Tilden Development Limited, a frontline real estate investment and development firm in Nigeria, says the outcome of the February 25 presidential election in Nigeria will have a significant impact on the country’s real estate industry.
The company notes that the three main contestants for the presidency, Atiku Abubakar of the People’s Democratic Party (PDP), Bola Ahmed Tinubu of the All Progressive Congress (APC) and Peter Gregory Obi of the Labour Party (LP) have different histories in governance and different policies that could affect the real estate sector.
Ugo Obi, the company’s CEO, says that, overall, the 2023 presidential election would have a significant impact on the country’s real estate market due to the policies and track records of the different contestants.
He recalls that Atiku Abubakar has a history of being pro-business and promoting private sector growth during his tenure as Vice President of Nigeria under the administration of Chief Olusegun Obasanjo, adding that Atiku has also been an advocate for the development of the country’s infrastructure, which could have a positive impact on the real estate sector.
“During his tenure as Vice President, Abubakar was instrumental to the development of several key infrastructure projects, including the construction of the Abuja-Kaduna railway, the development of the Murtala Mohammed International Airport in Lagos, and the expansion of the Lagos-Ibadan Expressway,” Obi said.
In terms of policies on the real estate sector, he said, Abubakar has promised to focus on implementing policies that would make it easier for Nigerians to own their own homes, such as increasing access to affordable housing finance and reducing the cost of building materials. Abubakar has also stated that he would work to improve the overall business environment in Nigeria, which would make it easier for real estate developers to access funding and build new projects.
Ahmed Tinubu, according to the CEO, is a former governor of Lagos state and a leading figure in Nigerian politics. He has a history of promoting economic growth and development in the state of Lagos, which is Nigeria’s commercial capital and a major hub for real estate investment.
“During his tenure as governor, Tinubu implemented policies that aimed to improve the business environment and attract investment to the state. He introduced a series of economic reforms that aimed to reduce bureaucracy and improve the ease of doing business. He also promoted private sector growth and development and encouraged the development of key infrastructure projects.
“One of Tinubu’s most notable achievements during his time as governor was the development of the Lekki Free Trade Zone. The zone, which is located in the Lekki area of Lagos, is an industrial and commercial hub that is home to a number of key businesses, including real estate developers. The zone is seen as a model for economic development and has attracted significant investment from both local and foreign investors,” Obi said.
Read also: Real estate investments in Lagos pre-election 2023
He recalled further that Tinubu laid out the blueprint for the Eko Atlantic City which, upon completion, will accommodate 250,000 residents and a daily flow of 150,000 commuters.
Tinubu also promoted the construction of the Lekki-Epe Expressway which improved the connectivity and accessibility of the area. This, in turn, attracted a lot of real estate developers to invest in the area as it became more accessible to the people.
Tinubu is also known for his promotion of affordable housing having built and given out affordable housing units to low-income earners in the state. This initiative was widely accepted and appreciated by the people.
Peter Obi is a former governor of Anambra State in Nigeria who served from 2006 to 2014. During his tenure as governor, Obi implemented policies and programmes aimed at promoting economic growth and development, with a focus on the real estate sector.
“One of Obi’s key policies was to promote public-private partnerships (PPPs) in the real estate sector. He set up a Real Estate and Infrastructure Development Fund, which aimed to attract private sector investment in the development of affordable housing and infrastructure projects. He also established the Anambra State Real Estate Regulatory Authority, which aimed to provide a regulatory framework for the real estate sector and protect the rights of investors,” the CEO said.
He stated that Obi as governor implemented policies aimed at promoting the development of small and medium-sized enterprises (SMEs) in the real estate sector, adding that he set up an SME Fund to provide financial support to entrepreneurs in the sector, and also established a Real Estate Development Fund to provide funding for the development of affordable housing.
“In addition, Obi also implemented policies aimed at improving the overall business environment in the state. He established the Anambra State Investment Promotion and Protection Agency, which aimed to attract investment and create jobs in the state. He also set up the Anambra State Small Business Agency, which aimed to provide support and advice to small businesses in the state.
Overall, the 2023 presidential election in Nigeria is expected to have a significant impact on the country’s real estate market due to the policy and track records of the different contestants.
The Question remains who do Nigerians really want to promote and drive the real estate industry post-election 2023?
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