Odimmegwa Johnpeter/Abuja
The Federal Government has expressed its determination to reposition Nigeria’s built environment sector to significantly increase its contribution to the nation’s Gross Domestic Product (GDP). This was contained in a statement signed by Badamasi Haiba, Fsca, mnipr, Director, Press and Public Relations.
The Minister of Housing and Urban Development, Engr. Muttaqa Rabe Darma, PhD, disclosed this 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 Nigeria’s GDP, noting that its current contribution remained far below what was obtainable 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 also stressed that the ongoing reforms were driven by the need to protect ordinary 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.
According to him, government must create a system that protects everyone in the industry, from developers, marketers, consultants, 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, explaining that stakeholders had already been engaged and their contributions 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 its 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 on their part, the President of REMCAN, Mr. Collins Nnamani Ebuka, informed that the purpose of their visit was to establish their presence with the Ministry and also align with what the Ministry is trying to build for Nigeria.
He said the Association was committed to supporting the Ministry’s reform agenda, particularly in strengthening transparency, professionalism and trust in the real estate sector.
He enlightened 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) which allows members of the public to verify practitioners before engaging in transactions.
According to him, the initiative is aimed at improving confidence in the sector and providing useful data that can complement government’s efforts to build a more transparent real estate ecosystem.
Nnamani 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 the challenges facing the sector.
He said the Association was working towards a Collaboration Conference that would bring key stakeholders together to identify practical solutions and help take the Ministry’s reform agenda beyond the conference room to Nigerians at the grassroots.
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