Stakeholders seek partnership, policies for real estate growth

Stakeholders in the Nigeria’s real estate sector have ignited a new ray of hope in the sector aimed at increasing indigenous participation and mitigating the challenging business climate.

The collaborative move initiated by Lagos based indigenous furniture firm, IO Furniture with major players in the real estate firm, led by PWAN Plus Business Concerns Limited was targeted at ensuring growth and profitability.

Speaking at a meeting to herald the move in Lagos, the founder and managing director of IO Furniture Limited, Mrs. Muni Shonibare said since industrialization is key to nation’s economic growth, partnership was the way to the country to its enviable place.

The interior design consultant urged Nigerians to come together with right partners in order to rescue the country from the hands of foreigners as well as change the rhetoric about how Nigerians are portrayed as corrupt and inefficient people internationally.

Mrs Shonibare said the choice of partnership with PWAN plus and others was based on their track records and the need to diversify IO Furniture operations from a project based company to a more commercial venture.

She however expressed worries over lack of friendly government policies and regulations, saying no society in the world can thrive without the rule of law.

She said: “Majority of Nigerians are hardworking, honest and enterprising. What fails us are regulations and policies. But with determination and collaboration we can make it because African is the next thing that is happening now and if we don’t do anything now, we will be handing over our country to foreigners. It is our duty to fix our country”, she added.

On attaining affordable housing in Nigeria , Mrs. Shonibare said affordability is the government responsibility and it could be achieved by making lands available at affordable cost as well as investing in vocational and technical education to aid local construction of houses.

According to her, the private sector can come in if government can establish an industrial hub as it is being done in Ethiopia and allow private sectors to fund it with their taxes it will address the scarcity in man power and reduce the cost of construction..

“The potentials are huge in terms of employment, man power development and reduced cost of businesses but government has a duty to provide right policy and regulations”, she said.

For the managing director of PWAN Plus, Mr. Julius Oyedemi, since interior design is an integral part of real estate, partnership is essential to mitigate risks and maximize profit for the real estate sector.

According to him, we saw the touch of excellence in what IO furniture is doing and we shared their values and aspiration, hence the collaboration with a reputed indigenous firm like IO furniture for wider network and opportunities.

He urged government to look beyond the issue of tax collection and create enabling policies for the real estate industry to thrive in Nigeria,

“Our technology know how has been abuse leading to dearth of skill man power. We need the right policies to get to excellence and sustainability”. He added.

Also the chief commercial officer of IO furniture, Mr. Akin Adebisi described the partnership as a win-win situation with business profitability, growth and entrepreneurship.