Nigeria Needs N5.5 Trillion To Build 550,000 Housing Units Yearly

Nigeria needs to build 550,000 housing units a year for N5.5 trillion over the next 10 years, according to Minister of Housing and Urban Development Arc. Ahmed Musa Dangiwa, in order to address the country’s acute housing deficit.

According to a statement on the Ministry’s website, he made this declaration in Abuja during a meeting with the UK Build and Construction West Africa Trade Mission.

Nigeria has 200 million people, and the country is increasing by 2.5% year. Dangiwa emphasized the difficulties this presents and the necessity of housing that satisfies UN and WHO criteria for habitability, safety, comfort, and infrastructure.

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“Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa has expressed optimism that the huge housing deficit facing the country can be brought to a halt if a total of 550,000 housing units are built annually at the cost of N5.5Trillion, over the next ten years,” the statement read in part.

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The Housing Minister informed the delegation that the Ministry is tackling substandard housing—75% of Nigeria’s 42 million units, according to PwC—through urban renewal and new construction.

The Minister outlined the Ministry’s action plans, including the inauguration of four Housing Reform Task Teams, all finalizing their reports.

Arc. Dangiwa reviewed the Renewed Hope Cities and Estates Programme, launched by President Bola Ahmed Tinubu, aiming to build 50,000 housing units across Nigeria. This includes 1,000 units per site in each of the six geo-political zones and the FCT, and 250 units per site in the remaining 30 states. Groundbreakings have commenced for two Renewed Hope Cities (FCT and Kano) and twelve Renewed Hope Estates, totaling 6,612 homes.