Nigeria Proposes National Real Estate Regulator

Nigerian lawmakers are advancing plans to establish a National Real Estate Regulatory Authority, seeking to strengthen oversight of property developers and improve protection for homebuyers in a market affected by fragmented regulation. The proposal was discussed at a stakeholders' conference in Abuja on 2 November and reported the following day, bringing together government officials and property industry representatives.

Abdulmumini Jibrin, chairman of the House of Representatives Committee on Housing and Habitat, said existing arrangements had produced overlapping responsibilities, weak accountability and inadequate consumer safeguards. The proposed authority would establish clearer standards for developers and other operators, introduce mechanisms for resolving disputes and improve coordination among regulatory institutions. Lawmakers stressed that the new framework would complement rather than replace the responsibilities of state governments.

House Speaker Tajudeen Abbas also called for digital property administration systems linking buyers, sellers and ownership records. His proposals include stronger verification of developers' credentials, project approvals and compliance histories before purchasers commit funds. For qualifying developments sold before construction is completed, he advocated protected accounts that would release buyers' money according to verified building milestones.

The initiative responds to concerns about unreliable transactions, delayed developments and insufficient safeguards for property investors. However, the proposed authority has not yet been established, and the eventual legislation will need to clarify how its powers interact with existing institutions. If implemented effectively, the reforms could improve market transparency and investor confidence while providing developers with more consistent regulatory expectations across Nigeria's property industry.