The Federal Government has revealed that Nigeria requires an annual investment of $6.25bn to address the country’s housing deficit, estimated at over 28 million units.
The Minister of Housing and Urban Development, Ahmed Dangiwa, disclosed this recently at the Renewed Hope Housing Public-Private Partnership Summit held in Abuja.
Dangiwa emphasised that despite numerous housing policies and strategy papers, inconsistent implementation, lack of political will, and poor coordination have hindered progress in the sector.
“Under the administration of His Excellency, President Bola Ahmed Tinubu, we are determined to break this cycle of inaction and deliver tangible results,” he stated.
The minister highlighted that to bridge the housing gap and meet the rising demand, the country must deliver 500,000 housing units annually over the next decade.
“At an average cost of N10m per unit, this translates to an annual financial requirement of over N5tn (approximately $6.25 bn). This scale of investment necessitates a collaborative strategy involving both the government and the private sector,” he said.
