NIOB charges FG, states to prioritise housing in national development

A professor of housing at the University of Lagos (UNILAG), Timothy Nubi, has warned that until the federal and state governments recognise the nexus between real estate and national economic development, the country may not prosper.

He lamented that the housing sector, which is a critical part of the economy, is not factored into the solution to the economic crisis despite its potential to solve the unemployment problem by creating massive job opportunities and security for the people.

Nubi led the charge as the keynote speaker at the Nigerian Institute of Building (NIOB) 33rd Builder’s conference and yearly general meeting of the Lagos State chapter, entitled: “Breaking Barriers and Empowering Changes in Nigeria’s Real Estate Sector: Process and Control,” in Lagos.

He said governments need to refocus investment in the sector as it has far-reaching impacts on other sectors of the economy. Alluding to the administration of the former governor of Lagos state, Late Lateef Jakande, he said: “When Jakande was building houses everywhere, there was security and prosperity. The housing and construction sector can provide massive jobs.”

With an estimated 50 per cent of people expected to live in cities and need to provide housing and infrastructure for them, he said this implies there are opportunities for professionals who are not discouraged by prevailing challenges in the sector.

The don bemoaned barriers to investment in housing that include, outdated laws and bureaucracy, limited mortgage options, difficulty in title transfer, lack of transparency and accountability, as well as poor access to funding, land and high cost of borrowing.

He, however, expressed hope for the future of real estate, especially with strategic ongoing infrastructure projects like the Lagos-Calabar Highway, the Eko-Atlantic City, the proposed 4th Mainland bridge, investment in a data centre, refinery, healthcare and educational institutions.

Nubi who doubles as the Director, Centre for Housing and Sustainable Development (CHSD), University of Lagos, called for the digitisation of the land registry, introduction of technology, unlocking of the capital market, tax reforms, and improved infrastructure investment. He also challenged building professionals to work in coalition rather than in silos to break existing barriers.

Chairman, NIOB Lagos chapter, Adeoye Thomas, said the conference is a significant event that brings together members, stakeholders, and experts to discuss industry issues, share knowledge, and shape the future.

Specifically, he said there is a need to implement innovative financial models for building developments, enhance housing affordability and examine the financial impact of infrastructural developments, as well as study the effects of environmental, sustainability and governance on real estate sectors, as well as the impact of regulatory frameworks.

NIOB President, Alderton Ewa, represented by the institute’s Vice President, Bimbo Kolade, said the scarcity of skilled construction workforce should be tackled, saying “There is a need to skill-up the workers.” He tasked professional builders to solve the problem and tackle unemployment in cities.

Earlier, Chairman, Local Organising Committee of the conference, Abiodun Ogundare, said the forum will provide information to start-up real estate developments and offer investment strategies to budding investors, as well as other operators in the sector.