The Federal Government says it is determined to reposition Nigeria’s built environment sector to significantly boost its contribution to Gross Domestic Product (GDP).
The Minister of Housing and Urban Development, Engr. Muttaqha Rabe Darma, disclosed this in Abuja when he received members of the Real Estate Marketers and Consultants Association of Nigeria (REMCAN) on a courtesy visit to the ministry.
Darma said the real estate and wider built environment sector had huge potential to contribute significantly to the economy, noting that its current contribution remained far below what obtains in other countries.
“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.
The Minister said the ongoing reforms were driven by the need to protect Nigerians who often part with their hard-earned money in search of housing and, in some cases, lose it to fraudulent or poorly regulated transactions. He said government must create a system that protects everyone in the industry — from developers, marketers and consultants to investors and, most importantly, the people who pay for homes.
“We must protect everyone,” he stressed.
Darma said the ministry was taking a consultative approach to the reforms, noting that stakeholders had already been engaged and their input would form part of the process. He disclosed that the next stage would be to take the outcome of the engagement to the sub-national level through the National Council on Lands, Housing and Urban Development, before progressing to policy and, where necessary, legislation.
He assured that the current administration was committed to laying the foundation for lasting reforms in the sector 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.
The Minister also highlighted the importance of professionalism and credible data in building a stronger real estate industry, adding that the proposed reforms would address issues around the registration and credibility of practitioners, while the Ministry’s work on national housing data would provide a reliable basis for planning and decision-making.
He commended REMCAN for the visit and reaffirmed the Ministry’s readiness to work with stakeholders to build a more transparent, professional and vibrant real estate sector that works for Nigerians.
Earlier, the President of REMCAN, Mr. Collins Nnamani Ebuka, said the purpose of the visit was to establish the Association’s presence with the Ministry and align with its reform agenda. He said REMCAN was committed to supporting the Ministry’s efforts, particularly in strengthening transparency, professionalism and trust in the real estate sector.
Nnamani disclosed that the Association had developed REMCAN REALERS, a digital platform designed to provide structured and verifiable information on its members, including a unique Real Estate Verification Number (RVN) that allows members of the public to verify practitioners before engaging in transactions. He said the initiative was aimed at improving confidence in the sector and providing data that could complement government’s efforts to build a more transparent real estate ecosystem.
He also expressed REMCAN’s readiness to serve as a strategic partner to the Ministry, stressing the importance of collaboration among government, practitioners and other stakeholders in addressing challenges facing the sector, adding that the Association was working towards a Collaboration Conference to bring key stakeholders together to identify practical solutions.
