Nigeria Moves to Increase Real Estate Sector’s Contribution to GDP

Nigeria’s federal government wants the real estate industry to rank among the country’s top economic contributors, with the housing minister saying it should become the largest sector if possible.

Housing and Urban Development Minister Muttaqa Darma announced the ambition during a meeting with members of the Real Estate Marketers and Consultants Association of Nigeria in Abuja. He said the sector had enormous potential, but its current contribution to GDP remained below levels recorded in many other countries.

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We must make sure that this industry provides a 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.

“We must make sure that this industry provides a 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,” Darma said.

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We must protect everyone.

The planned reforms also aim to protect Nigerians who invest their savings in housing but can become victims of fraudulent transactions and poorly regulated operators. Darma said the government wanted a framework that would protect all participants across the real estate value chain, including developers, marketers, consultants, investors and homebuyers. “We must protect everyone,” he said.

The ministry has adopted a consultative approach and has already begun engaging stakeholders. Their input will be taken to the National Council on Lands, Housing and Urban Development before the government moves toward policy formulation and legislation where necessary. Darma said the administration wanted to establish a lasting foundation for transforming the industry before its tenure ends. “Before we leave office in the next few months, we will make sure that we have transformed the industry,” he said.

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Before we leave office in the next few months, we will make sure that we have transformed the industry.