The President, Nigerian Institution of Estate Surveyors and Valuers, Dr. Bolarinde Patunola-Ajayi, has advised the Federal Government to focus on the real estate sector to get the economy out of recession.
He said the country had not succeeded in unlocking the wealth in the sector and that it remained the only robust solution to grow the economy.
Patunola-Ajayi said, “Real estate business is about management of all land resources, which gives the support for all activities of man. Every business is done on land; human life and basic needs are dependent on land, hence Nigeria must pay attention to real estate, except we are not prepared to come out of our economic woes.
“Real estate investment is the pedestal for economic development and growth, and many developing nations such as Singapore and United Arab Emirates that understand this have seen the positive impact on their economies. There is effective demand in the real estate sector; developers only need to seek the consultancy services of estate surveyors and valuers to know which type of real estate should be developed in a particular place.”
He stated that it was erroneous for the government to think that the economy could only be diversified through agriculture and the film and fashion industry, rather than the real estate sector.
“Even the focus on agriculture is not well handled to ensure a stable development, because government has refused to do sufficient work on the survey of every parcel of land in the country,” he added.
According to him, surveying every parcel of land will ensure that every owner, including farmers, has registered title to their land and this will make it possible and easier for the public to have access to loan facilities for all types of developments such as residential, agricultural, commercial or industrial.
Patunola-Ajayi said the government must make law on land administration and enforce it.
He added, “Real estate is all embracing; a single contract in construction involves and touches many lives such as consultants, contractors, suppliers of building materials, vendors, laborers and artisans.
“This is with a resultant effect that houses are available for living and offices are available for business, including transportation to move goods and services from one place to another. Real estate investment resonates as an edge against inflation, with its value increasing with time.”
Source: Maureen Ihua-Maduenyi