In Nigeria, local investors should be prioritized over foreigners in real estate.

Photo : Zawya

Prince Akintoye Adeoye, a lawyer, assumes the mantle of National President and Chairman of Council for the Real Estate Developers Association of Nigeria (REDAN). In an exclusive interview with DAYO AYEYEMI, Adeoye delves into the myriad challenges facing the real estate sector in Nigeria and offers insights into potential solutions.

Navigating the Current Business Environment:
Adeoye candidly addresses the arduous terrain encountered by real estate developers amidst Nigeria's economic turbulence. Citing the Central Bank of Nigeria's upward review of interest rates and the soaring costs of building materials due to exchange rate fluctuations, he elucidates the strain felt by developers. Additionally, contractual obligations and fixed pricing pose additional hurdles, exacerbating the already challenging landscape.

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Addressing the Housing Deficit:
Despite the formidable obstacles, Adeoye remains optimistic about bridging Nigeria's substantial housing deficit. He underscores the necessity for comprehensive reforms, advocating for enhanced land administration systems and revitalized mortgage mechanisms. Adeoye emphasizes the pivotal role of the Federal Mortgage Bank of Nigeria while advocating for broader legislative support to augment housing accessibility.

Tackling Fraud and Corruption:
Confronting fraudulent practices within the real estate sector emerges as a critical concern. Adeoye acknowledges the prevalence of fraud but underscores REDAN's commitment to minimizing its occurrence. He underscores the importance of due diligence and urges prospective investors, particularly those in the diaspora, to engage with certified professionals to safeguard their interests.

Stimulating Local and Foreign Investment:
Adeoye emphasizes the significance of fostering a conducive investment climate to attract both local and foreign investors. While acknowledging the allure of foreign investment, he underscores the imperative of prioritizing local investors and nurturing indigenous enterprises. Adeoye advocates for streamlined regulatory processes and proactive government support to incentivize investment in the real estate sector.

Ultimately, Adeoye's insights shed light on the multifaceted challenges confronting Nigeria's real estate landscape while offering pragmatic solutions to foster sustainable growth and development.