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The Minister of Housing and Urban Development, Architect Ahmed Musa Dangiwa, has disclosed that the government requires a substantial annual investment of N5.5 trillion to construct approximately 550,000 housing units as part of its efforts to tackle the housing deficit.
Architect Ahmed Musa Dangiwa, the Minister of Housing and Urban Development, made this announcement during the groundbreaking ceremony for 10,000 housing units in Enugu State today.
The Minister of Housing and Urban Development, Architect Ahmed Musa Dangiwa, criticized the significant housing deficit in Nigeria, attributing it to ineffective implementation of housing policies, subpar performance of housing delivery institutions, an underdeveloped housing market, an untapped secondary mortgage market, and the challenging macroeconomic environment.
“As you may be aware, the housing challenge in our country is immense. Statistics show that to address this problem, we need to build approximately 550,000 housing units annually over the next 10 years, which would require about N5.5 trillion per annum,” he said.
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The Minister of Housing and Urban Development, Architect Ahmed Musa Dangiwa, highlighted the immense challenge posed by the housing deficit but emphasized the need to view this as an opportunity to innovate and develop solutions that would ensure sustainable housing delivery in Nigeria not only in the short term but also for generations to come.
“This huge housing deficit is the result of ineffective implementation of housing policies, suboptimal performance of housing delivery institutions, an undeveloped housing market, an untapped secondary mortgage market, and, of course, a tough macroeconomic environment” he said.
