Get Guardian on GoogleBUILT environment experts have called for stronger links between real estate, infrastructure, finance, technology and industrial development to maximise the sector’s contribution to economic growth, job creation and improved living standards.
Speaking at the seventh Real Estate Discussions and Awards (REDA26) in Lagos, themed “Economic Development and Real Estate Linkages: The Practicable Framework,” the Immediate Past President of the International Real Estate Federation (FIABCI) Nigeria, Akin Opatola, said the sector’s impact should be measured by the jobs created, businesses supported, investments attracted and improvements in people’s quality of life, rather than buildings completed or property values alone.
Drawing lessons from Singapore’s development under Lee Kuan Yew, Opatola highlighted how coordinated investment in housing, infrastructure and industry could create productive communities and expand economic opportunities.
He also cited China’s under-occupied urban developments, often described as “ghost cities,” to illustrate how construction activity and rising property values do not necessarily translate into economic prosperity.
He proposed a three-part framework for assessing development: value creation, value capture and value delivery. Projects, he said, must respond to genuine demand and human needs to achieve their economic purpose.
Relating this to the Dangote Petroleum Refinery’s capital-raising initiatives and Nigeria’s ambition to build a $1 trillion economy by 2030, Opatola said investments should generate economic activity beyond the assets themselves by creating jobs, supporting local suppliers, strengthening domestic production and expanding exports.
He urged developers and policymakers to apply the same principles to housing, commercial property and infrastructure, ensuring that investments deliver measurable benefits to communities.
The Minister of Housing and Urban Development, Dr Muttaqha Darma, represented by the Head of the Federal Lands Unit, Lagos Field Headquarters, Abiodun Oloko, described real estate as a catalyst for economic growth, employment and wealth creation.
To address the housing deficit, the minister outlined five priorities: expanding affordable housing, widening access to finance, encouraging responsible investment, improving transparency in land administration and adopting cost-effective construction technologies.
He stressed the need for public-private partnerships to advance sustainable urban planning and build a more transparent and resilient property sector.
Former President of FIABCI Africa Region, Chudi Ubosi, described Nigeria’s housing deficit as both a development challenge and an investment opportunity capable of generating employment and stimulating economic growth.
Lagos State Governor Babajide Sanwo-Olu, represented by the Commissioner for Housing, Moruf Akinderu-Fatai, said the state’s population of more than 17.8 million and annual growth rate of nearly 3.8 per cent required sustained investment in housing, infrastructure and urban planning.
He said Lagos’ estimated housing deficit of more than 3.3 million units required innovative financing mechanisms and sustained private-sector investment alongside government intervention.
Sanwo-Olu disclosed plans to introduce monthly and quarterly rent payment options to ease the burden on low-income earners, describing access to housing as both a social responsibility and an economic priority.
He said housing delivery generated 4,793 direct and indirect jobs in the preceding year, while stimulating demand for building materials, professional services and other supplies.
The governor urged developers to prioritise construction quality, environmental sustainability and supporting infrastructure, including drainage, access roads, utilities and waste management. He also called on real estate professionals to uphold ethical standards and promote transparent transactions, noting that public confidence and clear regulations were essential to attracting investment and protecting buyers and tenants.
The All Progressives Congress (APC) Deputy Governorship Candidate, Damilola Sonayon James, called for stronger partnerships among government, developers, investors and real estate professionals to accelerate housing delivery and support sustainable growth in Lagos.
She said collaboration, innovation and responsible investment were necessary to expand access to decent, affordable homes and enable the sector to create jobs, attract capital and improve living standards.
Sonayon-James also urged government to maintain policies that encourage private-sector participation while ensuring developers uphold professional standards and deliver projects that meet public needs. She stressed that transparency, accountability and accurate information were essential to protecting buyers and investors.
Earlier, the Founder and Chief Executive Officer of Thinkmint Nigeria/Europe and Green Mortgage, and convener of REDA, Imelda Olaoye, called for practical frameworks to translate housing policies into action, attract investment, expand access to homeownership and improve efficiency in the property market.
She said her company was promoting government-backed housing schemes, which often offer subsidised entry costs and flexible payment arrangements, alongside private developments.
Olaoye added that its property marketing platform also connected Nigerians in the diaspora with investment opportunities at home by providing information on available properties, payment options and acquisition procedures.
