Experts have called for the adoption of international best practices and improved planning permit processes in the states, especially Lagos.
The Founder/Chairman of Estate Links, Mr Gbenga Olaniyan, who spoke on ‘Real Estate Development: Closing the Gap on International Best Practices’, at a forum organised in honour of Mr Gboyega Fatimilehin, an estate surveyor and valuer, who turned 70 in Lagos, lamented the existence of 17 steps in obtaining development permit in Lagos, which falls short of international best practices.
Olaniyan bemoaned the existence of multiple regulatory agencies in the built environment and urged the government to dismantle such bottlenecks, which is an aberration in developed economies.
He said Nigeria needs a system whereby all the agencies come under one umbrella as the existing system is not sustainable, and creates hurdles for international property firms. “In London, United Kingdom, you put together all your documents, submit and pay online. They go through all your paperwork and if everything is in order, you get an email stating that you can start your construction.
“But, if something is wrong with the documents, they will come back to you and inform you of the changes you need to make. Then you send an email back to them when they are ready and they will come for inspection,” he said.
He harped on innovative financing models for projects in deference to the traditional mode of financing, as well as deployment of technology, such as Artificial intelligence (AI), virtual reality, digital engineering technology, and smart homes.
He said the nation must imbibe sustainable homes, waste reduction management, energy efficiency rating, green building concept, Environmental, Social and Governance principles (ESG).
Strategic Advisor, Diya, Fatimilehin & Company, Mr Lanre Fatimilehin, explained that African governments including Nigeria are facing huge housing deficits, which is a time bomb waiting to explode. He said there was a need to provide housing sustainably to mitigate the challenges.
He said the government should provide an enabling environment, incentivise, and regulate the housing industry, while the private sector drives development and housing finance.
He said there need to build developers’ capacity on high-risk developments from planning to off-takers risks. “Developers need financing in the form of debt financing and equity, as well as concessions on lands and funding. We need to look at local manufacturing of building materials and transient-led developments. Developers will continue to look for opportunities, and build homes to meet the demand in the market,” he said.
In his remarks, the celebrant, Mr Gboyega Fatimilehin, said Nigeria has all that it takes to lead other nations in the world. He lamented existing issues such as corruption, unemployment and insecurity, which have hindered development and industrialisation.
Fatimilehin said Nigeria needs to be re-engineered for productivity to return and condemned the lack of coordinated planning. He further said affordable housing investment is necessary and a must for development.
Earlier, the President, Nigerian lnstitution of Estate Surveyors and Valuers (NIESV), Kunle Alonge, who congratulated the celebrant for reaching a milestone, said Fatimilehin has shown uncommon commitment to the development of estate surveying and valuation profession.
