Real Estate Can Pull Nigeria out of Recession, Says Patunola- Ajayi

The president Nigeria Institution of Estate Surveyors &Valuers (NIESV), Dr. Bolarinde PatunolaAjayi has called on the Federal Government to diversify and embrace the real estate sector to combat recession. He said the nation has not succeeded in unlocking the wealth in the sector noting that it is the only robust solution to grow the economy. He spoke to select reporters in his office in Lagos on how the economy can be diversified and imperative of the real estate sector. He said it is about the only lasting solution to grow the nation’s economy.

He said, “Real estate business is about management of all land resources which give the support for all activities of man. Every business is done on land, human life and basic needs are dependent on land; hence Nigeria must pay attention to real estate, except we are not prepared to come out of our economic woes. Real Estate investment is the pedestal for economic development and growth, and many developing nations that understand this like Singapore, Dubai, and others have seen the positive impact on their economies, he added.”

There is effective demand in the real estate sector; developers only need to seek the consultancy services of estate surveyors and valuers to know which type of real estate should be developed in a particular place.

He wondered why the government thinks the economy can only be diversified through agriculture and film and fashion industry rather than the real estate sector. According to him even the focus on agriculture is not well handled to ensure a stable development because government has refused to do sufficient work on the survey of every parcel of land in Nigeria. Surveying every parcel of land will ensure that every owner including every farmer has registered title to their land. He said this will make it possible and easier for the public to have access to loan facilities for all types of developments such as residential, agricultural, commercial or industrial.