Housing Sector Could Unlock Nigeria’s $1 Trillion Economy – Minister

Housing and Urban Development Minister Ahmed Dangiwa has said that developing Nigeria’s real estate market has the potential to unlock the country’s economy, which is estimated to be worth $1 trillion.

Dangiwa made the disclosure during the recent groundbreaking ceremony for the 250-unit Renewed Hope housing 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 Cities and Neighborhoods of Hope Programme initiated by President Bola Tinubu, which dates back to February 2024, when the groundbreaking ceremony of the 3112 Renewed City of Hope was held in Karsan, Abuja.

He added that the project also covers states like Kano, with the Renewed Hope City housing estate consisting of 500 units, as well as Katsina, Gombe, Yobe and Sokoto, with the Renewed Hope Estate consisting of 250 units in the first round of commencement of works.

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

“We have designed these apartments to make them affordable for people, using organic designs to allow for future expansion as the income of the beneficiaries increases,” he said.