Nigeria’s population to hit 413m in 2050
CHIWE AGBEZE | The Ogun state governor, Senator Ibikunle Amosun, has commended 3invest Limited for hosting its annual flagship summit, Real Estate Unite which has continued to provide a platform for global real estate leaders to discuss pertinent issues and opportunities in Africa’s Real estate market.
The event which was held at the Eko Convention Centre in Victoria Island on the 29th and 30th of September 2015 had professionals from all aspects of the real estate sector, investors and players in attendance.
Delivering his keynote address, the Ogun State governor, Senator Ibikunle Amosun who was represented by the secretary to the Ogun state government, Barr. Taiwo Adeolu said 3invest has had a great impact on the housing industry.
“This Forum has established itself as an excellent platform to discuss issues ranging from government policies creating investment opportunities and sustainable best practices. The theme, ”Connecting the D.O.T.S in Africa’s Real Estate”, could not be more apt, as it bears special relevance to the work which we started in Ogun State four years ago”, he said.
Governor Amosun also used the opportunity to outline the massive achievements recorded in Ogun state in the last four years.
“We have rolled out hundreds of kilometres of Ogun Standard roads, delivered hundreds of new homes in secure communities, catering for a broad range of the economic strata. We have sold homes priced at between N4m and N30m in very similar, “Ogun Standard” estates, cross subsidising as deemed necessary.
“The huge response to our ongoing Home Owners Charter programme has demonstrated that a critical need of our people is being addressed by the opportunity to acquire property documentation in a seamless manner. The Home Owners Charter Scheme has enhanced 5 property values, given homeowners access to credit, and helped us generate the much-needed data useful for planning. Developments in the housing sector alone has resulted in the creation of over 30,000 jobs, directly or indirectly and helped to build human capacity in the sector”, he said.
Speaking about the event, the Chief Executive Officer, 3invest Limited, Ms Ruth Obih, urged professionals to take advantage of the opportunity to network and acquire more knowledge about the industry.
“Real Estate Unite unites real estate professionals from all aspects of the built sector, offering immeasurable potentials in the region’s real estate market for inclusive growth. The UNITE awards elevates standards of the industry and practice by providing an opportunity to educate, promote and recognize achievements and excellence in the real estate sector. I urge you to take opportunity to network with and learn from the expert speakers. Explore the products and services on showcase by the exhibitors”, Obih said.
The outstanding panelists guided by the theme ‘Connecting D.O.T.S in the Africa’s real estate’ took turns to identify the key drivers, opportunities and explore practical approaches to bring about the needed inclusive growth in the housing sector.
Mrs.Nnema Byrd, principal West African Specialist Stanlib set the stage as to too how capital and demographics are major factors spearheading the development of the sector.
“In tandem with the declining mortality rate and increasing life expectancy, Nigeria’s population is expected to grow at a compounded annual growth of 2.45 per year.
According to UN’s latest forecast, the number of people on the planet will grow from 7.3bn to 9.7bn in 2050 and Nigeria will have 413m people.
“By the end of the century, nearly 40% of the world’s population will be in Africa. That’s a number we need to think about. These people will need a place to live, shop, work and be entertained. Are we prepared for that?” she queried.
The Managing Director, Federal Housing Authority, Mr. Roland Igbinoba identified data and digital revolution as big drivers in the real estate market.
“We need consistent and smart data. We moved from 10million in terms of residential real estate deficit to 17million now. Has that been marginalized? How many of that 17million units fall within the social housing strata? We need all those data in the market. Apart from South Africa, it’s very difficult to find data in all the African region.
“A lot of real estate companies are getting all kinds of Apps to drive the real estate market. So, if you wanted to rent an apartment or buy a house, you don’t need to physically go there. When all these begin to happen, then, we would see a lot of the opportunities being harnessed in the market”, he said.
Mr. Hakeem Ogunniran, Managing Director, UACN Property Development Company (UPDC) dwelt on the issues of infrastructure and the challenges staring developers in the face.
“Every developer is a local government and that is not good for real estate development. We don’t have a regime in this country that allows us to take tax credit. We need to get to a level where government recognizes that even though they cannot provide infrastructure and a developer creates access to a particular place, government should recognize that but we have to pay to get approval to do the road and we don’t even get benefits for it”
As this year’s Real Estate Unite winds down, experts are hoping that all they have discussed at the event will be matched with action.