FG attracts N70bn in private capital to tackle housing deficit
The Federal Government has secured more than N70 billion in private funding through Public-Private Partnerships to bolster its Renewed Hope Housing Programme, a key initiative addressing Nigeria’s housing deficit.During the opening of the 19th Africa International Housing Show, Ahmed Musa Dangiwa, the Minister of Housing and Urban Development, made this announcement. He also introduced a new campaign focused on homeownership and housing development in each state as part of the initiative to close the national housing gap.
This information was shared in a statement by the Ministry’s Special Assistant on Media & Strategy, Mark Chieshe.
“To date, we have mobilized over N70 billion in private investment through Public-Private Partnerships to facilitate extensive urban housing projects,” Dangiwa stated.
“Throughout Africa, countless families remain unable to afford decent housing, even when available. This administration is not solely focused on constructing houses; we are reforming the structural and macroeconomic foundations necessary for making housing genuinely affordable and sustainable for both present and future Nigerians,” he emphasized in his keynote address.
He outlined the Federal Government’s three-tier Renewed Hope Housing Programme—comprising Renewed Hope Cities, Renewed Hope Estates, and Renewed Hope Social Housing Estates—describing it as the national strategy for providing affordable housing in Nigeria.
Dangiwa also pointed out the expanding range of housing support initiatives from the Federal Mortgage Bank of Nigeria, such as the Rent-to-Own Scheme and Rental Assistance Product, aimed at alleviating the housing burden for urban workers and young families. He further mentioned that the upcoming MOFI Real Estate Investment Fund would improve access to long-term, affordable mortgage financing.
A significant aspect of the Minister’s address was the launch of a state-by-state housing initiative geared toward enhancing the execution of federal housing policies at the state level.
“We will integrate housing reform advocates within state governments, organize state housing roundtables, and supply direct assistance to formulate feasible housing projects and unlock financing opportunities,” he revealed.
This campaign is anticipated to strengthen collaboration among federal agencies, state governments, private developers, and development partners to tackle localized housing issues and provide customized, relevant solutions.
The Minister reiterated the Federal Government’s dedication to urban revitalization and slum rehabilitation, aligning with international frameworks like the UN-Habitat Global Action Plan and the Addis Declaration on Inclusive Urban Development.
“No one and no place will be left behind,” he emphasized.
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