FG and Harmony Gardens to start 5,000 homes in Ibeju-Lekki on Friday

The Federal Ministry of Housing and Urban Development and a private developer, Harmony Gardens & Estate Development Limited, will hold a groundbreaking ceremony on Friday, 30 October, for a 5,000-unit housing project in Ibeju-Lekki, Lagos State.

The event is fixed for 10 a.m. at Lekki Aviation Town Estate, inside the Yegunda Government-Approved Resettlement Scheme, along the New Lekki-Epe International Airport Expressway.

The project sits under the government's Renewed Hope Housing Development Initiative and the Federal Mortgage Bank of Nigeria's Renewed Hope Housing Programme, both aimed at widening homeownership and chipping away at Nigeria's housing deficit.

What buyers are being offered

According to the scheme details released ahead of the ceremony, the homes will be built in three places: Granville, The Parliament and Lekki Aviation Town. The developers say all 5,000 units are expected within 24 months.

Eligible buyers are being asked for an advertised equity contribution of ₦5.5 million. Under the proposed arrangement, a mortgage can cover as much as 90 per cent of the property's value, at a single-digit interest rate, with repayment spread over 15 to 30 years.

Those terms depend on eligibility and the conditions attached to the scheme. The developers and the ministry are advising anyone interested to confirm the housing categories, who qualifies, the mortgage terms and what repayment involves with the Federal Mortgage Bank of Nigeria or the ministry before paying any money.

For many Nigerians, the appeal is simple: paying for a home in one lump sum is out of reach, and spreading the cost over decades is the only realistic route.

Jobs and a growing corridor

Beyond the houses, the project is expected to create work during construction and drive demand for building materials, with artisans, suppliers and contractors in line to benefit.

Ibeju-Lekki has become a magnet for developers, drawn by its growing industrial, commercial, transport and residential activity, and the new estates are expected to add to that expansion.

Dr Audullahi Saheed Mosadoluwa, managing director and chief executive of Harmony Gardens, said the project is about more than putting up buildings. "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 said the homes will come with modern infrastructure, community facilities, security systems and sustainable living spaces, and that the partnership with the ministry and the mortgage bank shows a shared push to deliver more housing and help families build long-term wealth.

Friday's ceremony formally flags off the development, with the 24-month delivery target now the date to watch.