Lagos targets 20% real estate contribution to GDP
Daniel Adaji, Abuja
Lagos State Governor, Babajide Sanwo-Olu, has announced the state’s ambition to increase the contribution of the real estate sector to its Gross Domestic Product from 5-6 per cent to 15-20 per cent.
Speaking at the inauguration of the 26th President and Chairman of Council of the Nigerian Institution of Estate Surveyors and Valuers, Victor Alonge, in Abuja on Monday, Sanwo-Olu urged the institution to work together to take the real estate profession to the next level.
“We all have a role to play in taking this profession to the next level. I urge you to support and encourage your membership, recognising that we’re all on the same team,” he said.
The governor noted that Lagos, which has the largest number of NIESV members in the federation aims to increase its GDP contribution from the real estate sector.
“Our land use charge, though low, has attracted real estate investments and fees. We aim to increase our GDP contribution from 5-6 per cent to 15-20 per cent from the real estate,” he added.
Senate President, Godswill Akpabio, also called on the NIESV to take the lead in curbing the exploitation of tenants by real estate agents.
Akpabio emphasised the need for the institution to establish integrity and discipline in the industry.
“I implore you to lead the charge in curbing the exploitation of tenants by real estate agents and establishing integrity and discipline in the industry,” he said.
He praised the institution for its dedication to excellence and service to humanity, congratulating Alonge and his council on their achievements.
Akpabio emphasized the importance of partnerships and integrity in achieving sustainable development and prosperity for all Nigerians.
“Let us forge a path towards a Nigeria that is just, inclusive, and prosperous for all,” he said.
Alonge reiterated the institution’s pledge towards economic growth and development of the country.
“The message is that our relevance is real, that our role as drivers of economic development is not debatable, neither is it overstated. We would no longer operate from the back seat,” Alonge said.
He emphasised the need for the institution to play a critical role in influencing government policies and formulation, stating, “Henceforth, we must play critical roles in influencing, formulation and implementation of policies which have a direct bearing on our profession. That is a goal we must be fully committed to.”
The institution had earlier promised to develop a template for effective maintenance of housing estate infrastructures in Lagos and across the nation, which will create job opportunities for its members.
