Minister of Housing and Urban Development Muttaqha Darma has disclosed that Nigeria’s housing and construction sector contributed more than 77 trillion naira to the economy in 2025, with real estate services alone accounting for 41 trillion naira, or 13.4 percent of GDP, describing the sector as one of the country’s largest economic drivers despite weak regulation and limited mortgage financing.
Speaking at a stakeholders workshop in Abuja on proposed national housing policies, Darma said the gathering represents the final opportunity for stakeholders to scrutinize the policies before they go to the Federal Executive Council for approval, warning that despite the sector’s economic contribution, millions of Nigerians remain exposed to fraudulent housing transactions due to the absence of an effective regulatory framework. Drawing lessons from Dubai’s introduction of compulsory escrow accounts and licensing for developers, which helped the emirate record more than 270,000 property transactions worth about 250 billion dollars in 2025, he argued Nigeria must implement similar reforms to protect homebuyers and attract investment.
He said the proposed National Housing and Built Environment Regulation Policy would introduce licensing for developers and estate agents, escrow protection for buyer funds and a National Housing Data Observatory, alongside a National Housing Industry Regulatory Commission to strengthen sector oversight, while a related mortgage policy would establish a National Housing Finance Authority and expand access to housing funds for informal sector workers. On housing statistics, Darma said a technical committee adopted internationally recognized methodologies to arrive at a national housing deficit of about 15 million units, urging stakeholders to rigorously examine the data given its importance to effective planning.
Federal Mortgage Bank Managing Director Shehu Usman Osidi announced the bank has completed a National Mortgage Registry, a digital repository for mortgage transactions nationwide, now ready for deployment. Separately, Darma met with Saudi Arabia’s ambassador to Nigeria to discuss deepening collaboration in housing development and infrastructure investment, including potential participation in the Riyadh Real Estate Future Forum, with the ambassador reaffirming Saudi Arabia’s willingness to share its expertise in large scale housing delivery with Nigeria.
