Mixta Africa Welcomes Nigerian Housing Reforms, Calls for Verification and Finance Mechanisms

Pan-African real estate developer Mixta Africa has expressed support for the Nigerian Federal Government's proposed reforms designed to strengthen regulation, improve buyer protection, and increase confidence in the nation's housing sector.

The company, however, has called for the establishment of clear mechanisms for independent verification of construction milestones and access to appropriately structured construction finance. Mixta Africa emphasizes that two critical questions need addressing for the reforms' success: who will independently verify construction progress before funds are released from escrow, and how will credible developers secure financing when buyers' funds are more tightly controlled?

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Licensing and escrow protection are important interventions in a market where consumers have too often carried significant risk. We welcome the direction of the Federal Government and believe it can materially strengthen confidence in the housing sector.

The proposed National Housing and Built Environment Regulation Policy includes measures such as mandatory licensing for developers and estate agents, escrow protection for buyers' funds, enhanced professional standards, construction quality assurance, improved land administration, urban renewal, and a National Housing Data Observatory. It also proposes a National Housing Industry Regulatory Commission for stronger sector oversight.

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The question is not only where the buyer’s money sits, but what evidence is required before that money can move. Independent verification creates a clear link between construction progress, fund release and accountability.

Mixta Africa's Chief Commercial Officer, Tola Akinsulire, stated, "Licensing and escrow protection are important interventions in a market where consumers have too often carried significant risk. We welcome the direction of the Federal Government and believe it can materially strengthen confidence in the housing sector." The company recommends that independent, qualified built-environment professionals verify construction milestones linked to escrow releases, ensuring clear standards and a verifiable audit trail.

"The question is not only where the buyer’s money sits, but what evidence is required before that money can move," Akinsulire added. "Independent verification creates a clear link between construction progress, fund release and accountability." Mixta Africa also stressed that buyer protection must be complemented by measures that expand access to construction finance, as off-plan payments have historically served as a crucial part of working capital for housing projects. "Escrow can protect the homebuyer, but escrow on its own does not finance construction," Akinsulire concluded. "We need to protect buyers while ensuring credible developers can continue to finance and deliver the homes the market needs."

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Escrow can protect the homebuyer, but escrow on its own does not finance construction. We need to protect buyers while ensuring credible developers can continue to finance and deliver the homes the market needs.