Housing sector can unlock Nigeria’s $1trn economy – Minister

The Minister of Housing and Urban Development, Ahmed Dangiwa, has said that the development of Nigeria’s housing market has the potential to unlock the country’s targeted $1 trillion economy.

Dangiwa disclosed this during a recent groundbreaking ceremony for the 250-housing unit Renewed Hope Estate in Akwa Ibom.

According to him, under the current administration, Nigeria has turned into a construction site.

He explained that the project is part of the Renewed Hope Cities and Estates programme launched by President Bola Tinubu with a groundbreaking for 3,112 Renewed Hope City in Karsana, Abuja, in February 2024.

He added the project further covered states like Kano, with a 500-unit Renewed Hope City, and Katsina, Gombe, Yobe, and Sokoto, each with a 250-unit Renewed Hope Estate in the first round of groundbreaking.

“We plan to turn Nigeria into a huge construction site. This estate, like the others, comprises 50 units of 1-bedroom semi-detached bungalows, 150 units of two-bedroom semi-detached bungalows, and 50 units of three-bedroom semi-detached bungalows.

“We have designed these housing units in a way that makes them affordable for people to acquire by using organic designs to allow for future expansion as the income of beneficiaries increases,” he said.