The Federal government has warned that it will not hesitate to take legal action against any developer that fails to deliver every housing project awarded to them to the required standard.
The Minister of Housing and Urban Development, Ahmed Dangiwa made this known during the Ground breaking ceremony of a 250 Housing Units in Ibadan, the Oyo state capital.
As of 2023, the housing deficit in Nigeria stood at 28 million units, requiring an estimated 21 trillion Naira to rectify the situation, which translated to approximately US$34.8 billion, based on the average exchange rate of US$1=N603.
To address this challenge, the President Bola Tinubu’s administration launched the Renewed Hope Cities and Estates initiative aimed at delivering over 50,000 housing units across Nigeria.
At the flag-off ceremony in Oyo State, the Minister of Housing and Urban Development announced that the 250-unit housing project is expected to be completed within 3 months, warning developers against substandard construction.
While the Oyo state administration praised the progress, they want it to be repeated in all of the state’s geographical zones.
The Initiative will not only solve the issue of housing shortfalls, but will also contribute significantly to state governments’ efforts to secure a better future for their residents.
Related posts:
NGO to help FG tackle 17 million housing deficit
Housing deficit: Experts promote Public-Private partnership
How to cope with rising population and housing deficit
Housing Deficit: Lagos Makes Plans For Low Income Earners
FHA to collaborate with States to address housing deficit
FG begins construction of 250 housing units in Ekpan, Delta State
Nasarawa govt flags of construction of 25,000 housing units in Karu LG
Sanwo-Olu Flags Off Construction Of 250 Roads, 23 Power Projects
