The Federal government has warned that it will not hesitate to take legal action against any developer that fails to deliver every housing project awarded to them to the required standard.
The Minister of Housing and Urban Development, Ahmed Dangiwa made this known during the Ground breaking ceremony of a 250 Housing Units in Ibadan, the Oyo state capital.
As of 2023, the housing deficit in Nigeria stood at 28 million units, requiring an estimated 21 trillion Naira to rectify the situation, which translated to approximately US$34.8 billion, based on the average exchange rate of US$1=N603.
To address this challenge, the President Bola Tinubu’s administration launched the Renewed Hope Cities and Estates initiative aimed at delivering over 50,000 housing units across Nigeria.
At the flag-off ceremony in Oyo State, the Minister of Housing and Urban Development announced that the 250-unit housing project is expected to be completed within 3 months, warning developers against substandard construction.
While the Oyo state administration praised the progress, they want it to be repeated in all of the state’s geographical zones.
The Initiative will not only solve the issue of housing shortfalls, but will also contribute significantly to state governments’ efforts to secure a better future for their residents.
