FG Moves to Raise Real Estate Sector’s Contribution to GDP

The federal government has expressed its determination to reposition Nigeria’s real estate and built environment sector to significantly increase its contribution to the country’s Gross Domestic Product (GDP).

The Minister of Housing and Urban Development, Muttaqa Darma, disclosed this when he received members of the Real Estate Marketers and Consultants Association of Nigeria (REMCAN) on a visit to the ministry in Abuja.

Darma said the real estate sector possessed enormous potential to become one of the biggest contributors to the Nigerian economy, noting that its current contribution remained below levels recorded in many other countries.

“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,” the minister said.

He explained that the reforms being pursued by the ministry were also designed to protect Nigerians who invest their hard-earned money in housing, but sometimes fall victim to fraudulent transactions and poorly regulated operators.

According to him, the government’s objective was to build a framework that protects all participants across the real estate value chain, including developers, marketers, consultants, investors and homebuyers. “We must protect everyone,” Darma stressed.

The minister said the ministry had adopted a consultative approach to the planned reforms, adding that stakeholders had already been engaged and their contributions would be incorporated into the process.

He explained that the outcome of the consultations would subsequently be taken to the sub-national level through the National Council on Lands, Housing and Urban Development, before progressing to policy formulation and legislation where necessary.

Darma assured stakeholders that the current administration was committed to laying a lasting foundation for the transformation of the industry before the expiration of its tenure.

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