Estate
By Lilian Chukwu
Ibadan, March 21, 2018 (NAN) The Nigerian Institution of Estate Surveyors and Valuers (NIESV) on Wednesday called on the Federal Government to show more commitment in revamping the real estate industry to aid its economic recovery agenda.
Its National President, Dr Bolarinde Patunola-Ajayi, made the call while speaking with the News Agency of Nigeria (NAN) on the sidelines of the 48th Annual Conference of the institution in Ibadan.
Patunola-Ajayi said that potential of the industry could be unlashed to enhance economic development of the country.
The institution’s president said that lack of government commitment was a major factor militating against the growth of real estate industry in Nigeria.
He regretted that government gives more support to foreign operators than the local ones, saying that foreigners still dominate the Nigerian economy, while their Nigerian counterparts were being neglected.
“The construction and capital projects in the country are being executed by foreign contractors.
“Any contract/construction work executed by foreigners will add little or nothing to the country’s GDP and economic growth,” Patunola-Ajayi said.
He noted that the industry could boast of qualified professionals, developers in various private and public offices, an array of artisans and other people engaged in various activities at construction sites.
“This is how strong the housing and real estate industry are in terms of generating employment.
“Let the government invest in real estate and capital projects and engage the services of the local operators to help revamp the industry and equally aid economic growth of the country,” he said.
According to him, until citizens and government learn to value and make use of the local construction professionals/operators, the sector may not record significant growth.
Patunola-Ajayi suggested that government policies should be channelled to favour the construction sector, which was a major determinant of economic development.
“The nation lacks the right regulatory framework to ensure effective operational system of the real estate industry.
“The industry needed a law to boost housing delivery and development in the country.
“We should take advantage of the large involvement of professionals in a single construction activity to ensure the right regulatory framework that will propel the industry. It is the practice worldwide,’’ Patunola-Ajayi said. (NAN)
LUC/AOM/GOK
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Edited by Abdullahi Mohammed/Olagoke Olatoye