Experts have reiterated the roles of technology and infrastructure in advancing Nigeria’s property landscape.
These industry actors made this known while speaking at SPROUT 2024, hosted by GoodTenants, which convened industry leaders, innovators, and visionaries to address the theme, ‘Pioneering the Future.’ It was held on Thursday.
The event had experts who spoke about solutions to challenges in Nigeria’s property management, waste management, and urban development sectors.
Yemi Stephens, managing partner at Estatelinks Limited, underscored how Artificial Intelligence (AI) and automation are revolutionising property management.
“Innovations like predictive analytics and virtual reality tours, enhance tenant experiences and streamline operations for managers,” he said.
Stephens commended tools like GoodTenants for their ability to deliver efficient operations and ensure value for stakeholders including tenants and landlords.
Timothy Nubi, a professor in the department of Estate Management, at University of Lagos said Nigeria must first build its infrastructure before using technology.
Read also: Nigeria’s real estate potential: A lucrative path for economic development
He emphasised that inadequate foundational infrastructure hampers effective technology adoption while stressing that for housing affordability, the proposed solutions are mass-scale housing projects and mortgage installment plans.
During the panel session titled ‘Shaping Urban Futures through Youth Engagement’ Boluwatife Arewa, founding partner of Scrapays Inc., proposed a mindset shift, saying that “Waste should be considered an economic resource.”
He explained how Scrapays’ technology incentivises waste recovery and enables property managers to generate revenue. This concept demonstrates the potential synergy between waste management and facility operations.
Derin Phillips, senior special assistant at Lagos State Development and Property Corporation, emphasised the need for public-private collaboration to shape Nigeria’s future.
He highlighted that the Federal Government’s blockchain policy has its potential to enhance governance transparency.
“The success of Nigeria lies in collaboration between the public and private sectors,” he noted, adding that there should be increased awareness of beneficial schemes.
Adekunle Jinadu, founder of GoodTenants’ announced an upcoming partnership with Scrapays Inc. to enable facility managers to monetise waste recovery.
He also introduced finance products developed in collaboration with AXA Mansard, including a rent guarantee product for landlords and a home improvement product.
“For tenants, GoodTenants offers tools to save for rent and enhance their living experience,” Jinadu stated.
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