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
The Nigerian government is committed to elevating the real estate sector's role in the nation's Gross Domestic Product (GDP). Housing and Urban Development Minister Muttaqa Darma conveyed this ambition during a meeting with the Real Estate Marketers and Consultants Association of Nigeria (REMCAN) in Abuja. Darma highlighted the vast potential of the real estate sector to become a leading contributor to the economy, noting that its current contribution was lagging behind that of other nations.
He emphasized the need to ensure that the industry contributes significantly to the national economy, ideally as the top contributor or among the top three. The government's reforms aim to safeguard investors and developers within the real estate value chain, addressing concerns over fraudulent transactions and inadequate regulation.
Darma stated that the ministry's approach to these reforms is consultative, with stakeholder input being incorporated into the process. These consultations will be extended to the sub-national level, through the National Council on Lands, Housing and Urban Development, before moving forward with policy formulation and legislation as necessary.
The minister assured stakeholders that the current administration is dedicated to laying a solid foundation for the sector's transformation before the conclusion of its term. Darma pledged that before leaving office in the coming months, the government would strive to transform the real estate industry.
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