Stakeholders from across the nation’s building, finance, and policy ecosystems came together to discuss how Nigeria’s sweeping tax reforms could reshape the country’s housing and construction sector.
In a forum themed
“Nigeria’s Tax Reforms and the Building and Construction Industry: Implications and Opportunities”, the forum was hosted by the Council of Registered Builders of Nigeria (CORBON) in partnership with the Housing Development Advocacy Network (HDAN) and sponsored by Steron.
In his keynote address, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, shed light on several provisions of the 2024 Tax Reform Bill with direct implications for the industry. These include VAT exemptions for land and property transactions, reduced withholding tax on construction activities, stamp duty relief on rents below ₦10 million per annum, and tax incentives for the production of building materials.
Oyedele emphasized that the new regime encourages formalization, simplifies compliance, and supports long-term infrastructure growth through investor confidence and improved access to finance.
He stressed that the reforms being championed by the Federal Government are also “people-centered, growth-focused, and efficiency-driven,” designed to reduce business risks, create a competitive tax regime, and eliminate the unfair burdens previously placed on vulnerable populations and informal businesses.
He further emphasised the importance of proper documentation and evidence-based tax administration, noting that people living in multidimensional poverty were made to pay taxes, but our reforms aim to fix that.”
Housing minister Ahmed Dangiwa’s rallied support for the forum and hailed the 2024 Tax Reform Bill as a bold legislative milestone, one capable of transforming the building sector through clearer tax guidelines, streamlined compliance, and targeted incentives. Represented by Temitope Pemi, he said:
‘This reform presents tremendous opportunities especially for SMEs and informal sector players who have long operated under the burden of multiple taxation and uncertainty.” He urged stakeholders to view the reforms not as obstacles, but as a “blueprint for industry revival.”
CORBON Chairman, Samson Ameh Opaluwah, opened the event by outlining the deep connection between taxation and the health of the construction sector. Highlighting that SMEs contribute up to 70 percent of Nigeria’s housing stock, he emphasized that multiple taxation, lack of access to finance, and an unclear regulatory environment have stifled growth and reduced investor confidence.
“This forum is a timely intervention to ensure that builders are not sidelined in Nigeria’s economic reawakening,” he said.
HDAN Executive Director, Festus Adebayo, commended the Federal Government for its bold reforms and called for deliberate policy actions that ensure housing becomes more affordable for ordinary Nigerians.
He advocated for targeted incentives that encourage homeownership, including tax breaks for developers involved in low-income housing. Adebayo also reiterated HDAN’s commitment to providing technical support and advocacy to ensure tax policies reflect the realities of the building and construction ecosystem.
MD/CEO of Urban Shelter, Mrs. Sa’adiya Aliyu-Aminu, described taxation as a critical tool for economic transparency and national development. “Proper taxation will reduce reliance on oil, enhance accountability, and make the sector more attractive to local and foreign investors,” she said.
Former MD, Abuja Property Development Company Lawal Magaji, argued that while broadening the tax base is necessary, it must also have a human face.
He advocated for subsidies, especially for low-income earners, and tax support for SMEs, the real drivers of the sector.
CORBON Registrar, Adetunji Adeniran, emphasized the need for strategic alignment between regulatory frameworks and fiscal policies to ensure the construction industry thrives under the new tax regime. He noted that for the reforms to yield desired results, stakeholders must prioritize compliance, transparency, and collaboration, especially in formalizing informal sector actors and supporting SMEs that drive the industry’s growth.
The forum concluded with a strong sense of urgency and collaboration, with all stakeholders aligned on the need for a balanced, inclusive tax system that catalyzes innovation, job creation, and housing affordability.
As Nigeria moves forward under the Renewed Hope Agenda, this forum has reaffirmed the construction industry’s readiness to work alongside government and policy makers to build a stronger, more sustainable economy.
