According to Minister of Housing and Urban Development Ahmed Dangiwa, Nigeria has a severe housing shortage that will necessitate the construction of 550,000 housing units annually over the next ten years.
On Tuesday in Abuja, Mr. Dangiwa gave a speech at the 18th Africa International Housing Show. He stated that the government would need to spend roughly N5.5 trillion a year in order to build 550,000 homes annually for ten years, and that the Renewed Hope Housing Agenda was a strategy that would get them there.
The 50,000 units we intend to produce seems somewhat ambitious considering our track record in developing the housing stock. But when we compare that to the 550,000 housing units that are needed annually, it is minuscule, Mr. Dangiwa added. “I see this gap as a business opportunity for investors and our partners to make profitable impact, in addition to it being a social necessity.”
More than 28,000 applications have been registered since the portal’s inception, Mr. Dangiwa continued.
The 10th Assembly, according to Senate President Godswill Akpabio, will support residents in achieving the goal that every individual deserves: a roof over their head.
According to Mr. Akpabi, the Senate and the administration were collaborating closely to make sure that housing rights for Nigerians were realized.
“In our endeavors to offer accessible and reasonably priced housing options, we cannot abandon anyone, particularly those who are the most marginalized in our community. Furthermore, without addressing the necessity of inclusive policy, no housing conversation can be considered full, according to Mr. Akpabio.
Concerned about the building collapse in Nigeria, Mr. Akpabio assigned experts in the built environment to deal with the threat.
The importance of housing for Nigeria’s growth and development was emphasized by House of Representatives Speaker Abbas Tajudeen.
Mr. Tajudeen contends that supplying sufficient housing is not only a social necessity but also a vital first step in resolving many of the problems facing the country and humanity as a whole.
Mr. Tajudeen continued, saying that new housing developments will be encouraged and bottlenecks would be eliminated by streamlining the land acquisition procedure and enhancing land administration systems.
“The industry benefits from government intervention in the affordable mortgage space, and this highlights the need for environmentally friendly, sustainable housing solutions,” he said. “We can turn our housing sector into a catalyst for both domestic and global development by addressing the issues with housing supply and demand and putting forward-thinking policies into place.”
