The House of Representatives has renewed calls for a comprehensive legal framework to reform Nigeria’s real estate and housing industry. The push seeks to introduce an independent body, the National Real Estate Regulatory Authority, to protect everyday homebuyers and unlock massive economic value.
Abdulmumini Jibrin, the Chairman of the House Committee on Housing and Habitat, made the case on Monday in Abuja, according to THISDAYLIVE. Speaking during a stakeholder conference themed around building a single national housing vision, the lawmaker pointed out that weak oversight continues to hold back the industry.
Jibrin explained that an assessment carried out by his committee showed Nigeria has barely tapped the opportunities in the housing space. He noted that overlapping functions among government institutions, lack of consumer safeguards, and the absence of a unified framework have created major setbacks. While the Minister of Housing and Urban Development oversees policy, several housing-related agencies operate outside the ministry's control, creating unnecessary gaps.
The lawmaker also highlighted the dangers unsuspecting buyers face in the open market. Unlike regulated areas like electricity, telecommunications, and oil and gas, property development often allows bad actors to operate without strict checks. He noted that unscrupulous persons can easily print flyers, collect deposits from citizens, and fail to deliver because no system verifies their qualifications or capacity beforehand.
Beyond checking dubious developers, Jibrin observed that buyers also need better information and guidance before entering contracts. Many individuals commit to property agreements without factoring in their financial limits, policy adjustments, or how rising inflation can affect construction timelines.
Addressing pushback on the plan, Jibrin insisted that the proposed regulatory agency is not designed to usurp the powers of state governments or professional associations. Instead, he maintained the legislation will focus on cooperation, ensuring existing statutory roles are respected while setting clear standards and dispute mechanisms to safeguard participants across the country.
