Minister of Housing and Urban Development, Ahmed Dangiwa, says estate development Act will regulate real estate development in the country.
Mr Dangiwa said this in a statement by Salisu Badamasi, Deputy Director (Information) Press and Public Relations of the ministry on Friday in Abuja.
He said the minister said this when a delegation of Real Estate Developers Association of Nigeria, REDAN, led by its President, Aliyu Wammako paid him a visit.
The minister assured the association that he would not only study the bill, but would ensure it was assented to by President Bola Tinubu when passed by the National Assembly.
“With this bill, I am sure the country will be better off with it and there is no ministry that will benefit from it better than the Ministry of Housing and development,“he said.
He commended REDAN for initiating programmes that would reduce housing deficit in the country.
Mr Dangiwa expressed satisfaction at the association’s Rural Urban Housing Initiative, RUHI, a project aimed at building at least 100 housing units in 774 Local Governments Areas of the country.
He promised reassured the association of the ministry’s active participation when the project would be ready for inauguration.
The minister, who applauds the association for seeking loan from Shelter Afrique to actualize their plan on RUHI, said that Nigeria was the second largest investor in the financial institution.
He said that Nigeria has not benefitted much from it, adding the engagement between the association and Shelter Afrique, would create an avenue to leverage its actualisation.
“As a Minister, I will lead that crusade to ensure you get the necessary support from Shelter Afrique as long as you meet the requirements,” he said.
Earlier, Mr Wammako informed the minister that the association had developed and executed a comprehensive business plan for Rural-Urban Housing Initiatives (RUHI -774).
Mr Wammako said that 29 estate development loan applications of their members have been submitted to Shelter Afrique as part of measures to execute the project.
He appealed to the minister to prevail on Shelter Afrique to process the loans for his members.
Mr Wamako also appealed to him to prevail on Tinubu to assent to the Real estate bill in order to ensure effective regulation of real estate business in the country.
The president assured the minister of the association`s support for a successful growth in the housing sector.