‘550,000 housing units required yearly to solve housing needs in Nigeria’
10 October 2024 |
3:57 am
The Federal Government said it would need to build approximately 550,000 housing units yearly over the next 10 years to solve housing needs in the country. To do this, however, it would require about N5.5 trillion per annum.
The Federal Government said it would need to build approximately 550,000 housing units yearly over the next 10 years to solve housing needs in the country. To do this, however, it would require about N5.5 trillion per annum.
The Minister of Housing and Urban Development, Ahmed Musa Dangiwa, who stated this in Enugu at the groundbreaking ceremony for Graceland Estate, added that the huge housing deficit is the result of ineffective implementation of housing policies and suboptimal performance of housing delivery institutions. He also pointed out that an undeveloped housing market, an untapped secondary mortgage market, and a tough macroeconomic environment were responsible.
Dangiwa, who was full of praise for Enugu governor, Peter Mbah, for keying into President Bola Tinubu’s policy on housing, stated that the intervention of the Federal Government was already yielding results.
“Already, the results are visible. In just over one year, under the Renewed Hope Cities and Estates Programme, we have commenced construction work for a total of 6,612 housing units across 13 states and the FCT, with many of these units now at advanced stages of completion. We intend to complete most of them by December, so Nigerians can begin to own these homes.”
Mbah had challenged universities in the country to research how to reduce the high cost of building in Nigeria, saying it was the challenge faced by the housing sector.
Mbah, who was represented by his deputy, Ifeanyi Ossai, stated that the devaluation of the currency led to a high cost of labour and has made it difficult for the average person to access homes even when they are developed.
He commended the Federal Government for citing part of its housing programme in Enugu.
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