Novarick Homes has announced the launch of an ambitious initiative tagged Project 1600 – Vision 2045, a twenty-year plan to deliver 1,600 apartments across four of Nigeria’s key cities: Lagos, Abuja, Ibadan and Port Harcourt.
Unlike a single large estate, the initiative will be executed through distributed housing developments built on available land in these cities, from single plots in densely packed urban communities to larger hectares where expansion is possible.
The firm said this approach reflects the realities of Nigeria’s property market and allows the company to adapt quickly to available resources while still working within a long-term vision.
Speaking at the unveiling in Lagos, Chief Executive Officer of Novarick Homes, Noah Ibrahim, described Project 1600 as a housing solution and a national development plan.
“When people hear about a 1,600-apartment initiative, they might imagine one massive estate. But what we are doing is more dynamic,” he said. “This is a phased programme that takes advantage of available land across four key cities, because housing delivery must be flexible to succeed. In some locations, it might be a cluster of apartments on a single plot, in others it could be a full estate on several hectares. What matters is that we are intentional, coordinated and consistent until the vision is achieved by 2045.”
Ibrahim explained that one of the strategies for ensuring quick delivery is collaboration with other developers, an approach that has worked for Novarick in the past.
“We recognise that collaboration accelerates results,” he said. “In the Lekki-Ajah axis, we partnered with Thesaurus Gardens in delivering Peninsula Residences and Laurels Villa, and with GMYB in delivering Roda Terraces.
” These partnerships proved that by combining strengths, we can deliver quality housing faster and with greater impact. Project 1600 will also follow this path, because solving Nigeria’s housing challenge cannot be the work of a single developer.”
He added that Novarick will continue its practice of working with government agencies in the built environment across the target states to ensure strict compliance and quality standards. “Housing delivery must be done with regulators at the table,”
Ibrahim said. “This is why we collaborate with the relevant state and national agencies in the built environment, to ensure that every structure we put up meets the right standards of safety and quality.”
The project is valued at over $116 billion and will cover more than 200,000 square metres of land, ultimately providing homes for more than 6,000 people. Beyond housing, Novarick projects that the initiative will directly and indirectly impact over 20,000 Nigerians through employment opportunities, while offering investors significant returns estimated at 190 times value over the period. Ibrahim stressed that the plan goes beyond real estate. “Project 1600 is more than buildings,” he said. “It is a 174 trillion naira wealth and impact engine for Nigeria. We are talking about an initiative that aligns with United Nations Sustainable Development Goal 11 (Sustainable Cities and Communities), because we believe cities must work for people. If we want to change public perception of real estate in Nigeria, then we must show that housing can be inclusive, reliable and sustainable.”
On the choice of locations, Ibrahim noted that Lagos, Abuja, Ibadan and Port Harcourt capture the diversity of Nigeria’s housing challenge.
“These cities are where housing demand is most urgent,” he explained. “Lagos remains the country’s commercial hub, Abuja is the political centre, Ibadan demonstrates the growth of regional urban cities, and Port Harcourt represents our industrial and oil-based economy. Together they show us where the pressure is greatest, and by building in these places, we are taking a national approach.”
Novarick also revealed that all structures under Project 1600 will be fully insured from construction to habitation through an exclusive partnership with Insurtech firm, Kolanut Africa. In addition, mortgage arrangements will be available to buyers who prefer to spread payments over time, a move the company says is intended to make ownership more accessible and reduce entry barriers.
Novarick’s Client Relations Manager, Susan Adebanjo, highlighted the increasing demand for real estate from investors seeking stable, cashflow-generating assets. “What we see in the market today is that investors are diversifying their portfolios as we experienced while selling our Ruby Apartments in Ologolo Lekki,” she said. “Many of them are moving away from volatile sectors and are looking into real estate, not just for appreciation but for steady cashflow and stability. Project 1600 is structured to meet that demand. It will provide a pathway for investors who want reliable returns while also contributing to housing delivery in key cities. For us, it is about connecting investor interest with societal need in a way that benefits both sides.”
Ibrahim called for greater accountability in Nigeria’s real estate sector, cautioning that fraudulent practices and unfulfilled promises continue to erode public trust.
“Developers must understand that this is bigger than business,” he said. “Our responsibility is not only to sell property but to build confidence in the system. If Nigerians see that ownership is possible and secure, then we have solved more than a housing problem, we have contributed to national stability.”
With Project 1600 – Vision 2045, Novarick Homes said it aims to demonstrate that housing delivery, if approached with flexibility, collaboration and accountability, can become the foundation of both wealth creation and sustainable urban development in Nigeria. Source: The Nation Online Newspaper (https://thenationonlineng.net/novarick-projects-%e2%82%a6174-trillion-impact-through-project-1600/)
