By Francis A. Kadiri
The real estate sector has great potentials that can make it stand as a substitute to oil and gas as a major source of income generation to the Nigerian economy.
This view was canvassed by the Chief Executive Officer, Broll Property Services Nigeria, Mrs. Erejuwa Gbadebo. Speaking during a Breakfast meeting of the Nigerian-South African Chamber of Commerce, Mrs Gbadebo said Nigeria has one of the fastest growing economies in the world with great prospects for investors.
In her address titled “Maximising Investment Potential in an Emerging Market,” Gbadebo said, “growing urbanisation, demography, technological development, natural resources and financial deepening are five trends powering Nigeria’s appeal to foreign investors and it is therefore imperative that these are harnessed positively in the interest of the country’s economic development.
“Access to land, the high cost of finance alongside the high cost of construction, a dearth of qualified/skilled professionals, the lack of use of innovative and appropriate building techniques, up-to-date market data and the unclear legal frame work in the country are some of the challenges facing the real estate sector in the country.”
She added that these challenges have limited the real estate sector’s contribution to the nation’s GDP to just 1.79 per cent as opposed to the 10 to 15 per cent contribution in other emerging markets.
She called for more incentives to attract more investors into the sector.
