…..Stakeholders are expected to discuss stronger consumer protection, developer oversight and a proposed framework for regulating Nigeria’s property market.
The National Assembly is planning a national stakeholders’ engagement on real estate regulation as policymakers seek stronger oversight of Nigeria’s property market.
The proposed engagement is scheduled for October 2026 and is expected to bring together lawmakers, government agencies, developers, investors, financial institutions, professional bodies and consumer groups.
The event is expected to examine the possibility of establishing a Nigerian Real Estate Regulatory Authority, or NRERA.
However, the proposed October engagement and NRERA framework should be treated as a policy initiative at this stage, rather than an established regulatory authority or enacted law.
Focus on Consumer Protection
The proposed reform seeks to address risks faced by property buyers and investors across Nigeria.
Issues identified by the organisers include fraudulent property transactions, multiple sales of properties, defective titles and unlicensed developers and agents.
Other concerns include misleading advertisements, unapproved developments, abandoned projects and inadequate protection of purchasers’ funds.
The framework would also seek stronger disclosure requirements and greater accountability across the property development and brokerage markets.
Proposed Escrow Protection
One of the key proposals is regulated escrow arrangements for off-plan property purchases.
Under the proposed system, buyers’ funds could remain in regulated accounts until developers meet independently verified construction milestones.
The arrangement could reduce the risk of funds being diverted before projects are completed.
The proposed regulator could also oversee developer registration, project approvals, financial capacity, technical standards and completion obligations.
Real estate agents and brokerage companies could face licensing requirements, professional standards and disciplinary procedures.
Tougher Property Advertising Rules
The proposed framework could also introduce stricter requirements for property advertising.
Developers and agents may be required to disclose information such as developer identity, licence details, project registration, title status and statutory approvals.
Other proposed disclosures include property prices, payment terms, delivery schedules, infrastructure commitments and service charges.
The rules could apply across traditional and digital platforms, including television, newspapers, property websites and social media.
Regulation and Investment
Organisers argue that stronger regulation could improve investor confidence in Nigeria’s property market.
Greater certainty around land ownership, approvals, project registration and financial management could make the sector more attractive to institutional investors.
The proposed framework could also improve market transparency and government revenue through better property identification, valuation, transaction monitoring and taxation.
Lessons From Other Markets
The proposed engagement is expected to examine regulatory systems in countries including Saudi Arabia, the United Arab Emirates, India and Singapore.
Nigeria could also study approaches used in the United Kingdom, Australia, South Africa, Rwanda, Kenya and the United States.
However, any Nigerian framework would need to reflect the country’s existing legal and institutional structure.
That includes the Land Use Act, state land administration systems, planning authorities, professional regulators and other agencies operating within the built environment.
State governments would remain particularly important because of their roles in land allocation, planning approvals, registration and development control.
From Consultation to Legislation
The proposed engagement is being positioned as more than a conventional conference.
Organisers envisage a process covering diagnosis, international benchmarking, stakeholder deliberation, consensus building, framework design and legislative action.
Expected outcomes include a stakeholder declaration, a draft regulatory framework and a legislative roadmap towards a possible NRERA Bill.
A proposed legislative working group could also bring together representatives of the National Assembly, federal and state governments, regulators, private-sector operators, financial institutions, professional bodies and consumer organisations.
The broader objective is to create a property market where buyers have greater protection, credible developers can operate with clearer rules and investors face lower regulatory risks.
The proposal will ultimately require further stakeholder consultation and legislative action before any new national real estate regulator can be established.
For context, the Federal Ministry of Housing and Urban Development has confirmed that Senator Aminu Waziri Tambuwal chairs the Senate Committee on Lands, Housing and Urban Development, while Hon. Abdulmumin Jibrin chairs the House Committee on Housing and Habitat.
