The Federal Government reaffirmed its commitment on Wednesday to develop a framework for a Real Estate Regulatory Authority, acknowledging the pressing need for enhanced regulation in the housing sector.
The announcement was made by the Minister of Housing and Urban Development, Ahmed Dangiwa, during a stakeholders’ retreat organized by the Federal Ministry of Housing and Urban Development in Lagos. A statement released by Salisu Haiba, Director of Press and Public Relations at the ministry, noted that the retreat—titled “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.
In his keynote address, Minister Dangiwa stressed the transformative potential of establishing a Real Estate Regulatory Authority, asserting, “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.” He further explained that the ministry is actively working on a framework for the Authority and will collaborate closely with the National Assembly and other stakeholders to ensure its successful establishment. Dangiwa 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.
At the retreat, Dangiwa also announced that the National Assembly has secured an additional N50 billion for the Ministry’s 2025 budget. This boost follows an initial reduction proposed by the Budget Office and is expected to create more jobs while enabling the ministry to clear inherited liabilities and positively impact 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. He continued, “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.”
Reflecting on the ministry’s achievements, Dangiwa noted that in just 19 months, 14 active construction sites for 10,112 housing units have been established, with many nearing completion. He highlighted other milestones such as the National Land Registration and Titling Programme, undertaken in collaboration with the World Bank, which is set to hold its second technical session in March 2025. Reforms in land administration, aimed at simplifying property ownership, as well as efforts to strengthen the Federal Mortgage Bank of Nigeria and the Federal Housing Authority, were also cited as significant accomplishments.
In his welcome remarks, NBA President Mazi Afam Osigwe, SAN, emphasized that the discourse was intended not only to secure peace and security but also to ensure that local government areas closest to the people become fully functional and that their finances are used for the public good. He stated, “There must be democracy at the Local Government level. All the other tiers of government must allow the LGs to breathe. If we fail to get it right at the LG level, we may be setting a stage for a greater calamity.”
The retreat, which also featured dignitaries such as Attorneys General from various states, a retired Supreme Court Justice, Ejembi Eko, and senior legal practitioners, provided a platform to assess progress, foster strategic partnerships, and chart a clear path toward the full implementation of the Supreme Court judgment that granted fiscal autonomy to local government areas.
