Housing Deficit: Nigeria Needs Over N5.5trn To Fix Shortage -Minister

Nigeria requires over N5.5 trillion per annum to fix the nation’s housing deficit.
Speaking during a briefing to mark his one in office, today, in Abuja, Minister of Housing and Urban Development, Architect Ahmed Musa Dangiwa noted that Nigeria’s population of over 220 million with a growth rate of 2.5 per cent per annum also needs about 550,000 housing units over the next 10 years.
According to him, this cannot come from the government alone, adding that the government is working on Public Private Partnerships (PPPs) and other sources of housing finance to bridge the gap.
To this effect, he said that it is necessary for the government to do more in terms of budgetary allocation to housing and urban development.
“On this basis, we made a solemn request for the budgetary allocation of a minimum of N500 billion budgetary allocation per annum for the Renewed Hope Cities and Estates Programme so that we can create more impact and enable more Nigerians have access to decent shelter. I am happy to say that this was well received by all the National Assembly Committees. This means that we are on course to tripling our impact in the 2nd year, God willing.
“Besides increased budgetary allocation, we are intent on exploring all possible housing financing options to tackle the massive housing deficit that we face as a country. We may not have the financial war chest, but we have leverage as a government.
“ For far too long we have failed to maximize our relationships with bilateral and multi-lateral institutions including those that we have substantial interests. We have seen where smaller African countries are taking advantage of these housing development institutions to boost housing for their citizens while we simply watch. Within this one year, we have taken steps to change this” the minister further explained.
While signing a Memorandum of Understanding (MOU) with Shelter Afrique for the development of over 5,000 housing units pilot phase, the minister, announced that Nigeria is the second largest shareholder in ShafDB after Kenya with over $29 million share subscription
“That is why I am pleased to announce that we are set to sign a Housing Development Partnership with the Shelter Afrique Development (ShafDB). Under the Partnership, the Pan-African housing institution will support the Renewed Hope Programme with advisory services and financing of competent developers. We are looking at about 5,000 housing units in the pilot. This will be the first time that the ministry is entering into such a practical and direct partnership with a multi-lateral institution for the construction of homes for Nigerians. Nigeria is the second largest shareholder in ShafDB only after Kenya with over $29 million share subscription” he said.
On the Renewed Hope Cities and Estates Programme, Dangiwa admitted that the ministry has done the groundbreaking for 6,612 housing units across 13 locations nationwide.
“We have made substantial progress in increasing the stock of affordable and decent housing stock for Nigerians with the groundbreaking for 6,612 housing units across 13 locations nationwide under the Ministry’s Renewed Hope Cities and Estates Programme. This includes the 3,112-housing unit Renewed Hope City in Karsana Abuja, under Public Private Partnership (PPP). Twelve other locations are being funded under the 2023 Supplementary Budget and they include the 500 Renewed Hope City in Kano and 250 Renewed Hope Estates in Katsina, Yobe, Gombe, Sokoto, Ebonyi, Abia, Akwa Ibom, Delta, Benue, Nasarawa, Osun and Oyo.
The Renewed Hope Cities comprise one, two, and three- bedroom blocks of flats; two-, three- and four-bedroom terraces, four-bedroom duplexes, and five-bedroom duplexes. Renewed Hope Estates to cater to low- and medium-income earners comprising one-, two-, and three-bedroom semi-detached bungalows,” he stated.