The Minister of Housing and Urban Development, Ahmed Dangiwa, recently announced that his ministry has ambitious plans to improve how land transactions are handled in Nigeria. They aim to increase the formalization of these transactions by 50% over the next ten years. This means they want to make it easier and more official for people to buy and sell land, which currently isn’t always done properly.
By doing this, the ministry hopes to unlock over $150 billion that is currently tied up in what they call “dead capital.” This is money that could be used more effectively if land transactions were more formalized. The goal is to boost Nigeria’s economy, specifically its Gross Domestic Product (GDP), by 30%.
Dangiwa shared these plans during a recent retreat for the housing ministry in Lagos, where they discussed strategies to improve housing and urban development in the country. He mentioned that they are collaborating with the World Bank and state governments to launch a National Land Registration and Titling Program. This program aims to make land transactions more official and reliable.
In addition to the land program, Dangiwa talked about other important initiatives. For example, they are working on establishing a National Social Housing Fund and creating Building Materials Manufacturing Hubs to support the housing sector. Reports from various task teams have been reviewed, and the ministry is preparing to share these insights for further input from stakeholders.
The minister also highlighted improvements in urban living through their National Urban Renewal and Slum Upgrade Program. This program has already completed over 100 projects across the country, which aim to make life better for people living in semi-urban and rural areas.
Looking ahead to 2025, Dangiwa emphasized that this year will be crucial for implementing these reforms quickly. He mentioned that they need support from the public and other stakeholders to tackle Nigeria’s significant housing challenges effectively. He acknowledged that the ministry’s role includes creating policies that guide these efforts.
One of the major policies they are working on is the National Urban Development Policy, which outlines a ten-year plan for sustainable urban growth in Nigeria. This policy aims to align Nigeria’s urban development goals with international standards and ensure that cities are functional and beneficial for all residents.
Dangiwa also mentioned that they are reviewing the National Housing Strategy Report from 2023, as much of the data used in it is outdated. They plan to update it to reflect recent changes in the economy and housing market.
Additionally, the ministry is working on establishing a Real Estate Regulatory Authority to better manage the housing market. Dangiwa credited the House of Representatives Committee Chairman on Housing and Habitat, Abdulmumin Jibrin, for advocating this initiative.
Finally, he noted the importance of ensuring that properties in cities are used according to city plans, which is another concern raised by the Chairman of the House Committee on Urban Development, Abiante Awaji. The ministry plans to work closely with this committee to address these issues.
In summary, the Minister of Housing and Urban Development is pushing for significant changes in how land is managed and housing is developed in Nigeria, with a focus on formalizing transactions, improving urban living, and creating effective policies to support these goals.
