Nigeria overhauls housing sector with developer licensing and escrow rules

Industry leaders at the Abuja Real Estate Conference warned that Nigeria’s chronic housing deficit will persist unless the sector moves from fragmented, short‑term measures to a unified framework that aligns policy, finance, governance and professional expertise. They called for stronger property‑rights enforcement, transparent land administration and reliable market data to attract large‑scale domestic and foreign investment.

The Federal Government responded with a proposal to introduce mandatory licensing for property developers, regulated escrow accounts for home‑buyer funds, construction‑quality standards, professional registration and a National Housing Industry Data Observatory. The plan also aims to boost mortgage financing by raising loan ceilings and increasing annual disbursements, with the Federal Mortgage Bank of Nigeria targeting at least 2,000 new mortgages per year.