Rapid demographic and spatial growth without corresponding increase in housing, infrastructural and economic development is a common feature of Nigerian cities. As a result, the rate of proliferation of urban slums is increasing unabated in this country. This pattern is, of course, common across many countries of the Global South. In response to this, urban renewal has been applied as a tool for addressing this situation in several developing countries, including Nigeria. This chapter examines the outcome of housing-led urban renewal schemes in Southern Nigeria. Secondary data used were derived from extensive review of literature while primary data were sourced from a field survey carried out between December 2009 and February 2010 by the author to evaluate public housing in Ogun State. It is observed that the institutional landscape for urban renewal in Nigeria has undergone significant changes, from solely government-sponsored programmes to public-private partnership (PPP) activities. Thus far, the emphasis has been on providing high-income residents with access to urban land for housing development and upgrading the standard of basic services and social infrastructure. However, with the exception of the renewal of Abeokuta city centre, the displacement of low-income people from urban slums without adequate compensation and alternative housing is a major shortcoming in urban renewal schemes in Nigeria. The chapter suggests that the social component of housing-led urban renewal schemes should be improved so as to enhance the prospect of such projects to address the burgeoning urban housing and infrastructure challenges in Nigeria as well as other developing countries.