………properly regulated sector, a key economic contributor – Darma.
Minister of Housing and Urban Development, Engr. Muttagua Rabe Darma, PhD, has reaffirmed the commitment of the Federal Government to reform and regulate the built environment industry to make it a significant contributor to Nigeria’s economy.
The Minister spoke during his meeting with officials of the Signature Group Limited on a courtesy visit to his office. He said the Ministry is currently developing policies to formally structure the sector. Some of the policies will require approval by the President, the Federal Executive Council, and legislation by the National Assembly.
“The entire built environment industry is being formed by us. This industry accommodates everyone – engineers, architects, lawyers, artisans, carpenters, furniture makers, interior designers and more,” the minister stated.
Engr Darma emphasized that proper regulation is necessary for the industry to function effectively, provide services to Nigerians, create jobs, and grow the economy.
On financing, the Minister noted that while accessing the capital market is important, it must follow due government processes, disclosing that discussions have already begun with the Minister of Finance and Coordinating Minister of the Economy.
“We are determined that before the end of tenure of this administration, we will transform this industry so that Nigerians will see real and lasting changes,” he assured.
Accordingly, the Minister urged stakeholders to submit written proposals to help shape the reforms, and directed the relevant professional departments in the Ministry to coordinate further engagements.
” The Ministry remains committed to building a functional housing and urban development sector that delivers value to citizens and drives national economic growth” he remarked
Speaking earlier, the Chief Executive of Signature Group Limited, Mr. Samson Davies, reaffirmed his group’s commitment to work with the Ministry to raise bonds from the capital market to finance government-owned landed assets.
He explained that budgetary allocation alone cannot meet the deficit in the housing sector, hence the need for additional government funding through the capital market.
The Signature Group Limited is a premier business advisory, management consulting and media group in Nigeria.
The Group had in 2021, in partnership with the defunct Federal Ministry of Works and Housing hosted a Housing Investment Forum with Private Sector Operators of the Real Estate Industry in Nigeria.
The objective of the forum, according to Mr Davies, was to set up housing investment bond for the use of developers in the built industry to develop government-owned landed assets.
The visit was to reengage the new ministry of housing of urban development towards sustaining the initiative for the hosting of housing investment forum.
Badamasi Haiba, Fsca, mnipr
Director Press and Public Relations
