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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AG Mortgage Bank Plc (AGMB) has unveiled an ambitious five-year expansion strategy aimed at delivering one million mortgages by 2030 while targeting a 20 per cent return on equity (RoE) for shareholders, positioning the lender as a major driver of Nigeria’s housing finance transformation.

The plan, branded Project Momentum 2025–2030, outlines AGMB’s transition into a diversified financial services group with interests spanning mortgage banking, housing microfinance, real estate development, insurance, brokerage, and rental housing solutions.

Expansion Strategy and Housing Finance Growth

According to the bank, the strategy is designed to significantly expand its loan portfolio, grow its customer base, and deepen access to affordable and sustainable homeownership across Nigeria.

AGMB disclosed the details in its Q3 2025 Market Intelligence Report (MIR), which analyses economic and sectoral trends shaping Nigeria’s real estate and housing market. The report notes rising investor interest in real estate as a hedge against inflation, supported by easing inflationary pressures and more stable interest rates.

Nigeria’s Real Estate Market Outlook

The report highlights the scale of opportunity within Nigeria’s housing sector, projecting the residential real estate market to be worth $2.25 trillion by 2025. This demand underpins AGMB’s goal of originating one million mortgages within the next five years.

Beyond residential housing, the broader Nigerian real estate market is estimated at $2.61 trillion in 2025, with a projected compound annual growth rate (CAGR) of 6.87 per cent between 2025 and 2029, reaching approximately $3.41 trillion by 2029.

Growth is expected to be driven by rapid urbanisation, infrastructure investment, and ongoing housing policy reforms.

CEO Highlights Strategic Milestone

Speaking on the report, Managing Director and Chief Executive Officer of AG Mortgage Bank Plc, Ngozi Anyogu, described the period as a defining phase for the institution.

“In September 2025, we marked our 20th anniversary—two decades of innovation, resilience, and service to millions of Nigerians,” Anyogu said.

She added that the bank has evolved into a trusted provider of tailored housing finance solutions, with a renewed commitment to long-term value creation through integrity, innovation, and impact-driven growth.

Green Housing and Digital Innovation

As part of its expansion drive, AGMB has introduced new products including treasury solutions for institutional investors, sustainability-focused housing finance products, and digital-first platforms aimed at supporting SMEs and entrepreneurs.

The bank also plans to scale green and climate-resilient housing initiatives, aligning with Nigeria’s sustainability and climate goals.

Sector Performance and Outlook

The Market Intelligence Report shows improving fundamentals across the sector. Nigeria’s construction sector grew by 5.27 per cent in Q2 2025, while real estate contributed 12.80 per cent to GDP, expanding by 3.79 per cent during the period.

Looking ahead, the real estate sector is projected to grow between 6 and 8 per cent in 2025, with residential housing expected to expand at a CAGR of 7.55 per cent, reaching $3.01 trillion by 2029.

Urban population growth—particularly in Lagos, Abuja, and Port Harcourt—continues to fuel demand for affordable housing solutions.

Positioning for Long-Term Impact

With over 20 years of experience in housing finance, AG Mortgage Bank says it is well positioned to convert strong mortgage origination capacity into securitised, investor-grade assets, while expanding access to inclusive, technology-enabled, and sustainable housing nationwide.

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The N1.62 trillion 2026 budget presented by Enugu State Governor Peter Mbah to the state House of Assembly signals a major push for infrastructure and economic development across the state.

Of the total budget, a significant N1.3 trillion (approximately 80 percent) is earmarked for capital expenditure, with only 20 percent allocated to recurrent spending. The emphasis on capital projects reflects the governor’s strategic focus on wealth creation, real estate growth, and improving the state’s economy.

The budget highlights roads and infrastructure as key drivers of real estate development, linking communities, reducing transportation costs, and encouraging investment outside urban centres. Key projects include:

• Construction of 1,200 urban roads and numerous rural roads

• Completion of the 40-kilometre Owo-Ubahu-Amankanu-Neke-Ikem dual carriageway

• Dualisation of the Abakpa Nike – Ugwogo Nike – Ekwegbe – Opi-Nsukka Road

• 21.65-kilometre Enugu–Abakaliki Expressway

Governor Mbah’s infrastructure agenda aims to boost internally generated revenue (IGR) and expand the state’s GDP by driving investment and enhancing connectivity. The state has already initiated rehabilitation of 141 urban roads across 13 zones, with an allocation of N183 billion, contributing to urban renewal and modernisation of ancient markets and motor parks.

According to local land agents, land prices across Enugu have surged in response to infrastructure development. For instance, plots in the Nike Lake Resort area, which sold for N8–11 million in 2023/2024, now fetch between N20–25 million. Demand is particularly strong from diaspora buyers and Enugu indigenes living in cities such as Lagos and Abuja.

The budget also focuses on transportation improvements, including the construction of five new transport terminals in Emene, Udi, Awgu, Four-Corners (Ozalla), and Obollo-Afor. In addition, 15,000 mass housing units are planned, and further infrastructure development is projected for the New Enugu City.

With the state’s IGR expected to exceed ₦400 billion by year-end, these initiatives are anticipated to generate significant economic activity, create jobs, increase purchasing power, and support sustainable growth in the real estate sector.

Governor Mbah’s strategic capital allocation underscores his commitment to building a modern, economically vibrant, and real estate-friendly Enugu State, benefiting residents, investors, and the wider economy.

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