According to real estate experts, the real estate sector needs to contribute more to economic growth and provide more job possibilities.
The experts spoke at the launch of OMINI, a housing project in Lagos State’s Lekki axis. Strongmas Residence and Development Limited was in charge of the housing project.
Moses Ogunleye, a real estate expert and the Managing Director of MOA Planners Limited, said the real estate sector’s contribution to the country’s economic growth is on the rise.
However, he stated that the sector’s contribution to the economy must be increased further in order to encourage job creation and growth.
In his presentation, titled “The Impact of Real Estate in Economic Development,” Ogunleye stated that the real estate sector has played a key part in the development of various economies around the world for many years.
He used the United States of America and Canada as examples of countries where the real estate industry contributes roughly 15% and 19% of GDP, respectively.
“Globally, the real estate sector is one of the most profitable of every economy. It is one of the indices of measuring the level of economic growth of a society. As a sector, it mirrors the economic viability and sustainability of an economy, as well as poverty level,” he said.
Ogunleye added that the Nigerian real estate sector had gone through a lot of development trends.
“It is a profitable sector in which many individuals and corporate bodies have invested. The real estate contribution to the GDP of the country increases from the insignificant figure of two per cent in 2008 to about 4.0per cent in 2020”
Meanwhile, Michael Shobukola, the Chief Executive Officer of Strongmas Residence and Development Limited, the owners of the OMINI project, has stated that the company is poised to change the narrative in the industry, particularly in the Lekki axis of Lagos State, by providing high-quality, affordable housing.
According to him, an increase in the number of building collapses can be attributed to building professionals’ failure to follow essential regulations and recommendations.
Shobukola said, “We are a company that believes in premium preservation. We believe in doing things right and well. We believe in quality, giving people value for their money, integrity is paramount to us. People fail to follow the guidelines and engage professionals in executing every project; this is strategic to curbing the incidences of collapsed buildings,” he said.
Shobukola guaranteed investors that Strongmas would complete the Lekki housing project in 18 months and that the project’s quality would not be compromised.
The Executive Director, Corporate Banking and Business Development, Keystone Bank, Adeyemi Ogunseye, said that the bank as a responsible institution in the financial industry was in partnership with Strongmas to enhance economic growth, among others.
“He has done many projects which we partnered before. We know that he has the expertise and taste for quality. It is our small of contributing to GDP and economy development of the nation because the project will offer employment to so many people during and after development,” Ogunseye stated.
