‘Government should scale up real estate contribution to GDP’

The founder Diya Fatimilehin and Company, Mr. Gboyega Fatimilehin, has urged the federal and state governments to improve real estate to the nation’s Gross Domestic Product (GDP) by providing an enabling environment.

He stated this while speaking to journalists at an event to commemorate its 40th anniversary in Lagos. He observed that in advanced climes, real estate contributes 60 to 70 per cent to the GDP.

Fatimilehin said: “In Nigeria real estate contributes 0.8 per cent, not even up to one per cent. If we can do 40 per cent, that means in 10 years we can add $200 million to the GDP, which is enormous. This is what makes people wealthy. “

Speaking further, he emphasised the need to secure the commitment of young Nigerians by ensuring housing development for the youths.

“If the youths cannot be guaranteed of where they want to stay in years to come, they will leave the shores of the country,” he warned. He said in about 30 years from now, Nigeria will be the third largest country in the world, “and if we don’t have a system that will house the young people, what will the situation be like?’

Fatimilehi also stressed the need to subsidise mortgage, adding that the real estate market must be properly funded.

He encouraged organisations to imbibe core values that include, professionalism, integrity, commitment, continuous learning, dependability, accountability, teamwork and excellence for growth.