Nigeria’s housing deficit, estimated at over 28 million units, presents not just a challenge but a significant opportunity for transformative change, according to the Minister of Housing and Urban Development, Ahmed Dangiwa.
Speaking recently at the 4th edition of the Real Estate Future Forum in Riyadh, Saudi Arabia, Dangiwa outlined the Nigerian government’s plans to address the shortfall through public-private partnerships and robust strategic initiatives.
“The housing challenge in Nigeria is not just a problem; it is a massive opportunity for investment,” Dangiwa said.
He urged international investors to consider Nigeria’s growing housing sector as an avenue for profitable collaboration.
The minister emphasised that Nigeria’s rapidly growing population and the enormous demand for affordable housing present a fertile ground for investment in the sector.
In his speech, Dangiwa detailed Nigeria’s ongoing efforts to combat the housing deficit, including the Renewed Hope Cities and Estates Programme.
The government aims to deliver 100,000 housing units in the first phase of the initiative, targeting both low- and middle-income earners as well as high-end residences.
“With a housing deficit of over 20 million units and a rapidly growing population, Nigeria presents a vast opportunity for investment in affordable housing.
To bridge this gap, we need to build about 500,000 housing units annually over the next decade,” he said.
The minister further outlined the central role affordability plays in the government’s housing agenda, highlighting mortgage loans and rent-to-own options through the Federal Mortgage Bank of Nigeria as key solutions for making housing accessible.
Additionally, Dangiwa revealed plans for establishing building materials manufacturing hubs across Nigeria’s six geopolitical zones.
These hubs aim to reduce reliance on imported building materials, lower construction costs, and stimulate local industrial growth.
The government is also working on a comprehensive nationwide social housing delivery programme aimed at providing 100,000 social housing units across Nigeria’s 774 local government areas, focusing on vulnerable populations.
Dangiwa’s call for international partnerships extended beyond housing construction; he called for the involvement of global developers and housing finance institutions.
He reassured potential investors of a conducive environment for collaboration, with incentives such as access to land, bankable offtake guarantees, and other concessions to ensure mutually beneficial outcomes.
“By partnering with us, investors can play a crucial role in shaping the future of Nigerian housing while securing substantial returns on investment,” he added.