Reps seek real estate regulator to curb fraud, boost housing investment

The House of Representatives in Nigeria has called for the establishment of a National Real Estate Regulatory Authority (NRERA) to address fraudulent practices, protect homebuyers, and boost investment in the country's housing market. Chairman of the House Committee on Housing and Habitat, Abdulmumini Jibrin, highlighted the need for a comprehensive regulatory framework to overcome institutional gaps, overlapping responsibilities, and weak consumer protection that have hindered the sector's growth.

Jibrin emphasized that Nigeria has yet to fully harness its housing and real estate potential due to inadequate regulation and the absence of a coordinated national framework, calling for a legislation that would establish clear responsibilities for developers and consumers, provide effective dispute-resolution mechanisms, and ensure all stakeholders operate within defined standards.

Brief written by urgent.news from Punch Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.