The federal government has expressed its determination to reposition Nigeria’s real estate and built environment sector to significantly increase its contribution to the country’s Gross Domestic Product (GDP).
The Minister of Housing and Urban Development, Muttaqa Darma, disclosed this when he received members of the Real Estate Marketers and Consultants Association of Nigeria (REMCAN) on a visit to the ministry in Abuja.
Darma said the real estate sector possessed enormous potential to become one of the biggest contributors to the Nigerian economy, noting that its current contribution remained below levels recorded in many other countries.
“We must make sure that this industry provides a significant contribution to the national economy. In fact, it must be number one. If it can’t be number one, then it will be among the top three,” the minister said.
He explained that the reforms being pursued by the ministry were also designed to protect Nigerians who invest their hard-earned money in housing but sometimes fall victim to fraudulent transactions and poorly regulated operators.
