The wind of change

By now we are all used to a new Government being voted in after a tense election and voting process. Congratulations to the new President-elect General Mohammadu Buhari. Handover will be at the end of May 2015. The main campaign theme for the party has been “Change” I am sure I voice the thoughts of every Nigerian when I say that we are expecting change and improvements in all areas of the economy, not least in infrastructure and housing. The last number of years has witnessed monumental decay in our infrastructure like roads, power, security and property. All over Lagos State, roads fell apart from Oshodi to Ikoyi. Even though our very able Governor Fashola has worked miracles restoring some major roads and building the Ikoyi Link Bridge which is beauty and can be compared to what exists in any developed country in the world. The road networks leaving Lagos to other States are dangerous although improvements seem to be underway on some of them, it is hoped the improvements continue and not come to a halt because of a new Government!  The Power sector has undergone major reform but with little or no improvements. There is still a long way to go to ensuring it is properly regulated and that homes and businesses benefit from regular supply. As it stands, Lagos State has been able to provide some Central districts and public lighted areas with regular power. There is still a long way to go though

With the Presidential elections over and the State elections ahead, tensions are on the rise again. Businesses will close early again and roads clear for the period. A good thing that has come out of the Presidential election results is the currency rate seems to have immediately appreciated although this may be due to optimism and may be too early to tell. More importantly it already seems as if confidence levels in investments seem to be emerging again. Estate Agents are posting many properties for rent/sale this week, which means landlords are feeling optimistic again. It is hoped that resources will be poured into the Education and Health sector, as these areas have suffered greatly from neglect, leading to numerous private schools and hospitals being set up which charge exorbitant rates, yet providing poor service delivery. Most of our old established institutions of higher learning need help, to bring back their facilities to what it used to be. The Army/Police barracks and government housing facilities need to be upgraded. There is so much work ahead of this new government that it is hoped that they will surround themselves with competent staff to support them in achieving their aims

The property market has suffered a bit over the last few years, with high end properties remaining on the market for years sometimes, and not enough affordable properties being built to meet the needs of the general populace. A number of developers including the Lagos State Government are addressing this need and it is hoped that by the end of this year, they will be ready for occupation, thereby addressing the acute housing deficit that we have now. Housing needs have evolved over the years and buyers/renters are more specific in their needs, mostly in terms of facility management from estate developers, power provision and security being the main demands. Estates now have to cater for their residents needs for which a service charge is required. Tenancy Agreements are necessary to keep the estates regulated. New areas are and should be opening up for property development. Construction should be moved further to the outskirts of the city in order to maximise land use at affordable prices. There is still the problem of getting land documents and verifying ownership of land. Any developer will testify that the biggest hurdle they face in land acquisition is documentation. Stricter regulation is needed in the property market, from rents to sales and development. Artisans need to get proper training and accreditation. A database needs to be maintained of developers and workmen.

We do not expect immediate miracles, but expect that there will be gradual improvements in structures and processes and the living standards of the people. The nation is hopeful and ready to support the government in achieving its aims. I wish the Buhari/Osinbajo government the very best in their Change Agenda for the country in the next four years.

Caroline A. Akinlotan