The real estate sector in Nigeria continues to play a major role in the growth and development of the country irrespective of the economic climes. However for the industry to record more growth, it needs the passage of bills from the floor of the National Assembly.
In light of this, the Lagos Chamber of Commerce and Industry (LCCI) has appealed to the National Assembly to pass the numerous real estate bills before it to boost the growth of the sector.
Mrs Nike Akande, its President, made the appeal at the inauguration of the LCCI Real Estate Group on Friday in Lagos.
Akande said that the real estate sector had become a major driver of growth and development, adding that the passage of the pending bills would boost activities in the sector.
She said that the pending bills included the Infrastructure Development Bill, Engineering Registration Act (Amendment) Bill 2016, Nigerian Industrial Development and Zones Bill 2016.
Others are the Nigerian Assets Management Agency Establishment and Regulatory Bill 2016 and National Housing Fund Act (Amendment) Bill 2016.
Akande also urged the government to enhance the real estate business environment by leveraging technology to ensure a one-stop-shop for land documentation, property registration, identification and ownership.
Akande said this would make the sector more transaction-friendly for more investment.
The LCCI boss said that in recognition of activities of the sector over the years, the Chamber had made real estate a stand-alone group by unbundling it from the construction group.
She said that a recent report by PricewaterhouseCoopers (PwC) revealed that construction and real estate industry in the country remained robust in spite of the prevailing economic situation.
According to her, the industry is projected to record annual growth rate of 9.49 percent from 2016 to 2020.
“Our large population of about 180 million and huge housing deficit in the country indicated a positive prospect for the real estate industry.
“Nigeria has also emerged as a major hub of building and architectural design in Africa.
“This is largely induced by the spread of Nollywood (Nigerian movies) where Nigerian building designs are showcased and watched across the African continent,” she said.
She urged real estate operators to embrace modern technology, regulatory compliance, standardisation in service delivery to ensure the growth of the industry.
Otunba Olumide Osunsina, the Chairman of LCCI Real Estate Group, said the group would live up to expectation by addressing issues bedevilling the real estate industry.
He said that the group would liaise with the government to bridge the housing deficit gap in the country.