Ahmed Dangiwa, the Minister of Housing and Urban Development, highlighted the substantial economic potential of Nigeria’s housing market, estimating it could stimulate a $1 trillion economy. At the inauguration of the Renewed Hope Estate in Akwa Ibom, Dangiwa emphasized the transformative impact of the housing sector on both local communities and the national economy. The project, part of the broader Renewed Hope Cities and Estates initiative launched by the President earlier in 2024, includes developments in states like Kano, Katsina, Gombe, Yobe, and Sokoto.
Dangiwa outlined the estate’s design, featuring 1-bedroom, 2-bedroom, and 3-bedroom semi-detached bungalows designed for future expansion as owners’ incomes grow. He underscored the employment potential of housing construction, noting that each unit could generate around 25 direct and indirect jobs. In Akwa Ibom alone, the project aims to create over 6,500 jobs across various professions and trades.
The minister expressed gratitude to Governor Umo Eno for providing land for the project and encouraged other governors to follow suit. He assured them of inclusion in the ministry’s 2024 budget, which aims to expand the Renewed Hope Estates nationwide. According to the Federal Mortgage Bank of Nigeria, addressing the country’s 28 million housing deficit requires an investment exceeding N21 trillion.
