The Federal Government of Nigeria has revealed that an annual investment of $6.25 billion is needed to address the country’s housing deficit, which stands at over 28 million units. This announcement was made by the Minister of Housing and Urban Development, Ahmed Dangiwa, during the Renewed Hope Housing Public-Private Partnership Summit in Abuja.
Dangiwa highlighted the challenges faced in the housing sector, citing inconsistent implementation of policies and a lack of political will as major hindrances. He emphasized the administration’s commitment to breaking this cycle and delivering tangible results.
To bridge the housing gap, the government aims to deliver 500,000 housing units annually over the next decade, requiring a total investment of over N5 trillion (approximately $6.25 billion). Dangiwa stressed the importance of collaboration between the government and private sector to achieve this goal.
Currently, over 70% of Nigeria’s 43 million housing units do not meet basic living standards, with only a small percentage of households having access to essential services like piped water and sewage systems.
The government is implementing several initiatives, including the Renewed Hope Housing Programme and the National Urban Renewal and Slum Upgrade Programme, which focus on enhancing affordability and accessibility in housing.
Dangiwa announced plans to construct 100,000 housing units through public-private partnerships, targeting key areas such as the Federal Capital Territory, Lagos, and Kano. He also mentioned a partnership with Shelter Afrique Development Bank to deliver 5,000 housing units in the first phase of their agreement.
Senator Aminu Tambuwal, chairman of the Senate Committee on Land, Housing, and Urban Development, underscored the need for collaborative efforts to tackle the housing crisis, emphasizing that housing is crucial for economic growth and development.
The summit highlighted the urgency of moving from discussions to actionable plans, with stakeholders encouraged to contribute to sustainable housing solutions in Nigeria.
