Experts Advocate for Overhaul of Real Estate Industry through New Policies
The International Real Estate Federation (FIABCI), Nigeria Chapter, is urging both federal and state governments to revitalize the real estate industry through the implementation of new policies and initiatives. This call came during the 50th anniversary celebration of FIABCI-Nigeria Chapter in Lagos, themed “Repositioning Real Estate Industry for the Future: Ethics, Affordability, and Sustainability.”
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Mr. Gladstone Opara, President of FIABCI-Nigeria, expressed concerns about the challenges faced by the real estate industry and emphasized the need for effective policies to propel the industry toward maximum performance. Despite some improvements, Opara highlighted areas where the industry is regressing.
He emphasized the importance of repositioning the real estate industry in terms of development initiatives, financing, mortgage practices, ethics, environmental and social governance, and sustainability. Opara stressed the necessity for government intervention to introduce initiatives that would benefit industry operatives and foster development.
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Dr. Tunde Lemo, Chairman of the occasion and former Deputy Governor of the Central Bank of Nigeria, underlined the significance of the housing sector in light of Nigeria’s projected population growth to 411 million people by 2050. He called for strategic planning to provide affordable housing for the expanding population, acknowledging the current severe housing shortage.
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Representing Lagos State Governor Babajide Sanwo-Olu, Commissioner for Housing Moruf Akinderu-Fatai highlighted the centrality of housing development to the state’s policy. Sanwo-Olu praised FIABCI for its contributions to the real estate industry over the past 50 years, setting standards for excellence in the Sub-Saharan region.
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FIABCI President for the Africa and Near East Region, Mr. Adeniji Adele, encouraged new inductees to uphold ethics, loyalty, and leadership, emphasizing the association’s commitment to networking and collaboration to foster industry growth.
President-elect of FIABCI International, Ramon Riera Torroba, acknowledged FIABCI Nigeria’s formidable standing in the international community. He pledged to collaborate with the chapter to enhance professionalism among both existing and new members, urging a commitment to passion and integrity in fulfilling the association’s mandates.
