The International Real Estate Federation (FIABCI), Nigeria Chapter has stressed the need for federal and state governments to reposition the industry in terms of new policies and initiatives that will foster growth in the industry.

President of FIABCI-Nigeria, Mr. Gladstone Opara, led the call at the 50th anniversary of FIABCI-Nigeria Chapter, entitled: “Repositioning Real Estate Industry for the future: Ethics, Affordability and Sustainability” in Lagos. He expressed concerns about the multifaceted hiccups facing the real estate industry, noting that if workable policies and programmes were implemented, it would put the industry on the path of maximum performance.

Opara said with many years of existence of the industry, it was the belief that many things should have improved. However, he said, while there are improvements in certain areas, the industry is experiencing backwardness in many other areas.

He said the real estate industry should be repositioned in terms of development initiatives, financing, mortgage, ethics, environmental and social governance, sustainability and ethics.

“We feel that if this trend continues, it will feel like doing the same thing every day without progress and the future generation may not find anything good to latch onto.

“Government needs to come up with new initiatives that will benefit the operatives and development of the industry now and in the future. The major challenge faced in the past years is creating awareness about the need for international networking to grow the industry,” Opara said.

Chairman of the occasion, Dr. Tunde Lemo, explained that the housing sector is important to Nigerians given the increasing population estimated to reach 411 million people by 2050, adding that it has become crucial to start thinking about how to provide affordable housing for all citizens.

Lemo, a former Deputy Governor of the Central Bank of Nigeria (CBN) said: “Where we are now, economists tell us that we still have a severe housing shortage of between 21 and 22 million and requiring about 21 trillion to fix. For an individual to be able to afford a house today, with the cheapest houses ranging between N8 and N10million, it will be difficult.”

Lagos State governor, Babajide Sanwo-Olu, represented by the Commissioner for Housing, Moruf Akinderu – Fatai, said housing development can only be impactful when there are sufficient institutional arrangements in place for continuity.

He said housing development is central to the policy of the state government, adding that decent housing forms a passion and one of the six agendas of the government.

Sanwo-Olu lauded the association for standing tall in the real estate industry and justifying the wisdom of its founders in the last 50 years, by setting the benchmark for excellence in the Sub-Saharan region.

FIABCI President for the Africa and Near East Region, Mr. Adeniji Adele, charged new inductees and members to show more commitment to upholding ethics, loyalty, and leadership as well as spend time to uplift the association.

He emphasised that the association has increased its numerical strength and will continue the business of networking and collaboration to grow the real estate industry.

President-elect, FIABCI International, Ramon Riera Torroba, noted that FIABCI Nigeria is a formidable association in its international community with arrays of outstanding professionals that make up the chapter. He pledged to work with the chapter to deepen professionalism among existing and new members.

Torroba enjoined them to work with passion and integrity, which are hallmarks of the network in discharging its mandates.