Real estate experts call for speedy implementation of Nigeria First policy

Stakeholders in the property and construction sector have called on government at all levels to ensure the implementation of the Nigeria First policy signed by President Bola Ahmed Tinubu. Speaking to Daily Trust, they noted that the policy will go a long way in saving the sector from collapse. Daily Trust reports that on different […]

Stakeholders in the property and construction sector have called on government at all levels to ensure the implementation of the Nigeria First policy signed by President Bola Ahmed Tinubu.

Speaking to Daily Trust, they noted that the policy will go a long way in saving the sector from collapse.

Daily Trust reports that on different fora, property developers have complained of how expensive it has become to import building materials caused by the floating of the naira.

They warned that if the situation continues this way, the real estate sector contributions to Gross Domestic Product may experience decline in growth.

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Why policy is crucial in construction sector

The Housing Development Advocacy Network (HDAN) said the implementation of Nigeria First procurement policy is critical, describing it as a major boost for affordable housing through the use of indigenous materials.

In a statement, the Executive Director, Festus Adebayo, said the policy aligned with the group’s long-standing push for local content in housing development, noting its potential to cut building costs and expand access to homeownership.

“We have consistently championed the use of local building materials and expertise as a key strategy to reduce the exorbitant costs associated with housing development. President Tinubu’s Renewed Hope Nigeria-First Procurement Policy is a significant step in the right direction, reinforcing our belief that prioritising local content is essential for economic empowerment and the creation of affordable housing.

“The government should ensure full and swift implementation of the policy. It also called for support mechanisms for local manufacturers and suppliers to maximise the impact of the initiative.

“We are ready to work closely with the government to provide technical expertise, facilitate knowledge sharing, and advocate for policies that promote the adoption of local building materials and technologies,” he said.

Adebayo stressed that indigenous materials not only lower construction costs but also support environmental sustainability and generate local employment.

“By embracing local building materials such as compressed earth blocks, locally sourced timber, cement, steel, other construction supplies, and sustainable alternatives, we can significantly reduce the financial burden on prospective homeowners,” he explained.

“This policy provides an opportunity for developers to explore and utilise these materials, ultimately making homeownership a reality for a larger segment of the population,” he said.

The group maintains that the policy, if effectively enforced, could play a significant role in addressing Nigeria’s housing deficit and drive broader economic growth.

He added that Africa International Housing Show tagged Africa’s biggest platform for housing, construction, and urban development, aims to position the continent’s real estate market as a viable investment destination amid increasing demand for affordable housing, infrastructure growth, and policy reforms across Africa.

He stated that the 2025 edition will serve as a powerful convergence point for investors, developers, government agencies, financial institutions, and policy leaders from across the globe.

He emphasised that real estate remains one of the most resilient and scalable sectors on the continent.

“We are inviting serious investors from within and outside Africa to explore the vast potential in the real estate and construction sector,” Adebayo said. “With housing contributing significantly to Nigeria’s GDP and urban population expanding rapidly, now is the time to build the right partnerships.”

Also speaking, a real estate expert, Joseph Momoh, expressed confidence that the policy will not only revitalise local industries but also create jobs, improve technical skills, and reinforce Nigeria’s industrial backbone.

“This is a game-changing policy with the potential to unlock economic empowerment. It signifies that the president is breathing new life into the economy by stimulating innovation and creating opportunities for Nigerians,” he noted.

He further stressed that the policy will bolster business confidence, encourage entrepreneurship, and help reclaim economic sovereignty. “It is a major boost for local manufacturers and entrepreneurs. It assures them of government support and market access, which are vital for business growth,” he said.

He added that the initiative also aligns with international best practices by promoting sustainability and lowering the nation’s carbon footprint.

He called on both public and private sector stakeholders to rally behind the policy, ensuring its full implementation and success.

 

About Nigeria First policy

Daily Trust reports that the Federal Executive Council (FEC) approved a policy framework codenamed Renewed Hope Nigeria First Policy, aimed at prioritising Nigerian businesses and manufacturers in all government procurement processes.

Minister of Information and National Orientation, Mohammed Idris, disclosed this to State House correspondents after a council meeting held last week and presided over by President Bola Ahmed Tinubu at the State House, Abuja.

Idris explained that the policy, soon to be backed by an executive order, is designed to put Nigeria at the heart of all economic decisions, especially in procurement, trade, and industrial policy.

The policy mandates the Bureau of Public Enterprises (BPE) to revise its procurement guidelines to ensure that local producers are given priority.

He said, “So President Bola Ahmed Tinubu has proposed that we will no longer just sit there and allow importation to come into this country where there is the capacity for production of any of these commodities locally.

“This policy means Nigeria comes first in all procurement processes. No foreign goods or devices that are already being produced locally will be procured without a clear and justified reason.

“The Bureau of Public Procurement, the BPP, has been immediately directed to revise and enforce procurement guidelines, to prioritise locally made goods and homegrown solutions.”

The minister added that any breach of the Nigeria First guidelines will attract sanctions, including cancellation of contracts and other penalties.