Nigeria Moves to Establish Real Estate Regulatory Body, Secures ₦50bn Budget Boost to Boost Housing Sector

LAGOS, NIGERIA The Federal Government announced plans Wednesday to establish a Real Estate Regulatory Authority to curb malpractice and attract investment. It also revealed a ₦50 billion budget increase to expand housing projects under President Bola Tinubu’s "Renewed Hope Agenda."

Housing Minister Ahmed Dangiwa disclosed the reforms during a stakeholders’ retreat organized by the Ministry of Housing and Urban Development in Lagos. The proposed regulatory body seeks to enforce transparency, accountability, and professionalism in Nigeria’s real estate sector, long plagued by fraud and unclear land ownership.

Dangiwa emphasized that the authority, developed in collaboration with the National Assembly, would “foster investor confidence and spur economic growth.” He revealed that the ministry secured an additional ₦50 billion for its 2025 budget after the Budget Office made initial cuts, enabling job creation, debt clearance, and accelerated housing projects.

The ministry has initiated 14 active construction sites for 10,112 housing units, with many nearing completion. Reforms include a National Land Registration and Titling Programme (backed by the World Bank), modernized land administration, and restructuring agencies like the Federal Mortgage Bank of Nigeria (FMBN).

Senator Aminu Tambuwal, Chairman of the Senate Committee on Lands, pledged support for recapitalizing FMBN and reinstating the Federal Housing Authority (FHA) in the national budget to revive landmark projects like FESTAC Town. House Committee Chairman Abiante Awaji urged reviving technical education to address skill gaps in construction.

“We are determined to make a difference. Just because programs failed in the past doesn’t mean they will fail today,” Dangiwa asserted, vowing to leverage lessons from past housing initiatives.

Stakeholders will refine strategies to scale housing delivery, and the World Bank will conduct a technical review of land reforms in March 2025. The ministry aims to finalize the regulatory framework and secure legislative approval for the authority in 2024.

Nigeria faces a 28-million-unit housing deficit. The regulatory push and funding injection signal renewed efforts to unlock the sector’s economic potential while protecting buyers and investors. Success hinges on sustained political will and stakeholder collaboration.