Federal Government plans housing regulation as sector contributes N77tn to economy

Muttaqha Darma, the Minister of Housing and Urban Development, announced this during a stakeholders' validation workshop in Abuja. He highlighted that despite the real estate and construction industries contributing over N77tn to the economy in 2025, the sector remains largely unregulated. This lack of regulation has led to fraudulent housing transactions, poor consumer protection, and a high incidence of building collapses, with over 650 incidents and 1,600 deaths recorded since 1974.

The proposed National Housing and Built Environment Regulation Policy includes six pillars, such as licensing developers and estate agents, escrow protection for buyers' funds, and professional registration. Additionally, the National Mortgage Industry Policy aims to establish a National Housing Finance Authority, reform the Federal Mortgage Bank of Nigeria, and extend the National Housing Fund to a broader range of contributors. The minister noted that the core housing deficit is estimated at 15 million units, based on the World Bank Adequate Housing Index and the UN-Habitat Household Crowding Index.