He noted that with the size of the Lekki Free Trade Zone, which is about 21 times the entire land mass of Victoria Island, there is huge potential for housing investments, which practitioners can explore to grow their businesses and promote economic growth.
Dabiri gave the charge at the maiden edition of the yearly Fellows’ Lunch organised by the Lagos branch of the Nigerian Institution of Estate Surveyors and Valuers (NIESV). He explained that the concept of a Free Trade Zone has been used in emerging markets like Singapore, China, Dubai and South Korea as an industrial base to trigger economic growth, as well as develop housing estates, schools, hospitals, offices and other trading activities.
He predicted an increase in the value of land in such corridors, and continuous demand for housing and called for an increase in the housing stocks in the area for people to live and work.
However, he said, the potential of the Free Trade Zones has not been fully explored in Nigeria, despite ensuring diversification of investments, promoting technological growth, technical knowledge transfer and boosting the Gross Domestic Products (GDP) of the country/states. This, he said, was due to challenges ranging from financial, technical, and political to environmental issues.
Essentially, Dabiri said there should be deliberate intention by practitioners to explore and understand activities of the anchor investors in Free Trade Zone, approach and sensitise the operators, as well as take advantage of opportunities offered by their operations.
He said, “The Free Trade Zone has a political impact on economic development and you can see how the countries that have explored the potentials have grown but in Nigeria, the zones still require Federal Government support, and shouldn’t be left to Lagos State government because it has a national outlook. Apart from the Petrochemical complex, various industries like food processing, agriculture processing, and steel companies are established for the industrial revolution, as well as to assist the growth of real estate, infrastructure and amenities.”
NIESV President, Mr Victor Alonge, acknowledged the pivotal role of practitioners in growing the economy and urged government agencies to embrace the services of estate surveyors and valuers. He advised members to enhance competence through the acquisition of relevant skills needed in the Lagos Free Trade Zone development.
Alonge appealed to fellows to provide leadership by mentoring young professionals, promoting the institution and improving its relevance in economic development. He disclosed that the national body is poised to restructure the institution and make it more impactful to society.
While commending the branch for its contribution to the profession’s growth, he encouraged the fellows to adhere to ethics as their role is key to driving and sustaining national development.
Chairman of the NIESV Lagos branch, Mr Gbenga Ismail, said the forum was designed to celebrate the leadership and achievements of the senior members, who are fellows of the institution. He observed that the fellows, who represent the essence of leadership, wisdom, and service within the community, paved the way for innovation and growth, and setting standards of excellence.
“This is a platform for advocacy, networking, and influence. This event underscores our commitment to fostering meaningful engagements that drive our institution’s vision forward. As leaders, your perspectives and collaborations will shape our profession and role in national development,” Ismail said.
He also commended the guest speaker, Dabiri, for his contributions to the economic development of Lagos through exemplary leadership of the Lekki Free Trade Zone.
In a remark, NIESV’s past president, Mr Joe Idudu, noted that the profession, which is about land use and building management, has a brighter future. Idudu, who doubles as the former chairman of the NIESV Lagos branch, urged fellows to prioritise quality service delivery.
