The Federal Government has said it is working to reposition Nigeria’s real estate sector to become one of the top three contributors to the nation’s Gross Domestic Product (GDP).
The Minister of Housing and Urban Development, Muttaqha Darma, disclosed this in a statement by the ministry’s Director of Press and Public Relations, Mr Badamasi Haiba, on Thursday in Abuja.
Darma said this when he received members of the Real Estate Marketers and Consultants Association of Nigeria (REMCAN) on a courtesy visit to his office.
He said the real estate and wider built environment sector had huge potential to contribute more to the national economy.
“We must make sure that this industry provides significant contribution to the national economy. In fact, it must be number one. If it can’t be number one, then it will be among the top three,” he said.
He said the government’s ongoing reforms were also aimed at protecting Nigerians who spend their savings to acquire homes but sometimes lose their money through fraudulent transactions.
Darma said the reforms would protect all players in the sector, including developers, marketers, consultants, investors and home buyers.
The minister said the government was adopting a consultative approach to the reforms, adding that stakeholders had already been engaged and their contributions would be considered.
He said the next stage would be to present the outcome of the consultations to the sub-national level through the National Council on Lands, Housing and Urban Development.
According to him, this will be followed by the development of policies and, where necessary, legislation to strengthen the sector.
Darma said the administration was determined to lay the foundation for lasting reforms before the end of its tenure.
“Before we leave office in the next few months, we will make sure that we have transformed the industry,” he said.
Darma also stressed the need for professionalism and reliable data in the real estate sector.
He said the proposed reforms would address the registration and credibility of practitioners, while the National Housing Data programme would provide information needed for proper planning and decision-making.
Earlier, the President of REMCAN, Mr Collins Ebuka, said the association visited the ministry to establish a relationship and align with its reform efforts.
Ebuka said REMCAN was ready to support the ministry in promoting transparency, professionalism and trust in the real estate sector.
He said the association had developed REMCAN REALERS, a digital platform designed to provide information on its members and help members of the public verify practitioners.
According to him, the platform assigns a unique Real Estate Verification Number (RVN) to members, which can be used to verify them before engaging in property transactions.
Ebuka said the initiative would help improve public confidence and provide data that could support the government’s efforts to make the sector more transparent.
He also said REMCAN was planning a conference to bring government, practitioners and other stakeholders together to find practical solutions to challenges in the sector.
He said the association would work with the ministry to ensure that its reform efforts reached Nigerians at the grassroots.
(NAN)
