Stakeholders in the built industry have called for collaboration between the Federal Government and the private sector to tackle the country’s housing deficit.
This call was made at the maiden edition of the real estate outlook conference organised by Wemabod Limited in Lagos recently.
In his keynote address, the Chief Executive Officer of Financial Derivatives Company Limited, Bismark Rewane, pointed out that while Nigeria was undergoing transitions, the real estate sector needed to be placed in proper perspective by the government to ensure a smooth transition from an imperfect market to a perfect one.
He said, “Indeed, with the elections this close, and multiple crises besieging the country, one might wonder why the gathering to discuss the outlook of real estate.”
He noted that the real estate industry is a long-term investment, that needs the right minds, planning early, and collaborating with leadership.
“Affordable housing is a major issue in Nigeria, as the high cost of real estate and the shortage of low-cost housing options has made it difficult for many people to find decent and affordable places to live. To address this issue, the government of Nigeria can work with the real estate sector to create more affordable housing options and to improve access to housing finance for low- and moderate-income households.”
In his opening remarks, the convener of the conference, the Managing Director of Wemabod, Oluyemi Ejidiran, noted that it was essential to provide avenues for players in the sector to network and collaborate for sustainable growth, regardless of the economic challenges.
He said, “Our interest stems from not only engaging in professional and critical analysis of issues affecting our sector but equally providing avenues for players in the sector to network and collaborate for sustainable growth, notwithstanding the economic challenges we face. We are committed to sustaining the momentum of this objective annually.
“There is no gainsaying the fact that our sector, Real Estate, has remained and will continue to be a very strong and powerful investment platform globally, whilst still retaining its critical role in employment generation (job Creation) and provision of various accommodation needs, be it residential, commercial, or other use.”
Ejidiran noted that governments all over the world have come to realise that real estate investments, being an integral component of an investment portfolio, has an interdependence with the local economy and, therefore, are inseparable in making global investment decisions.
He added, “In fact, real estate development cycles are established on several political decisions and technical changes in the macroeconomic indicators. Macroeconomic indicators such as real estate growth, domestic product growth, interest rates.”