The Federal Government disclosed Nigeria requires an annual investment of $6.25 billion to bridge the country’s housing deficit today.
Minister of Housing and Urban Development, Ahmed Dangiwa, made this known at the Renewed Hope Housing Summit in Abuja recently.
He stated that despite several housing policies, progress remains hindered by inconsistent implementation, lack of will, and poor coordination nationwide.
“Under President Bola Ahmed Tinubu’s administration, we are committed to delivering tangible results and breaking cycles of inaction,” Dangiwa said.
Massive Investment Needed for Housing Expansion
Nigeria must construct 500,000 housing units annually over the next decade to address the deficit and meet growing demand.
“At N10 million per unit, this translates to an annual financial requirement exceeding N5 trillion, approximately $6.25 billion,” he explained.
He stressed that 70 percent of Nigeria’s 43 million housing units lack habitability, safety, sanitation, accessibility, and infrastructure today.
“For instance, 3.3 percent of households have piped water, 24 percent sewage systems, and 51.7 percent national grid access,” he added.
Government Initiatives to Address Housing Challenges
To tackle these challenges, the government is implementing the Renewed Hope Housing Programme and Urban Renewal Programme urgently.
Public-private partnerships remain central to achieving large-scale affordable housing and urban development across the country, Dangiwa emphasized.
“We are ensuring that we conceive and implement large-scale affordable housing projects with significant nationwide impact,” he stated clearly.
The government collaborates with a consortium of developers to deliver 100,000 housing units under a structured PPP framework today.
“Phase one aims to deliver seven Renewed Hope Cities in locations where demand for housing remains effectively high,” he said.
Construction has commenced on 6,612 housing units in the Federal Capital Territory, Lagos, and Kano, Dangiwa confirmed.
Additionally, the ministry partnered with Shelter Afrique Development Bank to deliver 5,000 housing units in the first phase.
“This agreement marks the first collaboration between the ministry and Shelter Afrique Development Bank for affordable housing financing,” he added.
Beyond financing, Shelter Afrique Development Bank provides technical advisory services and PPP transaction models for housing renewal projects.
Senate Backs Housing Initiatives
The Senate Committee on Land, Housing, and Urban Development reaffirmed its commitment to supporting public-private partnerships nationwide.
Senator Aminu Tambuwal, chairman of the committee, emphasized collaboration to address Nigeria’s housing deficit effectively and sustainably today.
“Housing is essential for economic growth. Millions of citizens lack access to affordable and decent shelter across the country,” he noted.
He stressed the importance of leveraging PPPs to integrate private-sector innovation with policies, regulatory frameworks, and government support.
Tambuwal assured stakeholders the Senate remains committed to legislation that removes bureaucratic hurdles and promotes transparency effectively.
“As a committee, we support policies fostering sustainable housing development while collaborating with all stakeholders to achieve objectives,” he said.
Call for Action on Housing Development
Summit convener, Dr. Olayemi Rotsimo-Shodome, commended policymakers, investors, and developers for engaging in Nigeria’s housing challenges today.
He stressed moving from discussion to action, emphasizing the importance of commitment from the public and private sectors.
“The theme, ‘Leveraging PPPs to Deliver Renewed Hope for Housing Development,’ remains apt and inspiring,” he stated firmly.
“We must transition beyond discussions to action, ensuring agreements signed translate into tangible homes for Nigerians,” he concluded.
