Speaker seeks reforms to boost real estate investment

Speaker of the House of Representatives, Rep. Abbas Tajudeen, has called for a regulatory framework to protect consumers and attract investment into Nigeria’s real estate sector.

Tajudeen made the call at a stakeholders’ conference on the proposed National Real Estate Regulatory Authority (NRERA) in Abuja on Monday.

He said the absence of effective regulation had weakened public confidence in the sector, exposing property buyers to fraud and making ownership verification difficult.

According to him, buyers often struggle to establish genuine property ownership, while developers face delays in obtaining approvals from government agencies that operate without adequate information sharing.

He noted that such challenges increased housing costs, discouraged investment and created opportunities for fraudulent practices.

“We are not here to create another agency. We are here to protect property, protect capital and protect citizens.

“We are here to build a trusted market that attracts investment and delivers more affordable homes,” he said.

The speaker said the proposed authority should maintain a verifiable register of licensed developers, agents and projects to enable buyers to confirm operators’ identities, licences, project approvals and compliance records before making payments.

He also proposed protected accounts for buyers’ funds in qualifying off-plan developments, with withdrawals tied to verified construction milestones.

Tajudeen called for predictable approval timelines, transparent fees and clear appeal procedures to ensure that regulation did not hinder legitimate businesses.

He further advocated a digital land title verification system linking property records with state registries, surveys, registered owners, planning status and existing encumbrances.

Earlier, Chairman of the House Committee on Housing and Habitat, Rep. Abdulmumin Jibrin, said the committee had identified regulatory gaps in the sector through research.

Jibrin said Nigeria’s housing sector had the potential to double its contribution to the Gross Domestic Product if its opportunities were properly harnessed.

He identified sharp practices, duplication of responsibilities and inadequate regulation as challenges requiring urgent attention.

He said unqualified individuals could easily present themselves as property developers or agents, collect money from unsuspecting citizens and operate without proper oversight.

Also speaking, the Senior Special Adviser to the President on National Assembly Matters (House of Representatives), Dr Smart Olanrewaju, commended the relationship between the executive and legislative arms of government.

Olanrewaju said the President was ready to give the proposed legislation a fair review.

He urged stakeholders to ensure that the proposed law aligned with the Constitution and Land Use Act without unnecessarily increasing government expenditure.

He assured participants of the Federal Government’s readiness to collaborate with stakeholders to strengthen Nigeria’s housing and real estate sector.