Nigeria yet to realise potential of real estate sector ― NIESV chairman

•We built 1,331 housing units in two years ― Commissioner

Chairman of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) in Ogun State, Wale Ojo, has said that the country is yet to realise the full potentials of the real estate sector.

Ojo noted that the sector has not grown fully and the mortgage industry has not been well established to drive the real estate sector’s contributions to the nation’s Gross Domestic Product (GDP).

He stated this shortly after his investiture as chairman of the association in Ogun State. He will, alongside other executive members, steer the affairs of the association for the next two years.

In his address, Ojo who is also the General Manager of the State Housing Corporation expressed concern that the National Bureau of Statistics (NBS) recently put the real estate contribution to the GDP at 7.5percent.

He said: “It is not an overstatement that the real estate sector is expected to be a major contributor to the GDP of any nation, but this is currently not so in Nigeria. The reasons are obvious. Our mortgage industry is not well established and of course, any nation that is not doing well in the mortgage standard, there is no way the real estate sector will contribute meaningfully to its GDP.

“The real estate in Nigeria is yet to grow to the extent of making a real impact on the GDP. The reason is not far-fetched. It is because the secret of the sector is yet to be explored by both the investors and the government.

“As a result, the government is losing greatly at realising the full potentials of the natural endowment inland and all-natural resources.”

He also promised that his administration would ensure members make their skills and professional services available to the state government in order to enhance its Internally Generated Revenue (IGR).

Meanwhile, as part of efforts to address the housing deficit in the state, the Commissioner for Housing, Jagunmolu Omoniyi, who also spoke at the event said 1,331 housing units have been built by the state government in the last two years.

He noted that the figure surpasses the exploits of the last two administrations in the state.

Omoniyi said: “And if we have to look at the empirical figure compared with what the last two administrations had done over sixteen years, we have more than surpassed that within the two years of this administration and I think we are rightfully on course to deliver according to our promise.”

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