By John Alechenu, Abuja
The Federal Government has unveiled plans to strengthen regulation of Nigeria’s housing and construction sector through measures that include mandatory licensing for property developers and agents, as well as the introduction of escrow accounts to protect home buyers.
The Minister of Housing and Urban Development, Engr. Dr. Muttaqha Darma, disclosed this on Tuesday at the opening of a three-day Stakeholders’ Validation Workshop on the National Housing Data Programme and the Regulation of the Built Environment in Abuja.
According to the minister, the real estate sector contributes about 13.4 per cent of Nigeria’s Gross Domestic Product (GDP), estimated at about N41 trillion. He added that when combined with the construction sector, the industry’s value exceeded N77 trillion last year.
Darma, however, expressed concern over what he described as inadequate regulation of the sector.
