Minister of Housing, Ahmed Dangiwa says Nigeria’s housing sector has failed to show encouraging results despite numerous attempts to address its challenges in the last 50 years.
But the Minister is optimistic that the Renewed Hope Agenda of President Bola Tinubu will make a difference in addressing the country’s housing deficit and providing affordable housing for Nigerians.
According to TVC’s Sarah Ayeku, policymakers, real estate sector leaders, the housing and urban development ministry, department, and agencies gathered for the first time to discuss funding and housing choices that will carry out the mandate of the renewed hope agenda.
Before opening the floor to presentations and inputs from other stakeholders, the Minister of Housing commended members of the National Assembly for revising and enhancing the 2024 budgetary allocation by N50 billion.
The vast majority of Nigeria’s 43 million households live in substandard housing, and most cities are surrounded by slums.
Stakeholders are hoping the Bola Tinubu administration will rewrite history by making decent houses affordable and accessible to middle and low income earners.
Policy makers say lack of access to affordable housing finance options has hindered the development of the housing sector.
They hope legislative amendments, recapitalisation of the Federal Mortgage Bank of Nigeria and inclusion of the federal housing Authority in the budget will strengthen the housing sector and bridge the housing gaps.
Among other reforms and policy statements, the Minister stated that the National Housing Strategy Report 2023, although well-researched, requires a review and update due to the significant changes in the macroeconomic environment since 2019.
