Government has been urged to create enabling environment as well as aiding micro-economic situation that will assist the real estate sector in the country to grow.
Speaking at a media event in Lagos to herald the 60th anniversary of Wemabod Limited, the managing director of the property development and management company, Yemi Ejidiran also stressed the need for long term financing model for real estate development in the country.
According to Ejidiran, Nigerian real estate sector is not limited to choosing minimal investment in project development and property maintenance, adding that “the cost of which will rise with caprices of micro-economic challenges facing the sector.”
He further said: “In the recent times, the sprawling inflationary trends hitting over 20 percent as well as a very volatile exchange rate regimes have created serious dislocations towards realising effective and sustainable cost management in the real estate sector.’’
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Highlighting the company’s forth-coming symposium, award and gala night which are also part of activities marking the 60th anniversary, Wemabod boss explained that the event would throw more light and create advocacy platform capable of engendering initiatives for the growth of the real estate sector in the country.
On the concept of initiative partnership and financing for sustainable real estate development in Nigeria, he explained that the concept has been confined and stereotyped to the technology sector.
“While, it is true that our cities are increasingly connected and our systems becoming smart at least in the financial and technology space, the same innovative approach cannot be said to apply for both development in Nigeria. This is more so when limiting innovation solely to technology considerations; this will not enable us meet demographic, social, economic and environmental challenges that the real estate sector is facing.
“Development governance towards driving sustainable partnership for growth in the sector is crucial towards achieving transformative growth in a bid to address genuine aspiration of the Nigerian citizens,’’ he said.
On his part, chairman of Wemabod Limited, Otunba Oluseyi Oduntan affirmed that the organisation, which is a wholly owned subsidiary of Odu’a Investment Company Limited is a brand that has grown much stronger than has ever been because of what he described as dynamic management team.
