Housing: Operators Welcome Federal Govt’s Reforms

Real estate operators have welcomed the federal government’s proposed reforms aimed at strengthening regulation, protecting property buyers and improving confidence in Nigeria’s housing sector, while calling for independent verification of construction milestones and sustainable financing for developers.

Speaking at an industry forum in Abuja yesterday, real estate developer Mixta Africa said the success of the proposed framework would depend largely on clear mechanisms for verifying construction progress before funds held in escrow are released and ensuring that credible developers have access to finance.

Chief commercial officer of Mixta Africa, Tola Akinsulire, said that licensing and escrow protection would help address the risks consumers face in the housing market. “Licensing and escrow protection are important interventions in a market where consumers have too often carried significant risk. We welcome the direction of the federal government and believe it can materially strengthen confidence in the housing sector,” Akinsulire said.

He also said funds linked to construction milestones should be released only after independent verification by qualified built-environment professionals, supported by clear certification standards and a verifiable audit trail.

“The question is not only where the buyer’s money sits, but what evidence is required before that money can move,” he said.

Meanwhile, another developer, Leadforte Homes and Properties, has said the proposed reforms could address structural challenges that have constrained housing delivery, including high construction costs, limited access to long-term finance, weak land administration and the widening housing deficit.

Chief executive officer of the company, Bamise David, said the reforms were expected to improve transparency across the housing value chain, strengthen regulatory oversight, and encourage greater private-sector participation in the delivery of affordable housing.

Industry stakeholders stressed that effective implementation, independent project verification and access to appropriately structured construction finance would be critical to ensuring that the reforms translate into quality, affordable and durable housing for Nigerians.