FG Aims to Boost Real Estate Sector's GDP Contribution

The federal government of Nigeria is focused on increasing the real estate and built environment sector's contribution to the country's Gross Domestic Product (GDP). Minister of Housing and Urban Development, Muttaqa Darma, made this announcement during a meeting with members of the Real Estate Marketers and Consultants Association of Nigeria (REMCAN) in Abuja.

Darma highlighted the sector's significant potential to become a leading contributor to the Nigerian economy, noting that its current contribution is lower than that of many other countries. He stated, "We must make sure that this industry provides a significant contribution to the national economy.

In fact, it must be number one." The minister also mentioned that reforms are being pursued to protect investors from fraud and poorly regulated operators. The ministry aims to create a framework that safeguards all participants in the real estate value chain.

Darma assured stakeholders of the administration's commitment to transforming the industry before the end of its tenure.