Nigeria’s Housing Deficit Hits 20 Million: A Crisis and an Opportunity for Change

Tobi
4 Min Read
Nigeria’s Housing Deficit Hits 20 Million: A Crisis and an Opportunity for Change

Nigeria’s housing crisis has reached a staggering milestone, with the nation now facing a deficit of over 20 million housing units.

This alarming shortfall has prompted the Minister of Housing and Urban Development, Ahmed Dangiwa, to call it both a significant challenge and a unique opportunity for transformation.

Speaking at the 4th Edition of the Real Estate Future Forum in Riyadh, Saudi Arabia, Dangiwa highlighted the gravity of the situation and emphasized the urgent need for action to meet the housing demand that continues to grow as the population rises.

19th AFRICA INTERNATIONAL HOUSING SHOW
19th AFRICA INTERNATIONAL HOUSING SHOW

To address this enormous gap, Dangiwa outlined the government’s ambitious goal of delivering 500,000 housing units annually for the next decade. The task is monumental, but the Minister is optimistic that with strategic planning and partnerships, Nigeria can overcome the crisis. He stressed the importance of public-private partnerships (PPP) in addressing the housing deficit, combining government efforts with private sector investments to create sustainable solutions.

Drawing inspiration from Saudi Arabia’s advancements in housing and urban development, Dangiwa noted the significance of well-planned housing as a driver of sustainable urban growth, economic prosperity, and better living standards. With Nigeria’s rapidly expanding population, the Minister sees the housing challenge as an unprecedented opportunity for investment, particularly in affordable housing.

One of the key initiatives to address the shortfall is the government’s Renewed Hope Cities and Estates Programme, which aims to deliver 100,000 housing units in its first phase. These developments, designed as integrated communities, will cater to all income levels, from high-end residences to affordable housing for low- and middle-income families. Affordability is at the heart of this programme, with options such as mortgage loans and rent-to-own schemes provided through the Federal Mortgage Bank of Nigeria (FMBN).

Beyond the construction of homes, Dangiwa outlined plans to establish Building Materials Manufacturing Hubs (BMMHs) in each of Nigeria’s six geopolitical zones. These hubs aim to reduce the country’s reliance on imported building materials, lower construction costs, and stimulate industrial growth, contributing to long-term economic sustainability.

HOUSING IS A RIGHT NOT A PRIVILEGE
HOUSING IS A RIGHT NOT A PRIVILEGE

The Nigerian government is also working on a Comprehensive Nationwide Social Housing Delivery Programme, targeting vulnerable groups. This initiative aims to provide 100,000 social housing units across Nigeria’s 774 Local Government Areas, ensuring that even the most vulnerable communities are not left behind in the country’s housing development efforts.

Recognizing the scale of investment required to address the housing deficit, Dangiwa called on international investors, housing finance institutions, and global developers to partner with Nigeria. He assured potential investors of a favorable environment for collaboration, including access to land, bankable offtake guarantees, and necessary incentives to ensure mutually beneficial partnerships.

“The housing challenge in Nigeria is not just a problem; it’s a massive opportunity for investment,” Dangiwa stated. “By partnering with us, investors can play a crucial role in shaping the future of Nigerian housing while securing substantial returns on investment.”

With these ambitious plans in motion, the Minister reaffirmed the government’s commitment to building a sustainable, inclusive, and resilient housing sector. He invited stakeholders, both local and international, to collaborate in addressing the nation’s housing needs, with the goal of creating a prosperous future for Nigeria’s urban areas.

Join Our Whatsapp Group

Share this Article
Leave a comment