The Honorable Minister of Housing and Urban Development, Architect Ahmed Musa Dangiwa, has reiterated Nigeria’s commitment to reducing the country’s housing deficit and providing affordable housing to millions of Nigerians through the Ministry’s many initiatives and programs.
The minister stated this during a panel discussion tagged Balance and Innovation in the Real Estate Landscape at the Saudi Real Estate Forum in Riyadh. In a post on his official LinkedIn account, the minister shared some snippets of the session.
“During the session, I shared insights on Nigeria’s Renewed Hope Housing Agenda, a comprehensive strategy designed to deliver large-scale housing solutions while ensuring inclusivity and economic viability. A major pillar of this agenda is the development of thousands of housing units across Nigeria through the Renewed Hope Cities and Estates Programme.
“By leveraging public-private partnerships, innovative financing models, and strategic government interventions, we aim to expand homeownership opportunities and bridge the housing deficit.
Dangiwa decried the high construction cost as a major impediment to achieving affordable housing globally and highlighted Nigeria’s preparedness to arrest this menace.
“Recognizing that high construction costs remain a key challenge, we are taking deliberate steps to reduce reliance on imported building materials. To achieve this, the Federal Government is working to establish Building Materials Manufacturing Hubs in each of Nigeria’s six geopolitical zones. These hubs will create an enabling environment for local manufacturers to produce essential materials like cement, roofing sheets, and tiles, making housing construction more cost-effective and stimulating job creation within the sector.
The Minister informed participants that Nigeria is committed to addressing the high interest rate in mortgages and the financial challenge associated with funding sustainable and affordable housing in Africa’s largest real estate market.
“Financing remains one of the biggest barriers to homeownership, particularly due to high mortgage interest rates that can reach up to 30% per annum. To address this, we are introducing a National Social Housing Fund (NSHF) that will provide concessional, long-term financing for affordable housing projects.
“Additionally, we are expanding the capacity of the Federal Mortgage Bank of Nigeria (FMBN) to enable the Bank to upscale the provision of single-digit interest mortgages and rent-to-own schemes, allowing Nigerians to gradually transition from tenants to homeowners through structured payment plans.
Dangiwa highlighted Nigeria’s commitment to the adoption of sustainable and green housing initiatives in line with best practices globally.
“Beyond affordability, we are also prioritizing sustainability. We believe that green housing must be both environmentally responsible and economically viable. To mainstream sustainable building practices, we are collaborating with IFC EDGE, a global leader in green building certification, to promote energy-efficient designs and the use of local materials that reduce long-term costs. This initiative aligns with our broader vision of creating smart, climate-resilient cities that improve the quality of life for Nigerians.
