Abuja: 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.
According to News Agency of Nigeria, Obongha explained that appropriate policies and mechanisms in the sector would develop both the demand and the supply end of the market which would naturally attract investment into the sector. He emphasized that 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 the base year 2019, the real estate sector's valuation, including housing, property, and 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.
Obongha urged for deliberate intervention and government responses to housing development, especially in urban centres, to change the negative narratives of housing deficit to massive large-scale housing provision backed by deliberate affordability structures. He also highlighted the need for government officials to prevent unnecessary building collapse calamities and unwarranted demolitions that usually result in resource loss and displacement pain.
Obongha advocated for a society governed by effective rules and regulations without corruption influence and stressed the importance of viewing housing as a fundamental human right. He called for bridging the gap of social inequality between affluent areas and underserved informal settlements by granting equal access to infrastructural services, making human settlements inclusive, safe, resilient, and sustainable with potential for scaling up.
He further emphasised the importance of harmonising the Renewed Hope Housing Agenda with state governments through their respective State Housing Corporations to achieve sustainable implementation. Proper coordination, he noted, 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, Obongha outlined 11 key strategies, including renewed commitment to social housing, promotion of local building materials, slum upgrading and redevelopment, scaling up Public-Private Partnerships, innovative financing mechanisms, and establishment of a National Housing Data Centre. He also proposed a reassessment of ministries' roles in direct construction, an 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. He suggested collaborations between State Housing Corporations, Family Homes Fund, and Federal Mortgage Bank of Nigeria for this purpose.
He 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. Despite numerous challenges, he expressed optimism about the housing sector's potential for economic recovery, job creation, and inclusive national development.
Obongha concluded by expressing his vision of leveraging opportunities in the housing sector to generate viable employment avenues for Nigeria's youth, driving the nation's economy through well-coordinated and executed harmonisation efforts.