In the recently published Economic Recovery and Growth Plan for Nigeria (2017 – 2020), the Ministry of Budget and Planning explained that the construction and real estate sectors are constrained by the high costs associated with house building, land acquisition and borrowing.
The Ministry rightly outlined that social housing programmes had the ability to partly mitigate these constraints, stimulate general economic conditions and create a large number of jobs. As such, policy objectives as well as a strategy for the construction and real estate sectors were proposed in the document.
The major policy objectives for the construction and real estate sector as outlined by the document from 2017 – 2020 are to:
The pioneering strategy to achieve these objectives will be to ‘Stimulate construction by building affordable housing’. The key activities within this strategy are shown below:
Team leads for the projects are the:
- Ministry of Power, Works and Housing
- Federal Mortgage Bank of Nigeria
- Ministry of Finance
- Ministry of Labour and Employment
- Ministry of Federal Capital Territory
With this strategy, the Ministry of Budget and Planning expects the construction and real estate sectors to grow 5.39% annually (on average) from 2017 to 2020.
Download the document on the Real Estate Research Report Centre.