Nigeria Plans Housing Boost Through Cooperatives

The Federal Government of Nigeria announced a new affordable housing scheme centered on strengthening cooperative societies. Minister Aliyu Abdullahi detailed the Renewed Hope Cooperative Reform and Revamp Programme on Thursday. It aims to use cooperatives to deliver housing and promote economic inclusion.

The government intends to establish a Cooperative Bank of Nigeria. This bank will provide financing for housing, infrastructure, and community projects.

It will focus on underserved populations, including workers in the informal sector. Officials also plan to digitize cooperative operations nationwide to increase transparency and improve financial management.

The initiative will prioritize women, youth, people with disabilities, and low-income earners. Saheed Adelakun of Nigeria Integrated Social Housing Cooperative Ltd. suggests a “Public-Private-People Partnership” model, involving future homeowners directly in projects.

The Cooperative Federation of Nigeria, which oversees more than 50,000 cooperatives with over 30 million members, supports increased collaboration to address housing shortages. The plan's success depends on securing sufficient investment and simplifying land administration.