The Federal Government is taking steps to address the housing deficit in Nigeria by exploring the construction of new homes, according to the Minister of Housing and Urban Development, Ahmed Musa Dangiwa. He revealed that the Ministry is collaborating with the National Population Commission (NPC) to ascertain the actual housing deficit in the country.
In a recent meeting with the Acting Comptroller-General of the Nigerian Immigration Services, Caroline Wura-Ola Adepoju, in Abuja, the Minister highlighted that an internal estimate has determined that Nigeria needs to build 550,000 new homes annually.
If the country can successfully construct the estimated 550,000 houses each year for the next decade, it would significantly reduce the housing burden faced by Nigerians.
The Minister also shared that the current administration is planning to reform federal housing agencies, including the Federal Mortgage Bank of Nigeria and the Federal Housing Authority, to enhance their operational effectiveness.
These reforms are aimed at enabling these agencies to provide decent, high-quality, and affordable housing to Nigerians, aligning with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Explaining the strategies, the Minister stated, “The Federal Mortgage Bank of Nigeria will focus on providing affordable housing through the National Housing Fund (NHF) Scheme, offering single-digit interest rates and long tenors of up to 30 years for contributors. Meanwhile, the Federal Housing Authority will have the flexibility to develop houses for individuals across different income brackets.”
Dangiwa assured the Acting Comptroller-General of the Nigerian Immigration Services that both the Federal Housing Authority and the Federal Mortgage Bank of Nigeria would be able to meet the housing needs of immigration officers, providing them with affordable housing options.
In addition, the Minister disclosed the government’s plan to establish Renewed Hope Cities nationwide, with the initial phase involving the construction of 34,500 homes in selected cities and state capitals throughout the 36 states and the Federal Capital Territory.
