To increase the sector’s contribution to Gross Domestic Product (GDP), the Managing Director, PR Africa International, Adedapo Adelegan, has charged members of the International Real Estate Federation (FIABCI), Nigeria chapter to actively project and market Nigeria’s opportunities in the real estate to the global community.

He noted that the nation is a $500 billion economy with potential in states like Lagos boasting of $200 billion in GDP, hence the need for the association to explore opportunities available in the real estate sector. Nigeria’s real estate sector contributed about N7 trillion to the economy in terms of value of transactions in the last three quarters of 2022.

Adelegan gave the charge at the yearly FIABCI general meeting and induction ceremony of 41 new members in Lagos. Speaking on ‘Real Estate, Leadership and Branding’, Adelegan, who was the guest speaker, observed that despite the challenges experienced in the sector, ranging from infrastructure deficit, mortgage financing issue and general economic downturn, growth in real estate is driven by urbanisation, population expansion, increased economic activities and Foreign Direct Investment (FDI).

He, therefore, urged FIABCI to influence the government to initiate policies favourable to the sector in terms of housing financing, foreclosure law, mortgage, improving access to housing and promoting alternative materials for building development.

“FIABCI must take advantage of its position by becoming an ambassador for promoting our opportunities at the global level. The role of funding of housing will be a major game changer and it behooves on FIABCI to do a global audit of some part of the world and find a workable formula for easy access to mortgage.

“Majority of the houses in the United States of America are built with wood and you begin to wonder why are we building every house in Nigeria with concrete. FIABCI needs to begin to break boundaries, work with other international organisations on how they do it. Why can’t we build estates with woods for our young graduates and why must it be cement houses. We can build houses with muds and woods,” he said.

Adelegan believes that there is a linkage between housing access, mortgage financing and productivity. To him, the association must begin to see itself as a body that can help in reengineering the society to provide inclusion, wealth and lead people to higher productivity.

He hopes that the association will improve its sphere of influence by encouraging members to develop critical skills like business acumen, communications skill, encourage interaction with other businessmen, human resource management, understand marketing and laws of negotiations.

He said Nigerians in the diaspora would remit $32 billion into Nigeria’s economy in 2023 for stomach infrastructure, adding that an international bond can be created for Diasporas to invest in real estate development in Nigeria. He also called for the state government to use diaspora remittance to boost capital and aid economic development.

The President, FIABCI Africa & Near East Region, Mr. Adeniji Adele, said the majority of African countries are behind in the global real estate market, whereas the region has what it takes to play actively with the huge number of experts in the continent. Unfortunately, he said, the region missed the opportunity.

However, he pledged to work towards uplifting the association. He encouraged members to network and gain new ideas, relevance on a global level, adding that during his tenure, efforts will be made to open new chapters of FIABCI in Ghana, Kenya, Gambia and others. According to him, the vision may not be realised without the support of members.

Adele charged the new members to showcase their potential and prove to the global community that Africa is the next frontier in real estate development. He lauded members for their support towards his emergence as the president of the region.

President of FIABCI Nigeria, Mr. Gladstone Opara, said considering the large number of new members that have joined the association in the last one-year, there was a need for a forum to exchange ideas and learn from experts on the need for proper leadership and branding in the real estate sector.

Also speaking, FIABCI World President, Mr. Budiarsa Sastrawinata, pledged unwavering support for the leadership of FIABCI Africa and near East Region, as well as the chapter in Nigeria to realise the founding vision of the association. He challenged the new members to collaborate, exchange knowledge, work for the progress of the federation and extend the influence of the real estate sector.