Professor Timothy Nubi, a housing expert at the University of Lagos (UNILAG), has issued a stark warning that Nigeria’s economic prosperity hinges on the recognition of the relationship between real estate and national development by both federal and state governments.
Speaking as the keynote speaker at the Nigerian Institute of Building (NIOB) 33rd Builder’s Conference and annual general meeting in Lagos, Nubi highlighted the importance of the housing sector, which he argues is critical to addressing the country’s economic challenges.
He lamented that despite the housing sector’s potential to create significant employment opportunities and enhance security, it remains overlooked in the discourse on economic recovery.
“The housing and construction sector can provide massive jobs,” he stated, citing the era of former Lagos State Governor Lateef Jakande, who prioritized extensive housing development. “When Jakande was building houses everywhere, there was security and prosperity.”
Nubi noted that with projections indicating that up to 50 percent of the population will reside in urban areas, there exists a pressing need to provide adequate housing and infrastructure. This demand presents opportunities for professionals willing to navigate the current challenges within the sector.
READ ALSO: NIOB FCT Chapter to hold conference on Building Construction Challenges – Ameh
The professor identified various barriers to investment in housing, including outdated laws, bureaucratic hurdles, limited mortgage options, difficulty in title transfers, and a lack of transparency and accountability. He expressed optimism for the future of real estate, particularly with strategic infrastructure projects underway, such as the Lagos-Calabar Highway, Eko-Atlantic City, the proposed 4th Mainland Bridge, and investments in data centers, refineries, and educational institutions.
As the Director of the Centre for Housing and Sustainable Development (CHSD) at UNILAG, Nubi called for the digitization of land registries, the adoption of new technologies, unlocking capital markets, tax reforms, and improved infrastructure investment. He also urged building professionals to collaborate more effectively to overcome existing barriers in the industry.
The Chairman of the NIOB Lagos Chapter, Adeoye Thomas, emphasized the significance of the conference in bringing together members, stakeholders, and experts to discuss key issues affecting the industry and to share knowledge that will shape the future of real estate in Nigeria.
READ ALSO: Lagos Builders’ Conference: Tackle Mass Housing Challenges, Sanwo Olu Charges NIOB Members
Thomas pointed out the need for innovative financial models to enhance housing affordability and to assess the financial impact of infrastructure developments, alongside the effects of environmental sustainability and governance on the real estate sector.
NIOB President Alderton Ewa, represented by Vice President Bimbo Kolade, addressed the pressing issue of a shortage of skilled labor in the construction sector. He emphasized the need to enhance the skillsets of workers to tackle unemployment challenges in urban areas.
Abiodun Ogundare, Chairman of the Local Organizing Committee for the conference, concluded by stating that the forum aims to provide critical information for starting real estate developments and to offer investment strategies for emerging investors and operators in the sector.
