements, mortgage terms and repayment obligations before making financial commitments.

The planned groundbreaking on October 30 is expected to mark the formal commencement of the project, with completion of the 5,000 housing units targeted within 24 months.