This appeal was made during a stakeholder engagement meeting convened to discuss the Ministry of Finance Incorporated’s (MOFI) recently approved Real Estate Investment Fund and how to address Nigeria’s housing deficit.

In a candid address, Hon. Jibrin expressed frustration with what he described as a lack of urgency from stakeholders in addressing critical legislative gaps in the housing sector. He emphasized the importance of regulatory reforms, noting that the absence of a robust regulatory authority poses challenges to the sector’s development.

“Even though it’s a bit technical, liaising with the states to find a middle ground for a regulatory authority is essential. Regulation of the sector is key, and it will be stronger than NCC. It will be self-funded,” he said.

The meeting brought together key stakeholders, including the Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, the Federal Mortgage Bank of Nigeria (FMBN), Family Homes Funds Limited (FHFL), Housing Development Advocacy Network (HDAN), Mortgage Banking Association of Nigeria (MBAN), Federal Housing Authority (FHA) and representatives from the Real Estate Developers Association of Nigeria (REDAN), among others.

Arc. Dangiwa stressed the need for collaboration and reforms, calling it a significant step toward addressing the housing challenges in Nigeria. “I want to congratulate our president for making the housing sector a priority. Traditional funding through budgetary allocations cannot take us far; we need innovative approaches like the Real Estate Investment Fund,” he said.

Drawing comparisons to Algeria’s ability to deliver one million houses in a year, Dangiwa stressed the need for cross-subsidization to ensure affordability. “Whenever we fund any estate, at least 20 to 30% of that funding should be cross-subsidized to make homes affordable for Nigerians,” he suggested.

Executive Director (Finance) of the Federal Housing Authority (FHA) highlighted the need for stakeholders to focus on affordable housing. “FHA is established by law to make affordable houses for Nigerians. Use your office to move funds that are tied up in bank accounts. If we build houses at affordable rates, Nigerians will clap for us,” he urged the Housing Committee Chairman.

Other speakers, including the President of the Mortgage Banking Association of Nigeria (MBAN), Ebilate MAC-Yoroki, and HDAN, underscored the importance of resolving issues related to the Land Use Act and outdated housing laws.

Festus Adebayo, the executive director at HDAN, emphasized the need for collaboration. “We cannot rule out the usefulness of agencies like FMBN, FHFL, MOFI, and FHA. All these agencies must work together to address issues such as land titles, which are key to affordable housing,” he said.

Adebayo also called on the National Assembly to prioritize legislative reforms. “The laws that govern the Federal Mortgage Bank and FHA are outdated. Without the right legal framework, there’s little these agencies can achieve in the 21st century,” he remarked.

The meeting which served as a call for renewed commitment from the House Committee on Housing and Habitat to fast-track housing sector reforms, provided stakeholders an opportunity to be actively engaged with the legislative process.

The collaborative push is expected to chart a new course for housing development in Nigeria.

The post House of Reps Committee Chairman Urges Housing Stakeholders to Prioritize Review of Outdated Bills appeared first on Housing TV Africa.