The African International Housing Show has Kicked Off In Abuja. The Show held its opening ceremony today with a diverse array of Dignitaries, Stakeholders, experts and professionals in the built sector, who convened to discuss potential solutions to the challenges, especially the housing shortages currently bedeviling the country, and the continent at large.
According to experts at the ongoing Africa International Housing Show, Nigeria will require N5.5 trillion to fill the 20 million housing shortage in the country.
To close the deficit, the experts continued, the nation must construct 550, 000 new homes a year for the next ten years.
The analysts estimate that the possibility for investors in the nation’s real estate industry is worth ₦5.5 trillion.
Nigeria, with a population estimated at 220 million, is experiencing a severe housing shortage as a result of its 2.5 percent annual population growth.
Meanwhile, according to UN estimates, the nation is rapidly urbanising, and by 2030, almost 60% of the country’s population will clamour to reside in cities unless immediate action is taken.
In his keynote speech at the Housing Show, Minister of Housing and Urban Development Arc. Ahmed Dangiwa stressed the critical need for significant investment and long-term planning to overcome the housing shortage.
He disclosed that although the government’s goal of delivering 50,000 units is commendable, it is insignificant in comparison to the annual requirement of 550,000 units.
He encouraged investors and partners to become involved through Public-Private Partnerships (PPPs) and partnerships with housing development finance institutions since he views this gap as both a social imperative and an economic opportunity.
He revealed that the nation’s housing crisis is being worked on by the current administration.
According to him, “In an effort too minimise problems with abandoned or unsold buildings, the Ministry has developed a Demand Driven Approach for its Housing Delivery Strategy.
“To expedite the home-buying process, an online housing portal was recently introduced. Since it’s launch, over 28,000 applications have been received.
He stated, “This initiative highlights the significance of data and a needs-based, market-driven approach to housing delivery.”
Speaking about the Ministry’s Urban Renewal and Slum Upgrade Program, Dangiwa also mentioned that projects are being carried out in 26 locations across the country to provide basic amenities including solar lamps, water supply, and road repair. To scale this component and help millions of households live better, partnerships are required.
“To guarantee that all Nigerians, particularly disadvantaged and vulnerable groups, have access to quality housing, the Ministry is working to establish a National Social Housing Fund (NSHF) in accordance with President Bola Tinubu’s Renewed Hope Agenda.
He proposed corporate sponsorships, tax incentives, private sector donations, and budget allocations as possible funding sources for the NSHF. Dangiwa further emphasised the continuous work being done in collaboration with the World Bank to execute a National Land Registration and Titling Programme.
In addition, he urged corporate groups, housing development organisations, and stakeholders to submit suggestions for partnerships, emphasising the significance of coming up with workable solutions for people who lack access to suitable housing and live in informal settlements.
In his remarks, Pastor Matthew Ashimolowo, Chairman of the Opening Ceremony, also underlined the pressing need to close Nigeria’s growing housing gap in his keynote speech at the housing show.
He referenced the Sustainable Development Goal 11 of the UN, which calls for the universal provision of decent, affordable housing by 2030.
The World Bank estimates that over the next 20 years, Nigeria would need to build some 700,000 new homes a year to accommodate its expanding population. An investment of N59 trillion is needed to achieve this ambitious aim, he said.
He called real estate a “financing game” and emphasised the importance of finance to the development of homes and real estate. At both ends of the value chain, capital is crucial. Developers need construction finance to build housing projects, and mortgage finance influences decisions to buy and rent.
He cited estimates from the International Finance Corporation (IFC) that put Africa’s housing shortage at over 97 million units, a number that is projected to increase as the continent becomes more urbanised and has a growing population.
“The precise deficit amount for Nigeria is still up for debate, but a recent report has shown how badly the public housing system in the nation is doing,” he stated.
The Senate President, Godswill Akpabio, who was represented by Senator Victor Umeh of Anambra Central, also underlined the importance of efficient regulation to guarantee the integrity of buildings as well as the fundamental right of every individual to quality and affordable housing.
