HDAN Commends Wike as Infrastructure Development Transforms FCT Real Estate

Says massive investment in roads and public infrastructure is unlocking new opportunities for housing, investment and economic growth

By Housing TV Africa

The Housing Development Advocacy Network (HDAN), Africa’s leading and pioneering non-governmental advocacy organisation dedicated to housing development, has commended the Minister of the Federal Capital Territory (FCT), Barr. Nyesom Wike, for what it described as the unprecedented pace of infrastructure development across the nation’s capital, noting that the projects are already reshaping the real estate landscape and opening up new frontiers for housing and investment.

HDAN has, for decades, championed policy reforms, affordable housing initiatives, housing finance, land reforms, real estate regulation and sustainable urban development across Africa. Through sustained advocacy, strategic partnerships and high-level stakeholder engagement, the organisation has made significant contributions to advancing housing development in Nigeria and across the continent, earning recognition as one of Africa’s foremost voices on housing policy and sector reforms.

In a statement issued by its Executive Director, Festus Adebayo, HDAN said that strategic investments in roads, bridges, interchanges and other critical infrastructure have become one of the strongest catalysts for real estate growth in the FCT, significantly increasing land values, attracting private sector investment and accelerating urban expansion.

According to Adebayo, one of the greatest lessons from successful cities around the world is that infrastructure drives real estate development.

“Where roads go, development follows. Where government provides quality infrastructure, investors naturally move in. Housing estates spring up, businesses expand, jobs are created and property values appreciate. This is exactly what we are witnessing today in many parts of the Federal Capital Territory.”

HDAN observed that communities that were once regarded as distant or unattractive to investors are rapidly emerging as prime residential and commercial destinations because of improved accessibility and government investment in infrastructure.

The Network noted that ongoing road construction and expansion projects are unlocking the economic potential of several districts and satellite communities, encouraging developers to embark on new housing projects while giving confidence to financial institutions, mortgage providers and other investors.

According to HDAN, infrastructure development remains one of the most effective government interventions for reducing the cost of housing delivery. Improved road access, drainage systems and other public facilities lower development costs, shorten project timelines and make it easier for developers to deliver quality housing to Nigerians.

The organisation further stated that beyond real estate, infrastructure investment stimulates economic activities across multiple sectors, including construction, manufacturing, transportation, hospitality, retail, financial services and professional consultancy, thereby creating thousands of direct and indirect employment opportunities.

HDAN urged the FCT Administration to sustain the current momentum by extending infrastructure to more satellite towns and emerging districts, stressing that balanced development across the territory would help reduce pressure on the city centre while making affordable housing more accessible to low- and middle-income earners.

The Network also encouraged stronger collaboration between government and the private sector to maximise the benefits of infrastructure investment through planned urban expansion, serviced land development and increased private participation in housing delivery.

Adebayo emphasised that Nigeria’s housing challenge cannot be solved through mortgage finance alone.

“Access to infrastructure is just as important as access to finance. A plot of land without roads, electricity, drainage and water has limited value. But once government provides infrastructure, that same land becomes attractive for housing, commerce and industry. Infrastructure is the foundation upon which sustainable cities are built.”

He added that the remarkable transformation taking place across the FCT demonstrates the importance of visionary infrastructure investment in driving economic growth, improving the quality of life of residents and strengthening investor confidence in Nigeria’s real estate sector.

HDAN reaffirmed its commitment to supporting policies and initiatives that promote sustainable urban development, affordable housing and responsible real estate growth, while calling on other state governments across Nigeria to emulate the FCT by making infrastructure development a central pillar of their housing and economic development strategies.

“The transformation we are witnessing in Abuja is a powerful reminder that strategic investment in infrastructure is one of the fastest ways to stimulate real estate development, create wealth, attract investment and improve the living standards of the people. We commend the Honourable Minister of the Federal Capital Territory, Barr. Nyesom Wike, for this bold approach and encourage the sustained execution of projects that will continue to unlock the enormous economic potential of the Federal Capital Territory.”

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Governor of Niger State, Dr. Mohammed Bago, has officially handed over 500 hectares of land to Abuja Steel Mills Limited for the development of a large-scale Solar Farm and the AIG Industrial Park, a move expected to accelerate industrialisation, attract investments, and create thousands of jobs in the state.

The handover took place during a groundbreaking ceremony held in Sabon Wuse, Tafa Local Government Area, where government officials, investors, and industry stakeholders gathered to mark the commencement of the project.

Bago: Project Will Transform Niger State’s Economy

Speaking at the event, Governor Bago described the initiative as a landmark investment that would significantly reshape the economic and industrial landscape of Niger State.

According to him, the project reflects the state’s commitment to becoming a leading destination for investment and sustainable economic growth.

“What we are witnessing today is more than a ceremony. It is a clear declaration of our commitment to transforming Niger State into a preferred investment destination and building a New Niger that delivers opportunities for our people,” Bago said.

The governor noted that the project would leverage the state’s strategic advantages, including access to gas resources from the Ajaokuta-Kaduna-Kano (AKK) Pipeline, vast land resources, and existing power infrastructure.

He highlighted Niger State’s status as home to four major hydropower stations—Kainji, Jebba, Zungeru, and Shiroro Dams—which provide a strong foundation for industrial expansion and renewable energy development.

Bago also commended the management of Abuja Steel Mills and its parent company, African Industries Group (AIG), for choosing Niger State as the location for the ambitious project.

AIG Chairman Describes Land Allocation as Historic

The Group Chairman of African Industries Group, Raj Gupta, described the allocation of 500 hectares as a historic milestone that goes beyond industrial development.

According to Gupta, the project is designed to drive economic empowerment, community development, and employment generation.

“This is not just an opportunity to build industries and create jobs. It is about development, upliftment, and empowering people,” he stated.

He revealed that the proposed solar farm is expected to become the largest solar power installation in Sub-Saharan Africa, further positioning Nigeria as a major player in renewable energy and steel production.

“This project will put Nigeria not only on the global steel map but also on the renewable energy map,” Gupta added.

Power Minister Hails Bago’s Industrial Vision

Minister of Power, Joseph Tegbe, praised Governor Bago for demonstrating what he described as “industrial statesmanship” through the allocation of land for the project.

Tegbe said the initiative would serve as a lasting legacy by attracting significant private-sector investments and stimulating economic activities in Niger State.

“The most enduring legacy of governance is not just physical infrastructure but the industries, investments, and jobs created through strategic decisions,” he said.

The minister assured investors of the Federal Government’s commitment to addressing challenges within the power sector to support industrial growth nationwide.

Steel Development Minister Applauds Investment

Also speaking, Minister of Steel Development, Prince Shuaibu Abubakar, commended the governor’s foresight in making the land available for industrial use.

He praised Raj Gupta for transforming African Industries Group into one of the largest steel manufacturers in Nigeria and West Africa.

According to him, the company has grown from a small enterprise into a major industrial player employing over 10,000 workers and contributing significantly to Nigeria’s steel sector.

Abubakar expressed confidence that the solar farm and industrial park would revolutionise industrial development in Niger State while supporting President Bola Tinubu’s economic growth agenda.

Project Expected to Boost Jobs and Productivity

Minister of State for Industry, Trade and Investment, Senator John Enoh, described the project as a major catalyst for industrialisation and productivity.

He noted that the planned solar farm and industrial park would create new employment opportunities, reduce Nigeria’s dependence on imported industrial products, and strengthen local manufacturing capacity.

“The missing link in our economy is productivity. Projects like this create jobs, stimulate industrial growth, and reduce the nation’s import burden,” Enoh said.

The minister added that collaboration between government and private investors remains essential to unlocking Nigeria’s economic potential and driving sustainable development.

Industrial Hub Set to Drive Economic Growth

The 500-hectare allocation is expected to pave the way for the establishment of one of Nigeria’s largest renewable energy and industrial infrastructure projects.

Stakeholders believe the development will attract additional investments into Niger State, expand manufacturing activities, create thousands of direct and indirect jobs, and strengthen Nigeria’s position in both the steel and renewable energy sectors.

With construction activities set to commence, the Solar Farm and AIG Industrial Park are projected to become key drivers of industrial transformation and economic growth in the North-Central region and across Nigeria.

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Nigeria’s Value Added Tax (VAT) revenue increased to N2.42 trillion in the first quarter of 2026, representing a 9.98 per cent rise from the N2.20 trillion recorded in the fourth quarter of 2025.

This is according to the latest VAT Q1 2026 report released by the National Bureau of Statistics (NBS).

The report showed that local VAT payments accounted for N1.11 trillion of the total collections, while foreign VAT contributed N830.47 billion and import VAT generated N477.55 billion during the period.

On a quarter-on-quarter basis, activities of households as employers and undifferentiated goods- and services-producing activities for own use recorded the highest growth rate at 74.36 per cent. This was followed by arts, entertainment and recreation, which grew by 20.91 per cent, and manufacturing, which expanded by 12.82 per cent.

However, the education sector posted the sharpest decline, falling by 31.96 per cent. Public administration and defence, including compulsory social security activities, declined by 31.38 per cent, while activities of extraterritorial organisations and bodies dropped by 29.89 per cent.

In terms of sectoral contributions, manufacturing remained the largest contributor to VAT revenue, accounting for 29.75 per cent of total collections during the quarter.

The information and communication sector followed with a contribution of 20.61 per cent, while mining and quarrying contributed 12.32 per cent.

Conversely, activities of households as employers and undifferentiated goods- and services-producing activities for own use recorded the lowest share at 0.01 per cent. Activities of extraterritorial organisations and bodies contributed 0.02 per cent, while water supply, sewerage, waste management and remediation activities accounted for 0.06 per cent.

On a year-on-year basis, VAT collections rose by 17.06 per cent compared to the corresponding period in 2025, highlighting continued growth in government tax revenue despite varying performances across economic sectors.

The latest figures underscore the growing role of manufacturing, telecommunications and extractive industries in driving Nigeria’s non-oil tax revenue as authorities continue efforts to strengthen domestic revenue mobilisation.

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The International Monetary Fund (IMF) has reported that poverty in Nigeria has risen to 63 per cent of the population despite improvements in macroeconomic stability driven by ongoing economic reforms.

The disclosure was contained in the IMF’s 2026 Article IV Consultation Report, which acknowledged progress made under the administration of President Bola Ahmed Tinubu while highlighting persistent challenges facing millions of Nigerians.

According to the report, an estimated 27 million Nigerians experienced food insecurity in the latter part of 2025, underscoring the social impact of rising living costs and economic adjustments.

The IMF noted that reforms including the removal of fuel subsidies, foreign exchange market liberalisation, fiscal discipline measures and the end of deficit monetisation have strengthened Nigeria’s macroeconomic position and improved investor confidence.

The report showed that Nigeria’s gross international reserves increased to $46 billion in 2025 from $40 billion recorded at the end of 2024, while net reserves rose significantly from $23 billion to $35 billion within the same period.

The Fund also observed that the foreign exchange market has become more stable, with the parallel market premium remaining below five per cent, while sovereign bond spreads have remained broadly stable despite global economic uncertainties.

The IMF projected that Nigeria’s economy would grow by 4.0 per cent in 2025 and 4.1 per cent in 2026, citing improvements in the banking sector, ongoing bank recapitalisation efforts and the country’s removal from the Financial Action Task Force (FATF) grey list.

Despite these gains, the Fund warned that inflationary pressures remain a concern. Inflation, which had declined for over a year, rose to 15.4 per cent year-on-year in March 2026, driven largely by increases in global fuel, food and fertiliser prices.

The report also revealed that Nigeria’s consolidated fiscal deficit widened to 4.4 per cent of Gross Domestic Product (GDP) in 2025 as oil revenues fell below government projections.

“Higher global prices of fuel, food and fertilisers continue to exert pressure on households and could worsen poverty and food insecurity,” the IMF stated.

The Fund identified volatility in global commodity markets and domestic security challenges as major risks to Nigeria’s economic outlook.

Executive Directors of the IMF commended Nigerian authorities for maintaining macroeconomic stability but urged the government to expand social protection programmes and strengthen support for vulnerable households.

The IMF also recommended a neutral fiscal stance in 2026, improved fiscal transparency, expanded cash transfer programmes and continued reforms in public financial management.

Additionally, the Fund advised the Central Bank of Nigeria to maintain a tight monetary policy stance until inflation is brought under control and to continue efforts toward an inflation-targeting framework.

Responding to the report, the Federal Government welcomed the IMF assessment, describing it as independent validation of its reform agenda and economic management strategy.

The government highlighted a nearly 10 per cent growth in per capita income in 2025 and pointed to ongoing interventions such as cash transfer programmes, student loans, consumer credit initiatives, healthcare investments and agricultural development schemes.

Special Adviser to the President on Revenue, Taiwo Oyedele, said the administration was implementing measures to strengthen fiscal reporting, improve budget transparency and enhance public financial management systems.

The Federal Government also expressed optimism that improved crude oil production, domestic refining capacity and expanded gas exports would boost revenue generation and strengthen foreign exchange earnings.

While acknowledging the progress recorded in macroeconomic indicators, analysts said the report highlights a major policy challenge for the government: ensuring that economic reforms translate into tangible improvements in living standards and reduced poverty for millions of Nigerians.

The IMF maintained that sustained reforms, stronger social protection measures and inclusive growth policies would be essential to ensuring that economic gains are widely shared across the population.

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A massive economic milestone achieved

The Central Bank recently announced incredibly positive economic news. Nigeria FX reserves officially hit an astounding $50.2 billion. This remarkable figure represents the absolute highest reserve level recorded in exactly 17 years.

Currently, this massive surge signals strong recovery for the national economy. You can track ongoing financial data directly on the Central Bank of Nigeria website.

What drives the Nigeria FX reserves surge?

Several key factors drove this massive financial recovery recently. Analysts point to aggressive government reforms and increased foreign direct investment. Furthermore, improved oil revenues heavily boosted the national treasury over the past year.

Key drivers pushing this massive growth include:

• Oil exports: Higher production levels completely stabilized national income streams.

• Forex reforms: The Central Bank implemented highly transparent currency trading mechanisms.

• Remittances: Increased diaspora funds significantly strengthened the domestic economy.

Consequently, these strategic policies successfully attracted cautious international investors back.

How this impacts the local economy

Building massive Nigeria FX reserves provides a crucial economic buffer. A strong financial reserve actively helps stabilize the volatile Naira exchange rate. Therefore, local businesses can import vital raw materials much cheaper now.

Additionally, this massive financial milestone signals renewed global confidence in the economy. Investors generally prefer countries holding massive emergency funds.

What happens next for the market?

Financial experts genuinely expect this positive momentum to continue steadily. However, sustaining these reserves requires strict fiscal discipline from the government. The administration must protect these vital funds against sudden global market shocks.

Ultimately, maintaining a stable national economy deeply benefits everyday citizens across the country.

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The Federal Government has reaffirmed its commitment to the development of the Agge Deep Sea Port in Bayelsa State, describing the project as a transformative maritime infrastructure initiative capable of driving investment, job creation, and economic growth across the Niger Delta region.

Minister of Marine and Blue Economy, Adegboyega Oyetola, said the proposed port remains a strategic priority under the Federal Government’s plan to expand maritime infrastructure and strengthen Nigeria’s blue economy.

According to the minister, the Agge Deep Sea Port aligns with the economic transformation agenda of Bola Ahmed Tinubu, aimed at boosting trade, industrialisation, and sustainable development.

Oyetola noted that upon completion, the port will serve as a major maritime gateway in the South-South region, enhancing Nigeria’s competitiveness in regional and global trade while easing pressure on existing seaports.

“The Agge Deep Sea Port project is a critical component of our strategy to expand Nigeria’s maritime infrastructure and strengthen the nation’s competitiveness in regional and international trade. It will significantly contribute to job creation, economic development, and investment inflows into the Niger Delta region,” he said.

The minister disclosed that the Federal Ministry of Marine and Blue Economy is working closely with the Bayelsa State Government and other stakeholders to accelerate implementation of the project.

He explained that the deep-sea port would stimulate economic activities across key sectors including logistics, fisheries, shipbuilding, maritime services, tourism, and transportation.

According to Oyetola, the project is expected to create thousands of direct and indirect jobs while attracting both domestic and foreign investments into the region.

He also commended Douye Diri for supporting the project and aligning the state’s development objectives with the Federal Government’s marine and blue economy agenda.

Ministry Targets New Maritime Investments

Meanwhile, the Ministry of Marine and Blue Economy has unveiled plans to attract fresh investment into Nigeria’s maritime sector through a strategic partnership with Jaiz Bank Plc.

The collaboration is expected to provide financing for critical maritime infrastructure projects, inland waterways transportation, fisheries, aquaculture, and other strategic blue economy initiatives.

Permanent Secretary of the ministry, Fatima Sugra Tabi’a Mahmood, described the marine and blue economy sector as highly capital-intensive and in need of substantial long-term financing to unlock its full potential.

She revealed that the ministry has explored international funding opportunities, including the assessment of a £1 billion financing facility in the United Kingdom, underscoring the scale of investment required to modernise Nigeria’s maritime infrastructure.

Mahmood said the ministry remains open to partnerships with financial institutions capable of delivering innovative financing solutions that will support large-scale projects and accelerate growth across Nigeria’s blue economy value chain.

Industry analysts believe the Agge Deep Sea Port project could become a major catalyst for regional development, strengthen Nigeria’s maritime trade capacity, and position the country as a leading player in Africa’s emerging blue economy.

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Nigeria attracted $10.37 billion in capital importation during the first quarter of 2026, representing an 83.8 per cent increase compared to the $5.64 billion recorded in the corresponding period of 2025, according to the latest data released by the National Bureau of Statistics (NBS).

The report showed that capital inflows also increased by 61 per cent from the $6.44 billion recorded in the fourth quarter of 2025, reflecting growing foreign investor confidence in Nigerian financial assets.

Portfolio investments remained the dominant source of inflows, accounting for $9.86 billion or 95.1 per cent of total capital imported during the period. This represented an 89.5 per cent increase compared to the first quarter of 2025 and a 79.8 per cent rise from the previous quarter.

Within the portfolio investment category, money market instruments attracted $6.50 billion, while bond investments accounted for $3.23 billion, jointly contributing more than 98 per cent of total portfolio inflows.

Despite the strong overall performance, Foreign Direct Investment (FDI) remained relatively weak. Nigeria recorded FDI inflows of $135.08 million, representing only 1.3 per cent of total capital importation. Although this was seven per cent higher than the figure recorded a year earlier, it declined by over 62 per cent compared to the previous quarter.

Other investments contributed $374.48 million, accounting for 3.6 per cent of total inflows. Loans represented the largest component at $364.43 million, while trade credits accounted for approximately $10 million.

Banking Sector Dominates Capital Inflows

Sectoral analysis revealed that the banking sector remained the largest recipient of foreign capital during the quarter, attracting $7.55 billion or 72.8 per cent of total inflows.

The financing sector followed with $2.43 billion, representing 23.4 per cent, meaning the two sectors accounted for more than 96 per cent of all capital imported into the country during the period.

The production and manufacturing sector received $152.27 million, while investments in shares amounted to $75.34 million.

Other sectors attracted significantly lower inflows, including trading ($65.79 million), agriculture ($37.28 million), information technology services ($11.33 million), and telecommunications ($7.24 million).

Notably, sectors critical to economic diversification recorded minimal investment. The oil and gas sector attracted only $460,000, while construction received $100,000. Education and healthcare recorded inflows of $70,000 and $120,000 respectively.

UK Leads Source Countries

The United Kingdom emerged as the largest source of capital imported into Nigeria during the quarter, contributing $5.08 billion or 49 per cent of total inflows.

The United States followed with $3.18 billion, accounting for 30.7 per cent, while South Africa contributed $983.83 million, representing 9.5 per cent of total capital importation.

Mauritius and the United Arab Emirates contributed $390.07 million and $194.51 million respectively.

Standard Chartered Tops Receiving Banks

Among financial institutions, Standard Chartered Bank Nigeria processed the highest volume of capital inflows, receiving $4.41 billion or 42.6 per cent of total importation.

Stanbic IBTC Bank followed with $2.78 billion, while Rand Merchant Bank handled $930.82 million.

Other major receiving institutions included Citibank Nigeria, Access Bank, First Bank of Nigeria, Guaranty Trust Bank, Zenith Bank, FCMB, Ecobank Nigeria and Fidelity Bank.

Analysts say the latest figures highlight sustained foreign investor preference for short-term financial instruments, particularly bonds and money market assets, while long-term productive investments such as manufacturing, agriculture, construction and oil and gas continue to attract relatively low levels of foreign capital.

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The World Bank has cautioned that Nigeria’s goal of becoming a $1 trillion economy by 2050 could falter if urgent investments in early childhood development are not made.

Experts speaking at a policy dialogue in Abuja highlighted that gaps in nutrition, healthcare, early learning, and protection during the first five years of life are already shaping the productivity of millions of Nigerian children.

Ritgak Tilley-Gyado, Lead of the World Bank’s Early Years Programme, stressed that “investing in children under five is not social spending—it is an economic strategy.” She noted that disparities in learning, health, and life skills often begin in infancy and, if unaddressed, become increasingly difficult and costly to reverse.

Tilley-Gyado explained that two children born with equal potential can experience radically different developmental paths based on early nutrition, safety, and caregiving. By the time they start school, these differences are often entrenched, affecting future workforce readiness, innovation capacity, and economic output.

Experts also raised concerns about fragmented government policies. “Children do not grow in administrative silos,” Tilley-Gyado noted, emphasizing that health, nutrition, sanitation, safety, and early learning are interconnected and require coordinated interventions across ministries.

Ikemesit Effiong of SBM Intelligence added that Nigeria is already losing critical productivity before children even enter the formal education system. Citing the 2024 Demographic and Health Survey, he reported that neonatal mortality remains high at 41 deaths per 1,000 live births and about 40% of children under five are stunted due to chronic undernutrition.

Paediatric neuroscientist Tosin Olorunmoteni stressed that brain development is most rapid in the first 2,000 days of life, warning that nearly half of Nigerian children live in poverty. She called for a multisectoral national strategy to support all children, with targeted interventions for those at risk, stronger data collection, and improved service delivery.

Joe Abah, Country Director of DAI Global, described early childhood underinvestment as a potential “demographic disaster,” noting that Nigeria risks turning its youthful population into a liability rather than a demographic dividend. He advocated for a unified framework with clear budget commitments, high-level oversight, and accountability to place children at the center of policy action.

Vahyala Kwaga of BudgIT Foundation highlighted the need for transparent public finance for early childhood programs, warning that weak tracking of allocations limits advocacy and accountability.

The dialogue brought together think tanks, development partners, and academics to explore how early childhood interventions—each dollar potentially yielding $13 in future economic returns—can help Nigeria leverage its demographic advantage and achieve sustainable long-term growth.

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Vice President Kashim Shettima has highlighted the Dangote Refinery as a key driver in transforming Nigeria into a net exporter of refined fuel, emphasizing the need for African nations to rely on homegrown solutions for economic growth.

Speaking at a High-level Accra Reset Initiative meeting during the 2026 World Economic Forum in Davos, Switzerland, Shettima said Africa’s prosperity must be built locally, not imported from abroad. He described the initiative as a bold effort to reset African economies from “dependency to dignity, from aid to investment, from rhetoric to results.”

Shettima pointed out that decades of relying on commodity exports had left many African countries vulnerable. “Africa cannot rise on applause alone. We rise when we build,” he said. “After decades as a net importer of value, Nigeria is on the verge of becoming a net exporter of refined fuel, powered by Africa’s largest refinery in Lagos: the Dangote Refinery.”

He stressed that domestic productive capacity is essential to converting Africa’s population and natural resources into sustainable wealth. “Prosperity cannot be parachuted in — it must be homegrown and earned,” Shettima added, highlighting Nigeria’s market of over 200 million people as an example of latent demand that must be matched with local supply.

Shettima also pointed to technology, modular factories, artificial intelligence, and robotics as tools to help Africa industrialize faster than ever before. Citing 2024 data, he noted that Africans abroad sent home about $95 billion — more than 5% of Nigeria’s GDP — emphasizing that this is not charity but evidence of the continent’s untapped potential.

Former President Olusegun Obasanjo and former Vice President Yemi Osinbajo also spoke at the forum, calling for African nations to rethink economic strategies, embrace industrialization, and create enduring domestic wealth.

The Accra Reset Initiative, Shettima explained, aims to inspire African leaders to take charge of their economic futures and build resilient, innovative, and interdependent economies.

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