‘Inconsistent policies drive away investors from housing sector’

A property developer, Messrs Symphony Garden City has lamented that foreign investors are not keen on investing in the housing industry because of the existing strict and inconsistent government policies in Nigerian housing sector.

Managing Director of Symphony Garden City, Lagos, Mr. Bola Adeboye who stated this at a seminar on the proposed symphony Garden Estate at Ogudu, area of Lagos State, decried the rate at which both foreign and local investors in the housing industry are moving their investments from the country to other African countries.

He warned that unless the situation is reversed, investors would keep on avoiding the sector.

“Governments of some countries have less than 5 per cent interference in housing unlike Nigeria where government influence is over 80 per cent. Governments should deregulate, they should give room for professionals on the field”, he said.

He therefore appealed to the Federal government to deregulate as well as avoid any interference in the operation of the housing industry. 

Adeboye also advised government to embark on various housing schemes in order to address the housing deficit in the country. He explained that the garden City would provide all social amenities, such as good road, recreation centre, club house, schools among others in the estate.