The Federal Government has announced a plan to provide 100,000 social housing units for vulnerable groups across Nigeria’s 774 Local Government Areas (LGAs).
The Minister of Housing and Urban Development, Ahmed Dangiwa, shared this during the Real Estate Future Forum in Riyadh, Saudi Arabia, on January 29, 2025.
He invited investors in Saudi Arabia to explore opportunities in Nigeria’s housing sector, emphasizing the potential for profitable ventures.
He noted that the country’s housing deficit, estimated at 28 million units, has been worsened by rapid urbanization and migration.
To address this, the government is working through public-private partnerships, improved financing models, and collaborations with state governments to make land acquisition easier.
The Renewed Hope Cities and Estates Programme and the National Social Housing Fund are among the initiatives aimed at boosting housing availability.
Dangiwa also highlighted the need for sustainable housing solutions, promoting energy-efficient buildings, local materials, and modern construction methods.
The government is partnering with international organizations to support green building practices and is setting up Building Materials Manufacturing Hubs to reduce dependence on imported materials.
On mortgage accessibility, he acknowledged high-interest rates, sometimes reaching 30% per annum, as a major challenge.
To ease this burden, the Federal Mortgage Bank of Nigeria is being recapitalized with N500 billion to provide single-digit mortgage products.
The government is also introducing rent-to-own schemes and other flexible payment options to help Nigerians afford homes.
Additionally, efforts are being made to digitize property transactions for efficiency and security.
Land registration reforms are in progress with support from the World Bank to improve transparency and ease of ownership.
Dangiwa assured investors of the government’s commitment to creating a business-friendly real estate environment.
He reaffirmed the administration’s dedication to making housing more affordable and sustainable through policy reforms, investment incentives, and urban renewal projects.
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