FG tasks REMCAN on credible data in building stronger real estate industry
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The Federal Government has urged the Real Estate Marketers and Consultants Association of Nigeria to prioritise professionalism and credible data, saying proposed reforms will address registration and credibility of practitioners.
The Federal Government has urged the Real Estate Marketers and Consultants Association of Nigeria (REMCAN) to embrace professionalism and credible data in building a stronger real estate industry, adding that proposed reforms would address issues around the registration and credibility of practitioners, The Guardian Nigeria reports.
Minister of Housing and Urban Development, Engr. Muttaqha Rabe Darma, made the assertion when he received members of REMCAN on a courtesy visit to his ministry in Abuja.
Darma said the real estate and wider built environment sector had huge potential to contribute significantly to Nigeria's Gross Domestic Product, adding that its current contribution remained far below what was obtainable in other countries. He explained that the ministry would work on national housing data to provide a reliable basis for planning and decision-making.
"We must make sure that this industry provides 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," he said.
The minister stressed that the ongoing reforms were driven by the need to protect ordinary Nigerians who often part with their hard-earned money in search of housing and, in some cases, lose it to fraudulent or poorly regulated transactions. He said government must create a system that protects everyone in the industry, from developers, marketers, consultants and investors to the people who pay for homes.
He hinted that the next stage would be to take the outcome of the engagement to the sub-national level through the National Council on Lands, Housing and Urban Development.