The Minister of Housing and Urban Development, Ahmed Dangiwa, has urged foreign investors at the Saudi Real Estate Forum to seize the vast opportunities within Nigeria’s housing sector, particularly through the Federal Government’s Renewed Hope Cities and Estates Programme.

This is according to a statement on Tuesday by the Special Assistant Media and Strategy to the Minister, Mark Chieshe.

In a panel discussion, Dangiwa highlighted the significant growth prospects in Nigeria’s real estate market, citing the country’s ongoing housing deficit.

“Nigeria’s real estate sector contributed around 5.2 per cent to the nation’s GDP in 2024, and will increase in market volume to N2.25 trillion by the end of 2025,” Dangiwa said.

“Despite this, there is still tremendous investment opportunity, 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 added.

The Forum, themed “Balance and Innovation in the Real Estate Landscape,” saw notable figures such as the Minister of Municipality of Qatar, Abdullah Al-Attiya and Minister of Construction, Housing, and Infrastructure of the Maldives, Abdulla Muththalib contribute their insights.

Dangiwa stressed that Nigeria faces a housing deficit of 28m units, exacerbated by rapid urbanisation.

“The government is tackling this by prioritising large-scale housing delivery through public-private partnerships, innovative financing, and government-led interventions,” he explained.

He also noted the government’s efforts to engage state governments in unlocking land for affordable housing projects, as land acquisition remains a challenge.

Emphasising the broader implications of housing on economic growth and stability, Dangiwa highlighted the Nigerian government’s commitment to overcoming challenges in the sector.

“Housing is a fundamental driver of economic growth, social stability, and national development,” he noted.

“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,” he added.

Addressing concerns regarding the balance between affordable housing and profitability, Dangiwa outlined government incentives such as bankable offtake guarantees, facilitated land access, and low-interest financing.

“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,” he explained.

Dangiwa also discussed sustainability within the sector, noting the importance of energy-efficient buildings, local materials, and smart construction techniques in reducing long-term costs. He confirmed that the ministry is collaborating with international partners like IFC EDGE to integrate green building practices and support sustainable housing.

To further boost housing accessibility, Dangiwa revealed the government’s efforts to make homeownership more affordable for Nigerians.

“High-interest mortgage rates, which can reach up to 30 per cent per annum, have historically made homeownership difficult for many Nigerians. 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,” he said.

Additionally, the government is exploring new funding models, such as leveraging the Nigerian Capital Market to mobilize private sector funds for housing development.

“The Real Estate Investment Fund, targeting 12 per cent mortgage interest rates instead of the market’s 28-30 per cent, aims to provide bankable off-taker guarantees for developers,” Dangiwa explained.

Rent-to-own schemes are also being introduced to provide flexible payment structures.

Technology and digital transformation were also key topics, with Dangiwa discussing the role of PropTech in digitizing property transactions. He revealed the collaboration with the World Bank on the National Land Registration and Documentation Programme to enhance transparency and land titling.

The minister also emphasised the importance of localising housing production through modular and prefabricated housing technologies, aiming to reduce reliance on expensive imports and make housing more affordable.

Dangiwa reassured investors of the Nigerian government’s commitment to fostering real estate growth through strong policies, regulatory frameworks, and investment incentives.

He mentioned ongoing collaborations with the Nigeria Governors’ Forum to improve land access and streamline approval processes, which will create a more conducive environment for development.

“Innovation and balance in real estate are not mutually exclusive. With smart policies, innovative financing, sustainable construction, and digital transformation, we can make housing more accessible, affordable, and sustainable in alignment with the Renewed Hope Agenda of the Tinubu Administration,” he said.