The Federal Authorities plans to ascertain a Particular Objective Funding Car (SPIV) to transform underutilized belongings into revenue-generating ventures for reasonably priced and social housing initiatives.
The Minister of Housing and City Growth, Arc. Ahmed Musa Dangiwa, introduced this on the Renewed Hope Housing Public-Personal Partnership (PPP) Summit in Abuja on Monday, March 17, 2025, as contained in a press release on the official web site of the ministry.
Dangiwa defined that the SPIV will facilitate the redevelopment of underutilized government-owned properties and prime federal land, turning them into {financial} sources to fund large-scale housing tasks.
“On Federal belongings nationwide, the Minister mentioned that the Ministry is exploring modern PPP fashions to optimize underutilized federal belongings, together with dilapidated properties and prime land, hinting plans are underway for the attainable institution of a Housing and City Growth Particular Objective Funding Car (SPIV) to remodel these belongings into revenue-generating tasks that may fund reasonably priced and social housing,” the assertion learn partly.
This initiative aligns with the present administration’s broader objective of leveraging public-private partnerships (PPPs) to bridge Nigeria’s housing deficit, at the moment estimated at over 20 million items.
The Minister pressured that closing this hole would require delivering 500,000 housing items yearly, at an estimated N10 million per unit, translating to an annual funding of over N5 trillion ($6.25 billion).
He pressured that given the size of financing required, the federal government is prioritizing modern funding fashions to draw personal sector participation.
Dangiwa said that past optimizing belongings, the federal government is collaborating with the Nationwide Inhabitants Fee to ascertain a Nationwide Housing Knowledge Infrastructure to offer dependable housing statistics. Moreover, Nigeria has strengthened its engagement with UN-Habitat, committing $500,000 yearly to help city improvement.
He additional famous that the Federal Authorities, below the Renewed Hope Cities programme, is working with personal builders to ship 100,000 housing items nationwide, beginning with Abuja, Lagos, Kano, Maiduguri, Enugu, Port Harcourt, and Nasarawa.
Dangiwa urged personal builders and {financial} establishments to align with the Ministry’s imaginative and prescient and referred to as on the ICRC to streamline PPP laws to speed up housing supply.
The summit concluded with the signing of an MoU between the Ministry and ShafDB, adopted by an award recognizing Dangiwa’s contributions to Nigeria’s housing sector.
