The Chief Executive Officer of Pelican Valley Nigeria Limited, Dr Babatunde Adeyemo, has disclosed that real estate businesses are badly affected by the economic downturn presently experienced in the country.
While ascribing the economic downturn to the new economic policies of the Federal Government, Adeyemo said there’s been a significant drop in the patronage of real estate businesses across the country as many developers are currently running at a loss.
He stated this when he received the executive members of the Sports Writers Association of Nigeria (SWAN), Ogun State chapter, led by its Chairman, Michael-Azeez Ogunsiji.
He explained that the new policies, including subsidy removal on gasoline, have increased the cost of construction while equally affecting the patronage of prospective customers.
Adeyemo urged the government not to neglect the housing sector while appealing to it to provide single-digit or interest-free loans to genuine real estate developers.
“The harsh Nigerian economy has taken its toll on real estate businesses in the country.
If the revolution embarked on by President Tinubu had been done by previous administrations, the ripple effect would have been better by now.
“I want to implore Nigerian leaders to do projects that will outlive them after they leave office.
The problem we have now is that previous administrations only embarked on programmes that would benefit them without taking recourse to the general welfare of the people years after leaving office,” he said.
Speaking on the visit, he charged the new SWAN leadership to partner with stakeholders that can drive the development of the association.
In his response, the SWAN Chairman noted that the SWAN leadership will not rest on its oars until the association becomes a reference point in the state and the country.
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