The Federal Government of Nigeria has unveiled plans to unlock an estimated $300 billion in “dead” capital within the housing sector through a series of reforms and collaborations with stakeholders.
This initiative is part of the government’s efforts to boost investment and financing opportunities for sustainable real estate projects and to address the country’s housing deficit.
The announcement was made by Architect Ahmed Dangiwa, the Minister of Housing and Urban Development, during the Capacity Development Conference for Developers in Abuja. Organized by the Real Estate Developers Association of Nigeria (REDAN), the conference’s theme was ‘Enhancing Investment and Finance Opportunities for Sustainable Real Estate Projects.’
The Minister emphasized the government’s commitment to encouraging increased private sector investment in housing. To achieve this, he outlined various plans, including amending the Land Use Act to streamline land administration and implementing reforms in key agencies such as the Federal Mortgage Bank of Nigeria and the Federal Housing Authority.
According to Dangiwa, the government aims to eliminate institutional, legal, and bureaucratic barriers that have hindered the growth of the sector. This includes collaborating with key stakeholders to review and amend the Land Use Act to simplify land administration and expedite access to land. The government’s goal is to unlock the estimated “dead” capital, which has been estimated at over $300 billion by Price Waterhouse Coopers.
The Minister encouraged real estate developers and investors attending the conference to use the platform for discussions, knowledge sharing, and networking. He stressed the importance of exploring innovative financing mechanisms, sharing success stories, and identifying potential challenges.
Dr. Aliyu Oroji Wamakko, President of REDAN, called on all levels of government to consider the real estate sector as a pivotal driver of economic revitalization and to support the sector and REDAN. He emphasized REDAN’s readiness to collaborate with the government in providing affordable housing.
The conference, attended by key stakeholders in the real estate and finance industry, aimed to enhance the knowledge base of REDAN members and address the multifaceted challenges involved in the real estate business. It serves as an opportunity to boost real estate development, increase investment, and facilitate economic growth in the country.
