The International Real Estate Federation (FIABCI) says foreign funds can only find its way into the Nigerian real estate market when the environment is right and enabling, hence the need for improved ease of doing business in the country and its economy.
A global real estate organization with membership in 65 countries including 100 professional associations, 65 academic institutions, and 3000 individual members, FIABCI believes strongly that given the right environment and adequate funds, Nigerian investors and professionals can also do what foreigners with cheap funds are doing in the country.
At a press briefing to announce their 2019 Excellence Awards and Dinner event in Lagos, FIABCI-Nigeria president, Adeniji Adele, noted that many Nigerian investors, property developers and professionals have been involved in the development of iconic projects to which awards would be given.
Adele explained that the award event which expects in attendance Oba Otudeko, chairman Honeywell Group, as chairman; Gbolahon Lawal, Lagos State Commissioner for Housing, and Assen Makedonov, FIABCI International World President, as special guests of honour, was aimed to draw attention to those iconic projects and also recognize landmark achievements.
He added that the award was also meant to achieve a brand name for FIABCI and the Nigerian real estate, just as it would provide opportunity for the awardees to showcase their properties globally.
Besides the excellence awards, another highpoint of the day’s event will be the insights that will be given on the importance of the ‘international property scorecard’ which has six core elements including property rights, access to credit, effective governance, rational dispute resolution, financial transparency and appropriate regulation.
Gbenga Ismail, FIABCI-Nigeria’s vice president, explained that the scorecard is a tool to assist civil society and development organizations in objectively measuring the effectiveness of property markets.
According to him, balanced scorecards help everyone to better understand the interconnectedness of international property markets and the critical connections between property market development and overall economic development.
“Scorecards can be used by investors to assess property market risks and by local reformers to strengthen the institutions that support property markets”, Ismail noted, explaining further that the introduction of the scorecard into Nigeria was to guide investors and also to draw government’s attention to what needs to be done to encourage investment in the country.
At the moment, he said, attention is on the scorecard, which is in the custody of the federation in Nigeria, is on access to credit, pointing out that the government has to plays very significant role in making access to credit by investors easy.
“This is the reason we have invited the Lagos state commissioner for housing to the event. Also expected at the event is Jumoke Oduwole, the senior special assistant to the vice president on industry, trade and investment. These are representatives of government that makes ease of doing business possible”, he said.
CHUKA UROKO
