Stakeholders in the Nigerian real estate industry have called on federal and state governments to reposition the industry through new policies and initiatives that will foster growth.
The call was made at the 50th anniversary of the International Real Estate Federation (FIABCI), Nigeria Chapter, in Lagos.
The President of FIABCI-Nigeria, Mr. Gladstone Opara, said that the industry is facing multifaceted challenges, including a lack of workable policies and programmes. He said that if these challenges are not addressed, the industry will not reach its full potential.
Opara called for new initiatives in the areas of development initiatives, financing, mortgage, ethics, environmental and social governance, sustainability and ethics. He said that these initiatives are necessary to reposition the industry for the future.
The Chairman of the occasion, Dr. Tunde Lemo, said that the housing sector is important to Nigerians given the increasing population. He said that it is crucial to start thinking about how to provide affordable housing for all citizens.
Lemo said that the current housing shortage in Nigeria is between 21 and 22 million units, and that it will require about N21 trillion to fix. He said that this makes it difficult for individuals to afford houses.
The Lagos State governor, Babajide Sanwo-Olu, who was represented by the Commissioner for Housing, Moruf Akinderu – Fatai, said that housing development is central to the policy of the state government. He said that decent housing is a passion and one of the six agendas of the government.
Sanwo-Olu lauded FIABCI for standing tall in the real estate industry and justifying the wisdom of its founders in the last 50 years.
The FIABCI President for the Africa and Near East Region, Mr. Adeniji Adele, charged new inductees and members to show more commitment to upholding ethics, loyalty, and leadership. He also urged them to spend time to uplift the association.
Adele said that the association has increased its numerical strength and will continue the business of networking and collaboration to grow the real estate industry.
The President-elect, FIABCI International, Ramon Riera Torroba, noted that FIABCI Nigeria is a formidable association in its international community with arrays of outstanding professionals that make up the chapter. He pledged to work with the chapter to deepen professionalism among existing and new members.
Torroba enjoined them to work with passion and integrity, which are hallmarks of the network in discharging its mandates.
The stakeholders expressed hope that the Nigerian government will take their recommendations seriously and develop new policies and initiatives to reposition the real estate industry for the future.