FG validates housing data, seeks stakeholders’ input on reforms

The federal government has begun the final stage of consultations on major reforms aimed at improving Nigeria’s housing sector, as stakeholders met to review proposed policies on housing regulation and the development of a reliable national housing database.

The validation workshop, organised by the Federal Ministry of Housing and Urban Development, brought together representatives from federal and state governments, the World Bank, the National Population Commission (NPC), the National Bureau of Statistics (NBS), the Central Bank of Nigeria (CBN), professional bodies, financial institutions, developers, academics and the media.

Speaking at the event, the Minister of Housing and Urban Development, Dr. Muttaqha Rabe Darma, said the meeting offered stakeholders a final opportunity to make contributions before the policy documents are forwarded to the Federal Executive Council (FEC) for approval.

He urged participants to critically examine the proposals, adding that their recommendations would directly influence the final version presented to the council.

The minister said Nigeria’s housing and real estate sector had become one of the country’s biggest contributors to economic growth but continues to operate without a strong regulatory framework.

He noted that following the rebasing of the economy, real estate services accounted for about 13.4 percent of Nigeria’s Gross Domestic Product (GDP), valued at approximately ₦41 trillion, while the combined contributions of real estate and construction exceeded ₦77 trillion in 2025.

Despite the sector’s economic importance, Darma said many Nigerians still face challenges such as fraudulent property transactions, abandoned housing projects and inadequate consumer protection.

He cited Dubai as an example of how regulatory reforms, including mandatory escrow accounts and the licensing of developers and estate agents, helped build investor confidence and drive growth in the property market.

The minister said Nigeria must adopt similar measures to safeguard homebuyers, improve industry standards and attract more investment into the housing sector.