The Federal Government’s bid to address Nigeria’s housing deficit received a significant boost as federal lawmakers expressed support for increasing the Ministry of Housing and Urban Development’s annual budget to a minimum of N500bn, starting with the 2025 fiscal year.
Minister of Housing and Urban Development, Musa Dangiwa, disclosed this at the 2024 Property and Environment Writers Association of Nigeria (PEWAN) Conference in Lagos, highlighting the ambitious plans tied to this increase.
Speaking on behalf of the minister, the ministry’s Director of Press and Public Relations, Salisu Haiba, emphasized that the proposed budget hike followed extensive engagement with National Assembly leadership.
The additional funding, he noted, would enable the government to significantly expand its housing project.
The minister outlined plans to extend housing projects to the remaining 18 states that were not covered under earlier initiatives.
Moreover, the government intends to increase housing units in each state from the current 250 to at least 500, under the Renewed Hope Agenda.
“With an estimated housing deficit of over 18 million units, our goal is to build approximately 550,000 units yearly for the next decade,” Dangiwa said.
“This massive undertaking will require an annual budget of N5.5tn at an average of N10m per unit.”
The ministry is already making strides, with 12 Renewed Hope Estates currently under construction, funded through the N50bn supplementary 2023 budget and an additional N27.2bn allocated in the 2024 budget to complete their infrastructure.
The government’s strategy also leverages public-private partnerships (PPP) for large-scale housing delivery.
Through partnerships with a consortium of developers, three Renewed Hope Cities are being developed in Abuja, Lagos, and Kano, targeting the delivery of 100,000 housing units nationwide. Under this arrangement, developers source land and financing, while the government provides an enabling environment.
Dangiwa highlighted the economic benefits of the Renewed Hope Cities and Estates Programme, which has already generated over 252,800 jobs for skilled and unskilled workers.
He noted that each housing unit creates an average of 25 jobs, further underscoring the sector’s role as a driver of economic growth.
Despite the challenges of financing such an ambitious housing programme, the minister expressed confidence in the government’s ability to achieve its objectives.
“The renewed commitment from federal lawmakers is a critical step toward resolving financial and regulatory barriers and ensuring that affordable housing becomes a reality for millions of Nigerians,” he said.
As the 2025 budget cycle approaches, the Ministry of Housing and Urban Development is poised to deliver on its promise of providing homes for Nigerians while simultaneously stimulating the economy through job creation and infrastructure development.