The Managing Director of the Ministry of Finance Incorporated, Armstrong Takang, has warned that Nigeria’s ambition of building a $1tn economy could be undermined by weak regulation of the real estate sector.
Takang said credible regulation, secure property titles and improved investor confidence were necessary to unlock the sector’s potential and attract the investments required to achieve the economic target.
He spoke at a public hearing organised by the House of Representatives on a proposed bill to establish the National Real Estate Regulatory Authority.
The MOFI chief identified poor regulation and questionable property ownership documents as major challenges discouraging investment in the industry.
The Minister of Housing and Urban Development, Muttaqha Darma, also called for better coordination among government agencies and stakeholders, warning that fragmented policies and operations were hampering efforts to address Nigeria’s housing deficit.
Speaker of the House of Representatives, Abbas Tajudeen, said the housing challenge extended beyond the shortage of accommodation, stressing the need to protect property buyers from fraudulent transactions.
He said Nigerians must be able to verify property ownership, secure their investments and purchase homes without fear of losing their money to fraudsters.
The Chairman of the House Committee on Housing and Habitat, Abdulmumin Jibrin, said the proposed regulatory authority would establish a framework for the industry without undermining the constitutional responsibilities of state governments or competing with existing operators.
Similarly, the National President of the Real Estate Developers Association of Nigeria, Akintoye Adeoye, called for comprehensive regulation to protect home buyers, discourage fraudulent property transactions and attract investment.
The proposed authority is expected to strengthen oversight and improve coordination among housing agencies, mortgage institutions, property developers and other stakeholders in the real estate industry.
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