Business Politics

Housing market can unlock $1tn financial system, says Dangiwa

The Minister of Housing and Urban Development, Ahmed Dangiwa, has mentioned the nation’s housing market has the potential to unlock a $1tn financial system.

Speaking throughout the groundbreaking ceremony for the 250-housing unit Renewed Hope Estate in Akwa Ibom, just lately, Dangiwa emphasised that the housing sector may catalyse a $1tn financial system.

The challenge, which is a part of the Renewed Hope Cities and Estates programme launched by the President with a groundbreaking for 3,112 Renewed Hope City in Karsana, Abuja in February 2024, has additional lined states like Kano, with 500-unit Renewed Hope City; and Katsina, Gombe, Yobe, and Sokoto, every with a 250-unit Renewed Hope Estate within the first spherical of groundbreaking.

“We plan to show Nigeria into an enormous building website. This property, just like the others, contains 50 models of 1-bedroom semi-detached bungalows, 150 models of 2-bedroom semi-detached bungalows, and 50 models of 3-bedroom semi-detached bungalows.

“We have designed these housing models in a means that makes them reasonably priced for individuals to amass through the use of natural designs to permit for future enlargement because the earnings of beneficiaries will increase.

“This means that a 1-bedroom unit can be expanded to 2 bedrooms, and a 2-bedroom unit can also be expanded to 3 bedrooms as the owner’s financial situation improves or their family grows,” Dangiwa mentioned.

The minister underscored the massive financial advantage of housing building, noting that it goes past bettering the economies of native communities.

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He posited, “Statistics present that the development of 1 housing unit creates a median of 25 direct and oblique jobs. So, for these 250 housing models in Akwa Ibom, we hope to create jobs for over 6,500 individuals in varied trades, from professionals like architects, civil engineers, and mechanical engineers to masons, plumbers, tilers, electricians, and labourers.

“We have seen unskilled staff at websites incomes as a lot as N35,000 per week, at a median of N5,000 per day. This quantities to about N140,000 monthly.

“This is in addition to the economic activities, including those selling food, supplying blocks, and providing building materials. The value chain effect of construction work on this site is significant and creates a positive economic impact,” the minister defined.

While he thanked the Governor of Akwa Ibom State, Umo Eno, for offering the land for the challenge without charge, he urged different state governors to take a cue from the 12 states up to now captured underneath the N50bn 2023 supplementary price range.

He assured them that their states could be included within the 2024 price range of the ministry, because the ministry deliberate to construct Renewed Hope Estates in all of the states.

According to the Federal Mortgage Bank of Nigeria, the nation wants an funding of over N21tn to bridge its 28 million housing deficit.

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