The Federal Government on Wednesday reaffirmed its commitment to establishing a framework for a Real Estate Regulatory Authority, recognising the urgent need for enhanced regulation in the sector.
The Minister of Housing and Urban Development, Ahmed Dangiwa, disclosed this during a retreat for stakeholders in the Housing Sector, organised by the Federal Ministry of Housing and Urban Development, in Lagos, on Wednesday.
A statement by the Director of Press and Public Relations, Ministry of Housing and Urban Development, Salisu Haiba, on Wednesday night, noted that the retreat, themed “Actualising the Renewed Hope Agenda for Housing and Urban Development: Examining Strategies, Identifying Opportunities to Boost Scale and Impact”, brought together key stakeholders, including heads of departments, and agencies, to review progress and forge strategic collaborations.
The statement noted that in his keynote address, Dangiwa said, “The creation of a Real Estate Regulatory Authority is expected to bring greater transparency, accountability, and professionalism to the sector, fostering greater investor confidence and ultimately contributing to the overall growth of the Nigerian economy.”
According to the statement, the minister also explained that the ministry is working to create a framework for the establishment of a Real Estate Regulatory Authority, emphasising that the ministry will work closely with the National Assembly and stakeholders to ensure the successful establishment of the Authority.
He also commended the Chairman of the House of Representatives Committee on Housing and Habitat, Abdulmumini Jibrin for his continued advocacy in support of real estate regulation.
The statement added to boost the housing sector, Dangiwa announced that the National Assembly has secured an additional N50bn for the Ministry’s 2025 budget.
This increase, he noted, follows an initial budget reduction proposed by the Budget Office.
He noted that the additional funding will lead to the creation of more jobs while the ministry is able to clear inherited liabilities and impact positively on the economy.
“We are determined to make a difference. We are optimistic and encouraged by the possibilities that the future holds, rather than the failures of the past. Just because programs failed in the past does not mean they will fail today,” he affirmed.
“We aim to review what we have done so far towards actualizing Mr President’s Renewed Hope Agenda for Housing and Urban Development, interrogate our challenges and successes, explore opportunities, and set out a clear pathway to ramp up the tempo of our activities”, the statement quoted the minister to have said.
Speaking on the achievements recorded by the Ministry, Dangiwa noted that within 19 months the ministry has established 14 active construction sites for 10,112 housing units, with many nearing completion.
Other achievements, according to the Minister include the National Land Registration and Titling Programme in collaboration with the World Bank, informing that the Bank is coming for the second technical session in March 2025.
Reforms in land administration to simplify property ownership and strengthening the Federal Mortgage Bank of Nigeria (FMBN) and Federal Housing Authority ( FHA), were among other achievements listed by the Minister.
Earlier in his goodwill message, the Chairman, Senate Committee on Lands, Housing and Urban Development, Senator Aminu Tambuwal, called for increased funding for housing projects, assuring continued legislative support.
He also highlighted efforts to ensure the recapitalisation of the Federal Mortgage Bank of Nigeria and the repositioning of the Federal Housing Authority through adequate budgetary allocation.
“The committee is also making efforts to reinstate the Federal Housing Authority (FHA) in the Federal Budget, allowing it to replicate past successes such as FESTAC Town and Gwarimpa Estate,” he said.
Similarly, the Chairman, House Committee on Regional Planning and Urban Development, Abiante Awaji, advocated for a multi-sectoral approach to solving challenges in the built environment, including the reintroduction of technical education for skill development in collaboration with the Ministry of Education.
He gave assurance that the National Assembly will continue to partner with the Ministry, its Agencies and stakeholders in the housing sector to ensure housing initiatives align with the Renewed Hope Agenda of Tinubu’s administration.
Source: Punch
