Nigerian Housing Sector Poised for better performance in 2024

Taiwo Ajayi
2 Min Read
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Festus Adebayo, Executive Director of the Housing Development Advocacy Network (HDAN), has projected a substantial upswing in Nigeria’s housing sector for the year 2024.

During a press conference on Sunday, Adebayo emphasized the critical role of collaborations between the housing sector and capital markets in sourcing funding for housing development.

“In recent times, solid government support for mortgage development, accessing capital markets, and land availability has been lacking,” Adebayo remarked.

He commended the newly established partnership between the Ministry of Housing and Urban Development and the Nigerian Exchange Limited, heralding it as a collaboration set to unlock the stock market’s potential.

Adebayo anticipates that housing developers will secure long-term funding by issuing bonds and stocks on the capital market through this partnership.

READ ALSO: HDAN Champions Gender Inclusivity in Urban Planning as Women Town Planners seek Collaboration

“This financial avenue will fuel large-scale housing projects nationwide,” he affirmed.

Adebayo predicted significant advancements in the industry based on the groundwork laid by the current administration. He specifically lauded the Housing Minister’s proactive approach, highlighting imminent policy initiatives slated for January, including the inauguration of four committees to address various real estate development aspects.

Encouraging state governments to invest in their housing sectors, Adebayo stressed their pivotal role in sector revitalization.

Moreover, he urged FCT Minister Nyesom Wike to prioritize city infrastructure investment while curbing land-grabbing incidents to foster a conducive environment for private sector growth.

“These initiatives will undoubtedly bolster the real estate sector in 2024,”

Adebayo concluded, expressing optimism for sectoral improvements aligned with these strategies

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