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LAGOS – A Memorandum of Understanding, MoU, has been signed between QShelter Limited and real estate firm, M. I. Okoro & Associates, for the marketing of the Federal Government’s Renewed Hope Housing Estates in Abuja, Kano and Lagos.

The agreement was announced during a press briefing held at the Osborne Foreshore Estate, Ikoyi, Lagos.

Chairman of M. I. Okoro & Associates, Chief Mechson Innocent Okoro, while briefing newsmen, said the collaboration is aimed at strengthening the marketing and delivery of housing units under the Renewed Hope Housing initiative of the Federal Government.

Chief Okoro described housing as a critical factor of development and commended President Bola Ahmed Tinubu for prioritising homeownership through the Renewed Hope Housing Scheme, which he said addresses the needs of middle-income Nigerians.

He noted that the programme is supported by affordable mortgage options, including the National Housing Fund mortgage at six percent interest, Rent-to-Own schemes at seven percent, and the Ministry of Finance Incorporated Real Estate Investment Fund, MREIF, offering mortgages of up to N100 million at single-digit interest rates.

According to him, the initiative is expected to significantly reduce Nigeria’s housing deficit while creating employment opportunities for artisans and professionals in the construction and real estate sectors.

Speaking on the role of QShelter Limited, Chief Okoro described the company as a leading digital real estate and housing finance platform, partnering with the Federal Mortgage Bank of Nigeria, several primary mortgage banks, pension fund administrators, and commercial banks to ease access to homeownership.

Dr. Okoro, a Fellow of the Nigerian Institution of Estate Surveyors and Valuers, commended the Federal Government for matching housing delivery with long-term, low-interest mortgage financing, describing it as a major milestone in Nigeria’s housing history.

He, however, advised the government to ensure proper regulation of mortgage disbursement banks, provide clear land titles for housing sites, invest directly in infrastructure, discourage speculative purchases, and adopt renewable energy solutions such as solar power in government housing estates.

Dr. Okoro also called for the expansion of the Renewed Hope Housing Scheme to all states and local governments, noting that increased housing supply would naturally reduce the cost of rent and homeownership.

He said the Renewed Hope Housing programme targets the delivery of one hundred thousand homes across Nigeria, with major developments already underway in Karsana, Abuja; Janguza, Kano; and Sangotedo, Lagos.

Mr. Okoro also called on Nigerians in the diaspora to take advantage of the investment opportunities noting that arrangements are already in place to market the housing projects to Nigerians living abroad through international exhibitions and promotional events in the United Kingdom and the United States.

In his remarks, the President of the Nigerian Institution of Estate Surveyors and Valuers, Prince Adekunle Victor Alonge, endorsed the Renewed Hope Housing Estates, describing the initiative of the Federal Government as long overdue.

Prince Alonge said the project requires the involvement of professionals to ensure quality delivery and sustainability.

He called for the Renewed Hope Housing Estates to be adopted as a National Housing Scheme, to allow for the integration of social housing and other housing categories.

In a welcome address, the Chief Operating Officer of QShelter Limited, Mr. Gbenga Alamu, stressed the company’s commitment to quality and innovation in housing delivery.