The Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, PhD, has declared that Nigeria’s primary real estate challenge stems from an absence of system trust rather than a shortage of land or physical assets.
Speaking at the Stakeholders’ Conference on the proposed National Real Estate Regulatory Authority in Abuja, Speaker Abbas asserted that a thriving real estate market cannot exist alongside fragmented processes, institutional uncertainty, and widespread fraud. He urged industry stakeholders and policymakers to construct a transparent ecosystem where property ownership is easily verifiable, capital investments are safeguarded, and homeownership is accessible to all Nigerians.
“Good regulation is not a burden on honest business; it is protection against dishonest competition,” Speaker Abbas remarked, highlighting that systemic failures currently drive up housing costs, deter foreign and domestic investment, and penalize ethical operators.
Addressing the audience in the nation’s capital, the Speaker outlined three critical shifts necessary to reposition Nigeria’s real estate sector:
-Establishing credible regulatory safeguards, creating verifiable registers for real estate developers and agents, and introducing protected escrow mechanisms for qualifying off-plan developments.
-Integrating property records, identity verification, land surveys, and title registration into a unified digital framework. Speaker Abbas also proposed the creation of a Legislative Sandbox for Property Technology (PropTech) to foster technological innovation without sacrificing consumer protections.
-Enhancing inter-agency cooperation, data-sharing, and standard enforcement without duplicating mandates or encroaching on the constitutional powers of state governments regarding land administration.
Reflecting on the everyday struggles of citizens, Speaker Abbas noted that acquiring property in Nigeria remains a high-risk venture. Prospective buyers face challenges verifying title deeds, legitimate developers navigate slow bureaucratic approvals, financial institutions contend with questionable security assets, and families risk losing life savings to fraudulent transactions.
The Speaker emphasized that the proposed regulatory framework is not intended to introduce arbitrary government bureaucracy, but rather to secure capital, protect individual rights, and build a market rooted in confidence, transparency, and affordability.
He concluded with a call for unified national action: “One Vision. One Ecosystem. One National Housing and Real Estate Plan.”
