Real estate development in Nigeria is subject to various government policies and regulatory ethics aimed at promoting transparency, protecting the interests of stakeholders, and ensuring the growth of the industry. We will discuss some of the policies of government and regulatory ethics that govern real estate growth and development in Nigeria.

Land Use Act of 1978:
The Land Use Act is a fundamental policy governing land ownership and usage in Nigeria. It vests all land within a state in the governor, who holds it in trust for the people. This act requires individuals and organizations to obtain a Certificate of Occupancy (C of O) from the appropriate state government authority to establish a legal right over a land for development purposes for a period stipulated by the government. The act aims to ensure equitable land allocation, prevent land speculation, and protect the interests of landowners and the public.

Physical Planning and Development Control:
The physical planning and development control regulations provide guidelines for orderly development, urban planning, and building construction. State and local government agencies are responsible for enforcing these regulations to ensure compliance with zoning laws, building codes, and development standards. These regulations help maintain the aesthetics of the environment, prevent overcrowding, and ensure the safety and structural integrity of buildings.

National Housing Policies:
The Nigerian government has implemented various national housing policies to address the housing deficit in the country and improve access to affordable housing. These policies promotes public-private partnerships, encouraging the development of low-cost housing, and providing incentives for real estate developers to invest in affordable housing projects. The policies also emphasize the need for sustainable housing development and the inclusion of social amenities in these housing projects.

Environmental Regulations:
Environmental regulations play a crucial role in real estate development by ensuring environmental sustainability and minimizing the impact of construction activities on ecosystems. Developers are required to conduct environmental impact assessments (EIAs) for large-scale projects to identify potential environmental risks and develop mitigation measures. Compliance with waste management, pollution control, and conservation regulations is essential to obtain necessary approvals and permits for real estate projects.

Code of Ethics and Professional Standards:
Real estate professionals in Nigeria are governed by codes of ethics and professional standards set by industry associations such as the Nigerian Institution of Estate Surveyors and Valuers (NIESV) and the Real Estate Developers Association of Nigeria (REDAN). These codes promote integrity, professionalism, and ethical conduct among practitioners. They outline guidelines for fair dealing, client representation, conflict of interest, and confidentiality to protect the interests of buyers, sellers, and other stakeholders.

Mortgage and Financing Policies:
The Nigerian government has implemented policies and initiatives to improve access to mortgage financing and encourage home ownership. These policies include the establishment of the Federal Mortgage Bank of Nigeria (FMBN) and the Mortgage Refinance Company (MRC) to provide long-term financing options for real estate development. The government also offers tax incentives and subsidies to stimulate investment in the housing sector and promote affordability.

Investor Protection and Consumer Rights:
Regulatory bodies such as the Securities and Exchange Commission (SEC) and Consumer Protection Council (CPC) play a role in protecting the interests of real estate investors and consumers. These bodies enforce regulations related to transparency, disclosure, and fair practices in real estate transactions. They ensure that developers and agents provide accurate information, honor contractual agreements, and protect the rights of buyers and tenants.

Conclusion:
Government policies and regulatory ethics play a vital role in shaping real estate development in Nigeria. These policies promote transparency, sustainable growth, and the protection of stakeholders' interests. Real estate developers, professionals, and investors must stay updated on these policies to ensure compliance, mitigate risks, and contribute to the overall development of the industry.

Techs and Concrete Nig Ltd