Experts have emphasised the importance of fostering partnerships between private enterprises and government entities to promote the growth and development of the real estate sector.
Chief Executive Officer, Landmark Group, Paul Onwuanibe, said this at the fifth edition of the Lagos Real Estate Fest, themed: “Building the Model for Future of Cities in Nigeria.”
Onwuanibe emphasised the necessity for the government to approach real estate with greater seriousness and priority, while also calling for increased sincerity from the private sector in their dealings with the government. “The private sector needs to pay taxes, support the government, work hand in hand to ensure a better regulatory environment,” Onwuanibe said.
Lamenting the detrimental impact of the depreciation of the naira on businesses in the country, Onwuanibe revealed that a staggering 10 million small and medium-sized enterprises shut down their operations in 2023, while other businesses are grappling with significant challenges.
“Inflation, interest rates are high, and the jobless society is growing. So, there are a number of things that have to change and they will change by the way, because there are other sides to this. We have got the thorns but the power to change these things is not just in them, it’s in us,” he stated.
Also, the Managing Director, Crayon Development, Bolanle Ibitola, canvassed for sustainable practices to attract investors and increase economic growth.
Chief Executive Officer (CEO), UPDC Plc, Odunayo Ojo, added that sustainability has to go deep into every developer’s way of doing business.
“It’s not just all about materials, sustainability includes things like labour, how sustainable is your source of labour, is there ongoing training? It’s about using fewer resources for higher efficiency. Sustainability goes to the core of a new developer’s strategy and we are seeing that it also affects the ability of the developer to adapt,” he stated.
Earlier in his remarks, CEO Eventhive, Jamiu Ijaodola, said Nigeria real estate industry plays a major role in the country, which makes it important to gather leaders to explore multiple conversations.