Unlocking Nigeria’s $300bn Dead Capital, New Era for Affordable Housing and more…

Minister Urges Housing Agencies to Innovate Towards Achievement of Ministerial Mandate

Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, urged the Federal Mortgage Bank of Nigeria (FMBN) and the Federal Housing Authority (FHA) to adopt creative and innovative approaches to fulfill their mandates. During a performance review meeting on July 31, 2024, in Abuja, Dangiwa emphasized the importance of meeting the ministry's goals as per the performance contract agreement and presidential deliverables. He called for new ideas, funding sources, and the issuance of bonds to support mass housing projects.

For FMBN, Dangiwa stressed innovation in addressing high construction costs and lower incomes, urging the bank to complete existing projects before starting new ones and to digitize services. He set targets for FMBN to deliver 5,000 homes annually and provide mortgage loans to 20,000 Nigerians each year.

FHA was instructed to generate funding from the capital market and deliver 5,000 houses annually, collaborating with investors. Dangiwa warned against the excuse of insufficient funds and advocated for legislative changes to support housing development.

Both agencies were directed to present quarterly progress reports. FHA reported ongoing projects and technological advancements, while FMBN highlighted achievements in housing delivery and mortgage loans. The agencies assured the Minister of their commitment to meeting their mandates.

New Era for Affordable Housing as Edun Inaugurates Family Homes Funds Board

In a significant move to tackle Nigeria’s housing challenges, the Federal Government inaugurated the Board of Family Homes Funds Limited on July 30, 2024, at the Ministry of Finance in Abuja. The initiative focuses on providing affordable housing for low-income earners and supporting broader socio-economic development.

Minister of Finance, Mr. Wale Edun, led the ceremony, highlighting the board's role in the government’s housing strategy. He emphasized the fund’s objectives: providing affordable housing, generating employment, and combating poverty. Mr. Ademola Adebise, appointed as the Chairman, affirmed the board’s commitment to these goals, leveraging their expertise to meet the fund’s objectives.

Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Ministry of Finance, praised the appointment of the board members and commended Minister Edun’s efforts. Mr. Okokon Ekanem Udo, Permanent Secretary for Special Duties, emphasized the critical importance of housing and urged the board to utilize their expertise to advance the government’s housing policies.

The inauguration marks a crucial step in enhancing housing accessibility and affordability in Nigeria, aiming to improve the quality of life for millions and contribute to socio-economic progress.

Unlocking Nigeria’s $300bn Dead Capital Requires National Land Registration – Dangiwa

Nigeria’s Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, emphasized the critical importance of a national land registration and titling program to unlock $300 billion in untapped capital. Launched in partnership with the World Bank, this initiative addresses Nigeria’s low land registration rate, currently below 10 percent, by promoting land formalization.

During the Nigerian Liveable Cities Workshop in Abuja on July 25, 2024, Dangiwa outlined plans to collaborate with the World Bank on a National Land Documentation and Titling Programme. The program aims to increase land formalization to 50 percent within the next decade, unlocking significant economic potential. The Ministry has developed a draft framework for the program and directed consultants to work with the World Bank on its implementation. This initiative is part of a broader land reform strategy that includes establishing a National Land Commission to enforce the Land Use Act.

The World Bank’s Nigeria Urban Livability and Mobility Programmatic Analytics and Advisory Services (ULM PASA) will provide technical support to enhance urban livability, competitiveness, and resilience in selected cities. The workshop facilitated knowledge exchange and partnership building for sustainable urban development.

Dangiwa highlighted ongoing government efforts, such as the Renewed Hope Cities and Estates program, aiming to deliver 50,000 housing units initially. He addressed challenges like rapid urbanization, infrastructure deficits, and climate change, calling for innovative solutions.

World Bank Task Team leader Fuad Malkawi presented findings showing that many Nigerian cities are at risk due to inadequate infrastructure and services. The workshop recommended addressing issues like inaccurate data, urban planning pressures, and the need for climate-smart infrastructure. Proposals included developing a drainage master plan, establishing robust legal frameworks for city administrations, and integrating disaster resilience into state development plans.