The Federal Government has proposed developer licensing and escrow protections for homebuyers under a new National Housing and Built Environment Regulation Policy.
Housing Shake-Up: FG Moves to License Developers, Lock Down Escrow
The Ministry of Housing and Urban Development wants tighter rules for Nigeria’s real estate sector. Minister Muttaqha Rabe Darma announced the plan at the BusinessDay Abuja Real Estate Conference, per a Ministry statement reported by Nairametrics. The policy targets developer licensing, escrow protection for buyers’ funds, and construction quality checks. Unlicensed developers would be barred from selling off-plan properties.
Mortgage access also gets a boost: FMBN’s loan ceiling rises to ₦85 million, with at least 2,000 mortgages targeted yearly. Contributors can now access up to 25% of RSA savings for home ownership. A National Rent Registry is also in the works.
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