NIQS urges investment in housing sector, infrastructure

Quantity Surveyors last week backed the urgent need for diversification of Nigerian economy, saying that the real estate sector and infrastructure development should form the plank for nation’s economic transformation, especially, on the quest to create jobs for the ever-gowning unemployed population.

However, they are worried that a handful of their members are involved in the real estate development and plans to encourage surveyors to venture into housing production and provision of infrastructure are never in sight.

At the Eight Annual lecture organised by the Nigerian Institution of Quantity Surveyors (NIQS), Lagos chapter, with the theme: ‘Economy Diversification: Impact on Real Estate Sector and Provision of Basic Infrastructure in Nigeria,’ NIQS President, Mrs. Mercy Iyortyer insisted that the relevance of quantity surveying profession is incontestable in the economic situation in Nigeria.

She pledged to undertake census of members engaged in real estate development and ensure members take keen interest in housing delivery. The guest speaker, Executive Secretary, Financial Reporting Council of Nigeria, Mr. Jim Osayande Obazee, said the nation need to increase both local and foreign direct investment in order to address challenges that include infrastructure for Nigeria to be enlisted in its proper place in the ever-changing world.

“Notice that the pace of change will continue to accelerate and we’ll need to be responsive on how we manage it. Ensuring a conducive environment is an assurance solution to the change agenda and a permanent position for Nigeria in the committee of nations,” he said.

Obazee called for investment in real estate that will target the low-medium income housing it will demand and impact on the small contracting companies because the large contracting companies cannot build the low cost because their overheads are high. “The provision of affordable housing arguably has a great potential to drive change,” he said.

According to him, the real estate sub sector could contribute to the achievement of sustainable development in a developing country that aspires for more achievements economic-wise.

President, First World Communities Limited, Brig Gen PMO Reis (Rtd) explained that housing contributes to the economy (GDP) through the economic impact of new housing development and consumption spending from housing services. .

“For most Nigerians on low to low/medium income, the conventional principal plus interest repayment mortgage is unlikely to be accessible or even affordable. As a result, many people in this income group are excluded from access to decent housing,” he noted.

“CHOIS is designed to offer an alternative, stepped approach to home ownership, allowing prospective purchasers to pay for their homes in small affordable steps whilst offering a decent return for investors”, he explained.