The Federal Government has announced that Nigeria requires the construction of approximately 550,000 housing units each year over the next decade to address the nation’s growing housing deficit.
Minister of Housing and Urban Development, Ahmed Musa Dangiwa, made this statement during the groundbreaking ceremony for Graceland Estate in Enugu. He added that achieving this goal would demand around N5.5 trillion annually.
Dangiwa attributed the significant housing shortfall to the ineffective implementation of previous housing policies and the underperformance of housing delivery institutions. He also highlighted several challenges, including an undeveloped housing market, a lack of a robust secondary mortgage system, and unfavorable macroeconomic conditions.
Commending the efforts of Enugu State Governor Peter Mbah for embracing President Bola Tinubu’s housing policy, Dangiwa emphasized that the Federal Government’s interventions were already producing tangible results.
“Under the Renewed Hope Cities and Estates Programme, we have commenced construction of 6,612 housing units across 13 states and the Federal Capital Territory (FCT). Many of these units are now in advanced stages, and we plan to complete the majority by December to provide Nigerians with affordable housing options,” Dangiwa said.
Governor Mbah, represented by his deputy, Ifeanyi Ossai, encouraged Nigerian universities to conduct research focused on reducing the high cost of building in the country. He stressed that currency devaluation had driven up labor costs, making it difficult for the average Nigerian to afford homes even when they are available.
Mbah also praised the Federal Government for including Enugu as a part of its national housing initiative, underscoring the importance of collaboration in addressing the housing crisis.
The housing sector continues to face significant challenges, but stakeholders remain optimistic that ongoing efforts will provide relief and improve access to affordable housing across Nigeria.