Mixta Africa backs FG housing reform, urges sustainable construction finance
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Pan-African developer Mixta Africa says the Federal Government’s proposed housing reforms could strengthen buyer protection and boost confidence in Nigeria’s housing market.
Pan-African real estate development firm Mixta Africa has expressed support for the Federal Government’s proposed reforms of the housing sector, saying the measures could strengthen buyer protection and boost confidence in Nigeria’s housing market.
Addressing journalists in Lagos on the proposed National Housing and Built Environment Regulation Policy and National Housing Industry Regulatory Commission, the firm’s Chief Commercial Officer, Tola Akinsulire, said licensing and escrow protection were important interventions in a market where homebuyers face risks in off-plan purchases.
“We welcome the direction of the Federal Government and believe it can materially strengthen confidence in the housing sector,” he said.
Akinsulire stressed that escrow arrangements must be supported by effective project monitoring and independent verification, so that funds are released only when agreed construction milestones have been achieved, with clear certification standards and a verifiable audit trail.
He said buyer protection should be accompanied by measures to expand access to construction finance, noting that off-plan payments had historically provided part of the working capital used by credible developers to deliver housing projects. He called for continued engagement among government, financial institutions, developers and professional bodies.
“Escrow can protect the homebuyer, but escrow on its own does not finance construction. We need to protect buyers while ensuring credible developers can continue to finance and deliver the homes the market needs,” he said.