FG Consults on Housing Reforms to Boost Sector Growth

The Federal Government of Nigeria has initiated the final stage of consultations on significant reforms intended to enhance the housing sector. This validation workshop, organized by the Federal Ministry of Housing and Urban Development, included representatives from various entities such as the World Bank, National Population Commission, National Bureau of Statistics, and Central Bank of Nigeria.

Dr. Muttaqha Rabe Darma, the Minister of Housing and Urban Development, emphasized the importance of stakeholder contributions before the policy documents are submitted to the Federal Executive Council for approval. He noted that the housing and real estate sector is a major contributor to Nigeria's economic growth, accounting for approximately 13.4 percent of the Gross Domestic Product, valued at around ₦41 trillion.

Despite its significance, the sector faces issues like fraudulent transactions and inadequate consumer protection. Darma cited Dubai's regulatory reforms as a model for Nigeria to improve investor confidence and industry standards.