The new leadership of real estate developers in Nigeria, which was inaugurated in Lagos last week Thursday, says it is going to work with the federal and state governments on land reforms, governance and land administration.
Challenges arising from rigid land ownership and administration have always been blamed for sub-optimal activities in Nigeria’s housing sector, hence the country continues to grapple with an ever increasing housing deficit that leaves many citizens without homes.
This explains why experts and relevant stakeholders see the pledge by the developers to push for land reforms and efficient administration as a welcome development.
The developers, under the aegis of Real Estate Developers Association of Nigeria (REDAN), explained that the aim of these efforts is to create a conducive environment for investments in real estate sector in the country.
The association added that it will provide platforms for engagement with financial institutions, investors, and government agencies in order to enable its members to access funding opportunities, grants, and resources for project development and expansion.
Worried about the high cost of owning homes in the country, the new leadership of the association promised to undertake provision of affordable housing as envisioned by the founders of the association, especially Lateef Jakande, the association’s first president, whose footprint in affordable housing delivery in Lagos remains indelible.
“Our founders envisioned providing affordable housing for Nigerians, including social and rental housing. REDAN will partner with the government on its renewed hope housing initiative to provide affordable homes for Nigerians,” Akintoye Adeoye, the association’s new president, assured.
To achieve his goals he has set for himself, Adeoye who spoke at his investiture revealed his plans to institutionalise and professionalise REDAN, adding, “a regulatory Act is urgently needed to reinforce our existence, enhance self-regulation, and enforce discipline. I call on the support of the housing minister, members of the National Assembly, our royal fathers, and stakeholders to achieve this feat.”
The new president also pledged to promote positive change and advancement within the real estate industry through advocacy, transparency, innovation, professionalism, technology, ethics, credibility, and discipline, hoping that the association’s continuous engagement with government and private sector players will foster growth and wealth creation in the real estate sector.
Adeoye believes in the power of partnerships and has therefore assured that he will establish robust partnerships at various levels including public and private sectors, NGOs, and international bodies.
In order to sanitise the real estate space which has become an all-comers’ affair, he assured that REDAN will take a leadership role in creating regulatory frameworks and governance for the real estate industry, adding that vthe association will advocate for the recapitalisation of the Federal Mortgage Bank of Nigeria to facilitate affordable housing.
“Promoting ESG frameworks, sustainable practices, and regulatory compliance will position our members for long-term success. We will focus on inclusivity, carbon emissions, energy consumption, waste management, water usage, and biodiversity conservation,” he said.
Continuing, he said, “building capacity for green building practices will be a priority, offering resources, training, and incentives for adopting environmentally friendly construction methods and technologies.”
Also of priority according to the new president are research, innovation, and digital infrastructure and as such, the association will invest in research on new construction methods, clean energy, and property prices.
“To achieve the desired result, he said they will facilitate the acquisition of relevant skills and technologies for modern construction, adding, “REDAN will provide members with exclusive access to market intelligence reports, data analytics, and research insights.”
