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The speaker of the House of Representatives, Abbas Tajudeen, has said that systemic failure was discouraging investment in the real estate sector of the economy and increasing the cost of housing in the country.
Abbas, who stated this, in a keynote address, at a stakeholders’ conference, on the proposed National Real Estate Regulatory Authority, on Monday, in Abuja, called for reforms in the real estate sector, called for a centralized and digitised real estate administrative systems that make processes less cumbersome for investors.
The stakeholder conference with the theme “One Vision, One Ecosystem, One National Housing and Real Estate Plan,” was organised by the Office of the Speaker in collaboration with the House Committee on Housing and Habitat.
The speaker, who spoke on “Building a Trusted and Investable Nigerian Real Estate Market,” noted that “Nigeria does not lack property. Nigeria lacks enough trust in property,” stating that the proposed National Real Estate Regulatory Authority is geared towards protecting citizens.
According to him, “A buyer cannot always confirm who owns the land. A developer may spend years seeking approvals from offices that do not share information. A bank may reject a sound project because the title is difficult to verify. A family may commit its savings to a house that is sold twice, never completed, or never legally existed.
“These failures increase housing costs, discourage investment, and reward fraud. The purpose of regulation must therefore be clear. We are not here to create another agency. We are here to protect property, protect capital, and protect citizens. We are here to build a trusted market that attracts investment and delivers more affordable homes.”
Abbas, while stating that it is imperative for the country to modernise title verification, noted that “Nigeria should develop Decentralised Identity Verification for Land Titles. This means connecting trusted records, not creating another isolated database.
“A secure digital identity should link each property to its state registry, survey, registered owner, planning status, and encumbrances. States would retain authority while common standards make verification possible across institutions. A title that cannot be verified cannot fully support credit. A market that cannot verify ownership cannot attract capital at scale.”
He added that “for most families, a home is their largest investment. Developers commit substantial capital. Banks and pension funds need property assets they can trust. Yet, titles remain difficult to verify. Approvals are fragmented. Off-plan buyers lack adequate protection. Unqualified agents operate freely. Regulation must reduce these risks.”
Therefore, the speaker stated that the proposed National Real Estate Regulatory Authority should maintain a verifiable register of regulated developers, agents, and projects, while buyers should be able to confirm an operator’s identity, licence, project approvals, and compliance history before making payment.
