…Jibrin identifies regulatory gaps, duplication of functions as major challenges
…Minister backs proposed authority, calls for alignment with housing policies
By Mercy Aikoye
The House of Representatives has intensified efforts to reform Nigeria’s housing and real estate sector, with a proposal to establish a National Real Estate Regulatory Authority (NRERA) aimed at addressing regulatory gaps, protecting homebuyers and attracting investment.
The Chairman of the House Committee on Housing and Habitat, Hon. Abdulmumini Jibrin, said the proposed legislation would provide a coordinated regulatory framework for the sector, which he described as critical to Nigeria’s economic growth and efforts to address the housing deficit.
Jibrin made the remarks on Monday in Abuja at the Stakeholder Conference on the Proposed NRERA, themed: “One Vision, One Ecosystem, One National Housing and Real Estate Plan.”
He identified overlapping responsibilities among government agencies, inadequate consumer protection and the absence of a unified regulatory framework as major obstacles to the sector’s development.
According to him, the proposed authority would address these challenges by strengthening existing institutions, clarifying their responsibilities and establishing standards for property developers and other operators.
The lawmaker noted that the absence of effective oversight had allowed some individuals to collect money from prospective homebuyers without adequate verification of their credentials or capacity to deliver housing projects.
He, however, stressed that the proposed framework would protect both consumers and responsible developers, noting that buyers also needed adequate financial awareness and a clear understanding of the economic factors that could affect project delivery.
Jibrin further assured state governments and professional bodies that the proposed authority would not undermine their constitutional or statutory responsibilities, but would promote cooperation and strengthen existing regulatory institutions.
The Minister of Housing and Urban Development, Dr. Muttaqha Rabe Darma, expressed the Federal Government’s support for the initiative, saying the Ministry was intensifying efforts to address structural and institutional challenges in the housing sector.
Darma disclosed that previous stakeholder engagements had validated estimates of Nigeria’s housing deficit at more than 15 million units, while mortgage penetration remained below 10 per cent, compared with 38 per cent in Malaysia and 40 per cent in South Korea.
He said the proposed authority could improve coordination in housing development, real estate investment and mortgage financing, but urged stakeholders to consider placing it under the Ministry of Housing and Urban Development to ensure policy alignment.
Also speaking, the Managing Director and Chief Executive Officer of the Ministry of Finance Incorporated, Dr. Armstrong Ume Takang, called for careful consideration of the proposed authority’s relationship with existing laws and institutions.
Takang identified the Land Use Act, professional regulation and the risk of excessive regulation as issues requiring attention, warning that the new framework should not discourage private investment or unnecessarily increase government expenditure.
In his keynote address, the Speaker of the House of Representatives, Hon. Abbas Tajudeen, called for a centralised and digitised real estate administrative system to improve transparency and simplify property transactions.
Abbas said linking property ownership records with the identities of owners, buyers and sellers would help curb fraud, multiple ownership claims and disputes over land and property.
“Nigeria does not lack property. Nigeria lacks enough trust in property,” he said, stressing that effective regulation was essential to building confidence and attracting long-term investment.
The proposed NRERA is expected to strengthen consumer protection, promote professional standards and improve coordination across the housing ecosystem, while creating a more transparent and investable real estate market.
