By Angela Atabo

The Association of Housing Corporations of Nigeria (AHCN) has called for appropriate policies that will position the nation’s housing sector to remain the “engine room”  for economic development.

Eno Obongha, President and Chairman of Council, AHCN, made the call at the State of the Nation’s Housing Address to mark the 2025 World Habitat Day themed “Urban Crisis Response” in Abuja.

Obongha explained that appropriate policies and mechanism in the sector would develop both the demand and the supply end of the market which would naturally attract investment into the sector.

According to him, Nigeria’s housing sector possesses the potential to serve as the “engine room” of Nigeria’s economic development if given the right policy attention.

“In 2024, Nigeria’s housing and real estate sector was reported to have contributed over N11 trillion to GDP.

“However, after the GDP rebasing (to base year 2019), the real estate sector’s valuation (including housing, property, related services) was adjusted to N41.3 trillion and ranked as the third-largest sector in the economy in 2024.

“In the first quarter of 2025, real estate reportedly contributed 17.4 per cent to GDP while it was forecasted that the sector could grow at 6–8 per cent in 2025, with urbanisation, infrastructure investments, and unmet housing demand.

“We, therefore, want to see deliberate intervention and government responses to housing development especially in our urban centres to change the negative narratives of housing deficit to massive large scale housing provision backed up with deliberate affordability structures.”

According to Obongha, Nigeria needs a nation where appropriate action will be taken by government officials to prevent unnecessary building collapse calamity and unwarranted demolition that is usually accompanied with loss of resources and pain of displacement.

“We want to see a society governed by rules and regulations that work naturally without influence of corruption.

“We desire a new Nigeria where housing will be seen as fundamental human right of the citizenry with elimination of widening gap of social inequality between well served affluent areas and underserved informal settlements.

“A society where informal settlement will be granted equal access to infrastructural services that would make human settlements inclusive, safe, resilient and sustainable with potential for scaling up.”

Obongha emphasised the importance of harmonising the Renewed Hope Housing Agenda with state governments through their respective State Housing Corporations to achieve sustainable implementation.

According to him, proper coordination will expand employment opportunities, stimulate local economies, and secure a better future for the nation’s youth.

To reposition the housing sector as a driver of economic recovery, the AHCN boss outlined 11 key strategies including: renewed commitment to social housing and promotion of local building materials.

He said others included: slum upgrading and redevelopment, scaling up Public-Private Partnerships (PPP), innovative financing mechanisms, establishment of National Housing Data Centre (NHDC) and reduction of building and land costs.

He also listed reassessment of ministries’ role in direct construction, Agric-Village Scheme, Renewed Hope Medic Cities, and rental housing development.

Obongha identified rental housing as a neglected yet vital segment of the market, calling for structured large-scale rental programmes for low- and middle-income earners.

This, he said, should be through collaborations between State Housing Corporations, Family Homes Fund, and Federal Mortgage Bank of Nigeria (FMBN).

He also commended the Ministries of Housing and Health for initiating the Medic Cities project to provide accommodation for medical personnel and curb the exodus of health workers abroad.

He expressed concern that in spite of numerous challenges, the housing sector offered immense potential for economic recovery, job creation, and inclusive national development.

“We can leverage opportunities in the housing sector to generate viable employment avenues for our teeming youth.

“Our dream is to see housing as the driver of Nigeria’s economy — and we can make it happen if harmonisation is well coordinated and executed,” he said. (NAN)(www.nannews.ng)

Edited by Deji Abdulwahab