Dangiwa Lauds Mr. President for FEC Approval of N31bn Access Road to Karsana Renewed Hope City   Abuja, Nigeria – Tuesday, February 4, 2025  – The Honourable Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, has extended his deepest appreciation to His Excellency, President Bola Ahmed Tinubu, GCFR, for his bold vision for housing development and consistent support towards achieving the goals of the Renewed Hope Agenda for housing and urban development.     This commendation follows the approval of N31.66 billion by the Federal Executive Council (FEC) for the construction of a critical access road to the 3,112 Housing Unit Renewed Hope City in Karsana, Federal Capital Territory (FCT). The approval was granted during the FEC meeting held today, following the presentation of a memo by the Honourable Minister of the Federal Capital Territory (FCT), Bar. Nyesom Wike.     The memo was in line with the Presidential Directive issued last year during the launch of the Karsana Renewed Hope City project by President Tinubu. The directive emphasized the need for proper infrastructure and accessibility to all Renewed Hope Housing Project sites across the country.     Arc. Dangiwa described the approval as a significant milestone in the Tinubu administration’s efforts to address Nigeria’s housing deficit and ensure sustainable urban development. He noted that the construction of the access road will not only ease transportation to the Karsana Renewed Hope City but also open up the axis for rapid housing development and economic activities.     “This approval demonstrates Mr. President’s unwavering commitment to providing affordable housing for Nigerians and ensuring that all Renewed Hope Housing Projects are supported with the necessary infrastructure. The construction of this road will enhance accessibility to the Karsana Renewed Hope City, making it easier for Nigerians to benefit from this landmark housing project,” Arc. Dangiwa stated.     The Karsana Renewed Hope City is a flagship project under the Tinubu administration’s Renewed Hope Housing Programme, designed to deliver 3,112 housing units to Nigerians. The project is part of a broader strategy to bridge Nigeria’s housing gap and provide decent, affordable housing for all citizens.     The Honourable Minister also commended the Honourable Minister of the FCT, Bar. Nyesom Wike, for his diligence in presenting the memo and ensuring that the project aligns with the administration’s vision. He reiterated the Ministry of Housing and Urban Development’s commitment to working closely with all stakeholders to deliver the Renewed Hope Housing Projects on time and to the highest standards.     The construction of the access road is expected to commence soon, with the project being closely monitored to ensure timely delivery.   ...

Housing Deficit a Big Opportunity for Transformative Change – Dangiwa    •    Advocates Public-Private Partnerships at the Saudi Arabia Real Estate Forum   Riyadh, Saudi Arabia – The Honourable Minister of Housing and Urban Development, Federal Republic of Nigeria, Arc. Ahmed Musa Dangiwa, has described Nigeria’s housing deficit as both a challenge and an opportunity for transformative change.    Speaking on Wednesday 29th January 2025 at the 4th Edition of the Real Estate Future Forum in Riyadh, Saudi Arabia, the Minister highlighted the Nigerian government’s commitment to addressing the housing shortfall through a blend of government finance and strategic public-private partnerships (PPP).   Dangiwa commended the Kingdom of Saudi Arabia for its advancements in housing and urban development, noting that well-planned housing is essential for sustainable urban growth, economic prosperity, and improved living conditions.   “With a housing deficit of over 20 million units and a rapidly growing population, Nigeria presents a vast opportunity for investment in affordable housing,” the Minister stated. “To bridge this gap, we need to build about 500,000 housing units annually over the next decade.    He outlined Nigeria’s ambitious Renewed Hope Cities and Estates Programme, a government-driven initiative to deliver 100,000 housing units in the first phase. These developments, designed as integrated communities, will cater to all income levels, including high-end residences and affordable units for low- and middle-income earners.   The Hon. Minister emphasized that affordability is central to the programme’s success, with mortgage loans, rent-to-own options, made available through the Federal Mortgage Bank of Nigeria.   Beyond housing construction, Dangiwa listed the government’s plans to establish Building Materials Manufacturing Hubs (BMMHs) in each of Nigeria’s six geo-political zones. These hubs aim to reduce dependence on imported building materials, lower construction costs, and drive industrial growth.   Additionally, he noted that the government is working to implement a Comprehensive Nationwide Social Housing Delivery Programme targeting vulnerable groups, aiming to provide 100,000 social housing units across Nigeria’s 774 Local Government Areas.   Recognizing the scale of investment required, the Minister called on international investors, housing finance institutions, and reputable global developers to partner with the Nigerian government through Public-Private Partnerships. He assured investors of a conducive environment, including access to land, bankable offtake guarantees, and necessary concessions to ensure mutually beneficial collaborations.   “The housing challenge in Nigeria is not just a problem; it is a massive opportunity for investment,” Dangiwa concluded. “By partnering with us, investors can play a crucial role in shaping the future of Nigerian housing while securing substantial returns on investment.”   The Honourable Minister reaffirmed the government’s dedication to fostering an inclusive and sustainable housing sector and invited stakeholders to collaborate in building a prosperous and resilient urban future for Nigeria.   The last day of the Saudi Real Estate Foprum featured presentations from notable international figures such as the former President of the United States, Mr. Bill Clinton, Mr. Tucker Carlson, Global Media Influencer and several other high profile speakers.    ...

DANGIWA WOOS FOREIGN INVESTORS FOR RENEWED HOPE HOUSING PROGRAMME AT SAUDI REAL ESTATE FORUM   Tuesday, January 28, 2025, Riyadh - Hon. Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa has called on global investors in Saudi Arabia to take advantage of the huge opportunities in Nigeria's housing sector, specifically the Renewed Hope Cities and Estates Programme of the Federal Government.   Speaking in a Panel Discussion at the Saudi Arabia Real Estate Forum yesterday, he disclosed that Nigeria's huge housing deficit offers enormous business opportunities, and the Renewed Hope Cities and Estates Programme serves as a low-hanging fruit for investors in the Middle Eastern nation to take advantage of and get good returns.   The Forum themed, "Balance and Innovation in the Real Estate Landscape." was held at the Four Points Hotel in Riyadh and featured esteemed panelists including HE Eng. Abdullah Al-Attiya, Minister of Municipality, Qatar, and HE Dr. Abdulla Muththalib, Minister of Construction, Housing, and Infrastructure, Republic of Maldives.   "Nigeria's real estate sector contributed around 5.2% to the nation's GDP in 2024, and will increase in market volume to $2.25 trillion by the end of 2025. Despite this, there is still tremendous opportunity for investment, especially in the Residential Real Estate segment. Nigerians need homes now more than ever and you can partner with the Nigerian government to deliver these houses at scale," he said.   Dangiwa noted that Nigeria faces an estimated housing deficit of 28 million units, a situation exacerbated by rapid urbanization and migration. "The government is tackling this by prioritizing large-scale housing delivery through public-private partnerships, innovative financing, and government-led interventions. Additionally, efforts are underway to engage state governments in unlocking land for affordable housing projects, as difficulties in land acquisition continue to hinder progress," he added.   Speaking on the theme, Dangiwa set the context by emphasizing that housing is a fundamental driver of economic growth, social stability, and national development. However, achieving a balance in the real estate sector between affordability and profitability means that the challenges of sustainability and cost efficiency, as well as policy and private sector incentives must be addressed.   "In Nigeria, rapid urbanization, population growth, and economic pressures necessitate a rethinking of housing delivery strategies. The Federal Government is committed to addressing these challenges through initiatives like the Renewed Hope Cities and Estates Programme, the National Social Housing Fund, and strategic partnerships with local and international stakeholders," he said.   Addressing the tension between affordable housing and profitability for developers, he acknowledged concerns that affordability often conflicts with commercial viability. "To counter this in Nigeria, the government is using incentives such as bankable offtake guarantees, facilitated land access, and low-interest financing to encourage investment in affordable housing.   "The planned National Social Housing Fund aims to mobilize long-term concessional financing to ensure accessibility for lower and middle-income Nigerians. Furthermore, innovative models such as off-plan sales and bulk purchasing by cooperatives are being explored to reduce financial risks for developers while ensuring affordability for buyers," he noted.   The Minister also touched on the subject of sustainability, stressing that energy-efficient buildings, the use of local materials, and smart construction techniques ultimately lower maintenance and operational costs. On this note, he said the Ministry is working with international partners like IFC EDGE to integrate green building practices into Nigeria’s housing sector through capacity building, technology transfer, and financial incentives. "Additionally, the establishment of Building Materials Manufacturing Hubs across Nigeria’s six geopolitical zones is expected to reduce reliance on imported materials, cut costs, create jobs, and support sustainable housing solutions," he said.   He further assured the investors of the government's commitment and actions towards enhancing the affordability of Nigerians to purchase homes through mortgage. Dangiwa pointed out that high-interest mortgage rates, which can reach up to 30% per annum, have historically made homeownership difficult for many Nigerians. To address this, he said the government is expanding the Federal Mortgage Bank of Nigeria’s reach and recapitalizing it with N500 billion to provide more accessible single-digit mortgage products.   "Additionally, collaborations with the Ministry of Finance Incorporated are in progress to leverage the Nigerian Capital Market and mobilize private sector funding for housing development. The Real Estate Investment Fund, targeting 12% mortgage interest rates instead of the market’s 28-30%, aims to provide bankable offtaker guarantees for developers. Meanwhile, rent-to-own schemes are being introduced to facilitate homeownership through flexible payment structures, including a rental assistance product that enables qualifying applicants to pay rent in monthly installments rather than upfront lump sums," he added.   Technology and digital transformation in real estate also formed part of the Minister’s discussions. He underscored the importance of PropTech in digitizing property transactions and management, making them more efficient and secure. He revealed that this was being done in collaboration with the World Bank, who is undertaking a National Land Registration and Documentation Programme to streamline land titling, enhance transparency, and improve formalization in the sector.   "Localization of housing production remains a priority, with the Ministry championing modular and prefabricated housing technologies to accelerate delivery and reduce costs. By promoting local production and reducing dependence on expensive imports, Nigeria aims to build more homes efficiently and affordably," he stressed.   Declaring that Nigeria's Real Estate sector is open for business, Dangiwa reaffirmed the government’s commitment to creating an enabling environment for real estate growth through strong policies, regulatory frameworks, and investment incentives. "Collaboration with the Nigeria Governors’ Forum is also ongoing to improve land access, streamline approval processes, and enhance urban planning policies. Furthermore, urban renewal and slum upgrading initiatives are being expanded to improve living conditions in rural, semi-urban, and urban areas," he explained.   While he acknowledged the headache investors feel with regards to achieving balance in the sector, he urged all not to treat balance and innovation in real estate as mutually exclusive, noting that they can be pursued simultaneously through smart policies, innovative financing, sustainable construction, and digital transformation. He reiterated his commitment to advancing policies that make housing more accessible, affordable, and sustainable in alignment with the Renewed Hope Agenda of the Tinubu Administration.   ...