The Federal Government has announced that for every 100 housing units built under its Renewed Hope Agenda, at least 1,000 direct and indirect jobs will be created nationwide.
Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, made this known in Lagos while delivering the keynote address at the 24th Annual Conference of the African Real Estate Society (AfRES).
The event brought together policymakers, investors, developers, and scholars from across Africa and beyond to discuss opportunities in the real estate market.
Represented by the Federal Controller of Housing Lagos, Mrs. Olayiwola Funmilayo, Dangiwa emphasised that Nigeria’s housing sector is a critical driver of economic growth, contributing over nine per cent to the country’s Gross Domestic Product and employing millions.
He stated that beyond providing shelter, the sector has the potential to create jobs and promote inclusive development across the country.
Highlighting the Federal Government’s initiatives, the minister listed the Renewed Hope Cities and Estates Programme, designed to deliver 100,000 affordable housing units nationwide.
He also mentioned the recapitalisation of the Federal Mortgage Bank of Nigeria and the introduction of innovative financing instruments such as mortgage backed securities, diaspora housing bonds, and rent-to-own schemes to boost home ownership.
Dangiwa further revealed that land administration reforms, including the National Land Titling, Registration and Documentation Programme and the issuance of e-Certificates of Occupancy, aim to unlock over $300 billion in dead capital and improve investor confidence in the real estate sector.
He said, “Our cities are growing at breakneck speed. Lagos alone adds 600,000 new residents annually. This rapid urbanization creates both pressure and opportunity for housing, transport, and infrastructure. The Nigerian real estate market is worth over $56 billion and growing at double-digit rates annually. Africa as a whole has a property market projected to hit $1 trillion by 2030 if we create enabling environments.”
Earlier, Chairman of AfRES Nigeria Chapter, ESV Adediran Adetunji, described Africa’s real estate market as evolving and resilient, with untapped opportunities in housing, commercial, and hospitality projects. He added that Nigeria’s estimated 28 million housing deficit represents a massive investment opportunity.
The four-day conference themed “Shaping the Future of African Real Estate Markets: Exploring the Opportunities” continues in Lagos with panel discussions on sustainable housing, technology, and regional integration.
Esv. Victor Alonge, President and Chairman of Council, Nigerian Institution of Estate Surveyors and Valuers, stated that “Africa’s enormous opportunities and resources, with huge potentials and conducive business environment makes it a business hub and choice destination for international investment in real estate.”