Nigerian Govt Mulls Creating National Land Commission, Model Mortgage Foreclosure Law—Minister

The Nigerian Government has announced plans to create a National Land Commission (NLC), while also revealing that work is underway to create a Model Mortgage Foreclosure Law.

Ahmed Dangari, Minister of Housing and Urban Development, announced at the ongoing 6th Nigeria Diaspora Investment Summit (NDIS), in Abuja.

The conference, titled “New Vistas, New Aspirations, New Visions: The Diaspora and National Development,” is being organised by NDIS in collaboration with the Nigerians in Diaspora Commission (NIDCOM).

Dangiwa, in his remarks at the Summit, said the Land Commission when established will outline clear implementation guidelines for the Land Use Act.

The Minister said: “We are working to establish a National Land Commission. Part of their work will be to outline clear implementation guidelines for the Land Use Act to chart a new path of effective land administration in the country.”

He revealed: “Last week I met with the leadership of the Presidential Technical Committee on Land Reforms, Prof. Peter Adeniyi, where I committed to incorporating the comprehensive work, they have done over 14 years in our land reform strategy.

“As the renowned land reform scholar said, experience shows that a nation can never develop if it does not conduct land reform. This will be done under the Renewed Hope Action Plan for Housing.”

Dangari further explained: “A notable part of our housing sector reforms that is of particular interest to the Diaspora interested in investing in the housing and real estate sector is land reforms.

“What we envision is a streamlined land administration that cuts through the bureaucratic bottlenecks and systemic inefficiencies to ensure cost-effective and efficient access to land for both individuals and investors in our country.

“Currently, we have a situation where the Land Use Act, which was enacted in 1978 has no complementary institution set up alongside it to provide the necessary framework, guidelines, and regulations for operationalising it”.

The Minister also revealed that the government is working towards having a uniform mortgage system. “The second is the nationwide adoption of the Model Mortgage Foreclosure Law. The Model Mortgage Foreclosure Law (MMFL) provides contemporary provisions on the creation, registration, and enforcement of mortgages, along with remedies like foreclosure and the enforcement of mortgages on real properties and related purposes in Nigeria.

“As of date, the Model Mortgage Foreclosure Law (MMFL) has been passed in only four (4) states, including Lagos, Kaduna, Ekiti, and Nasarawa States. We aim to drive its passage in all the states of the federation as part of our efforts to ensure that investments in the housing and mortgage sector are protected.”

He hinted at the government’s plan towards “boosting local manufacturing of building materials,” adding that: “Nigeria’s shortfall in the supply of quality housing stock presents a good opportunity for investors.”

He said: “To drive this, we aim to create an enabling environment for private sector players to produce building materials locally to lower cost, create jobs, grow the local economy, and ultimately ensure inclusive growth.

“To do this we are planning to establish six (6) manufacturing hubs – one in each of the six (6) geo-political zones in the country. The hubs will be provided with relevant facilities, including access roads, electricity, fit-for-purpose housing, and relevant linkages for manufacturers to site their firms and operate. We are also proposing relevant incentives that will make it more profitable and rewarding for the private sector to manufacture building materials locally. ”

The Minister who also launched the Diaspora Housing Mortgage Loan assured Nigerians in Diaspora that the government is willing to support them to own houses in the country.

On the country’s mortgage system, he said, “I am aware that the Mortgage scheme is set to be formally launched in the United Kingdom, Canada, and the United States soon, and I hope that the diaspora community would take full advantage of this opportunity and massively subscribe to reap its short and long-term benefits.”

The Minister equally assured the Diasporans of the government’s commitment to sustaining necessary partnerships with all relevant stakeholders.

“I would like to assure you of the Federal Ministry of Housing and Urban Development’s commitment to sustaining the necessary collaborations, partnerships, and engagements with all relevant Stakeholders in the Housing and Urban Development sector, as we all work together towards ensuring the success of the Diaspora Housing Mortgage scheme, providing affordable housing, and ensuring sustainable urban development for Nigerians.”