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Economic Recession: Experts Advocate Investment In Realty

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Moved by the current economic recession, experts in the built sector have called on the federal government to launch massive investment in real estate sector in order to revive the economy.
In an interview with LEADERSHIP, the President of Real Estate Development Association (REDAN), Rev Ugochukwu Obiora Chime was optimistic that real estate sector offered the fastest means of resolving the current economic problems especially youth employment which currently stands at over 60 per cent.
According to him, the absence of effective interaction, coordinated action coupled with competency gap among all stakeholders has impacted negatively on all efforts to harness the sectors’ potentials for economic growth and huge GDP contribution.
Chime was optimistic that the solution to the economic downturn lies in reinvigorated, dynamic and refocused housing development stressing that is one of the major reasons America is investing in housing.
“We also believe that the future of investment in Nigeria with the increased GDP we are asking for, can come from the housing sector because global economy dynamics whether in the housing or other sectors has shown clearly that when America had their problem in 2008 that Obama administration went to housing as a way to develop their economy.
Also, the First Female President of Nigeria Institute of Quantity Surveyors (NIQS), Mrs. Mercy Iyortyer said that Nigeria could overcome the current financial and unemployment crisis by utilising the services of professionals in projects planning.
She enjoined the federal government to engage professionals during projects planning for efficient growth and development of the country.

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