Lukman Shobowale, Chief Executive Officer, and co-founder, Dukiya Investments, has announced the release of his book, The Real Value of Wealth: Thoughts on Real Estate, Nigeria, and the Global Economy.
Shobowale said the book, which has nine Chapters, harped on the prospects of the Real Estate sector to drive growth, deliver sustained prosperity, create wealth, close the housing gap, and build a sustainable economic future for Nigeria.
According to Shobowale, the book, is coming at the outset of a new leadership in Nigeria, represents his attempt to contribute his ideas that can help the government formulate its policy objectives, development framework, and growth strategy.
He noted that in light of the current dip in government revenue from the oil sector and worsening macro-economic fundamentals, the Real Estate sector presents a viable option to anchor the economy in the long term.
“While Nigeria is not insulated from the global economic uncertainties, especially the impact of COVID-19 and the Russia-Ukraine crisis, which have culminated in a slowdown in global economic activities, a cost of living crisis, a decline in the global volume of trade, and inflation. Nigeria’s non-oil sector, especially the real estate sub-sector, continues to show resilience, offering a lifeline for the Economy.
Shobowale said Nigeria’s population growth, at an average of 2.6%, presents both a challenge and a prospect for the country. Adding that the challenge is manifest in the demand for housing and basic amenities, which are important for improving quality of life.
According to Shobowale, “Nigeria’s growing population, which is expected to rise to 400 Million by 2050, making Nigeria the third largest population only after China and India, has also made the matter of Housing very critical. There is no doubt that population growth presents the country with the potential of a large market and virile human capital, but it also comes with the challenges of rural-urban migration, an infrastructural gap, pressure on basic amenities, and a housing deficit.
“For many Nigerians, access to decent and affordable housing remains a critical challenge. The housing challenge is exacerbated by the rise in rural-urban migration, which continues to stretch the limited public infrastructure in urban centers. More than 28 million Nigerians currently lack access to decent and affordable housing.” He said.
Shobowale, however, noted that despite the enormity of the housing challenge, there is a lot that suggests Nigeria can turn the tide around, close the housing deficit, and steadily provide for the country’s needs.
“In my book, I have highlighted practical ideas that can help the country to close the housing gap and maximize the real estate sector in the long term. I have highlighted key policy reforms, including Mortgage reform and an efficient credit system in the light of dwindling household incomes and low purchasing power as a result of inflation.
“I have also advocated the need for national and sub-national governments to collaborate with the private sector to mobilize the level of funding that is required to meet the required investment over the long term. This is in addition to enabling business environment reforms through incentives such as tax concessions, and the elimination of bureaucratic bottlenecks in the land administration system.” Shobowale said.
Oladipo Agida, Group Managing Director, Dradrock Real Estate Limited, described the book as a compendium of ideas that reflect the Author’s experience working in the real estate sector for many years. He said Shobowale has dug deeper into the issues by exploring relevant data and adapting local and international realities to provide a sustainable roadmap for harnessing investment potential in Nigeria’s real estate sector.
The public presentation of the book will hold in Lagos on Sunday, August 6, 2023.
