The Federal Government plans to create a Special Purpose Investment Vehicle (SPIV) to convert underutilized assets into revenue-generating ventures.
Housing Minister Ahmed Musa Dangiwa announced this at the Renewed Hope Housing Public-Private Partnership Summit in Abuja on Monday.
The SPIV aims to redevelop government-owned properties and prime federal land to fund large-scale affordable and social housing projects.
Dangiwa emphasized that optimizing federal assets through innovative PPP models will address Nigeria’s critical housing deficit.
Nigeria’s Housing Deficit and Innovative Funding Strategies
Nigeria’s housing deficit exceeds 20 million units, requiring 500,000 new homes annually at an estimated N5 trillion investment.
Given this enormous financial demand, the government is prioritizing innovative funding models to attract private sector investments.
Dangiwa stated that housing statistics will improve through a National Housing Data Infrastructure in collaboration with the National Population Commission.
Additionally, Nigeria will contribute $500,000 annually to UN-Habitat to enhance urban development and housing sector reforms.
FG Secures Shelter Afrique Development Bank Partnership
Under the Renewed Hope Cities programme, 100,000 housing units will be developed across Abuja, Lagos, Kano, Maiduguri, and Enugu.
Shelter Afrique Development Bank (ShafDB) will finance 5,000 initial units and provide technical advisory and policy development support.
ShafDB will assess Nigeria’s housing market using its VIRAL model and develop a deficit reduction strategy with three PPP models.
The bank will also structure market-driven PPPs, identify investors, and assist with fundraising for long-term housing projects.
PPP Regulations and Private Sector Collaboration
Dangiwa urged private developers and financial institutions to align with the Ministry’s housing vision and investment priorities.
He also called on the Infrastructure Concession Regulatory Commission (ICRC) to streamline PPP regulations for faster housing delivery.
The summit concluded with the Ministry signing an MoU with ShafDB and an award recognizing Dangiwa’s contributions.
