FG Commits to Reforming Housing Sector for Economic Growth

Engr. Muttagua Rabe Darma, PhD, the Minister of Housing and Urban Development, reaffirmed the Federal Government's commitment to reforming and regulating the built environment industry to significantly contribute to Nigeria’s economy. During a meeting with officials from Signature Group Limited, he stated that the Ministry is developing policies to formally structure the sector, which will require approval from the President, the Federal Executive Council, and the National Assembly.

Engr. Darma emphasized the necessity of proper regulation for the industry to function effectively, create jobs, and grow the economy. He noted that discussions have begun with the Minister of Finance regarding financing through the capital market, asserting that the administration aims to transform the industry before its tenure ends.

Mr. Samson Davies, Chief Executive of Signature Group Limited, expressed his group's commitment to collaborating with the Ministry to raise bonds from the capital market to finance government-owned assets, highlighting the insufficiency of budgetary allocations alone to meet housing sector deficits.