Experts in the real estate sector have stressed the need for industry leaders to enhance their investments in infrastructure, emphasising its significance in fostering inclusive growth and development.
They noted that specific initiatives needed to address the challenges that facing this industry include infrastructure development and this has to do with prioritising infrastructure development particularly in transportation and energy to reduce construction cost and improve access to housing.
This, they said at the two days National Mortgage & Real Estate Conference 2023 organised by Institute of Mortgage Brokers and Lenders of Nigeria with the theme: “Towards a sustainable real estate and mortgage industry in Nigeria” held in Abuja.
Delivering his keynote address the VC Nasarawa State University Keffi, Prof Suleiman Bala Mohammed, said that the Nigeria mortgage and real estate industry have been battling with several challenges including the inadequate infrastructure, complex government policies, shortage of skills professionals, and comfortable regulatory environment which have compounded housing problems over the years.
He stated that the sector also faces high construction cost and excess finance cost along with unethical behaviour among operators. Also housing requirements are estimated between N18 to N20 trillion. It is in this context that signifies a beacon of hope.
Prof Mohammed who was represented by Andrew Zamani of Nasarawa State University, Keffi, said that oher specific initiatives needed to address in the industry include infrastructure development and this has to do with prioritising infrastructure development particularly in transportation and energy to reduce construction cost and improve access to housing.
He said, “There is a need to streamline government policies to reduce bureaucratic holdalls in encouraging investment in housing.
Other industries stakeholders should collaborate in academia not only to develop training programmes
“Other industry stakeholders should collaborate in academia not only to develop training programmes for operations in the mortgage and real estate sector but also such programmes should be mainstream in the university curriculum.
“Regulatory reforms. Regulatory bodies should implement reforms to create a transparent, efficient and business friendly regulatory environment.
“Financial Innovation. Developing and affordable mortgage products to cater for the wide need of borrowers is a very critical factor. Also promoting ethical practices among members to protect consumers and instil confidence in the sector is very vital.
“The very existence of the Institute of Mortgage Brokers and Lenders of Nigeria is a testament to the progressive vision and unwavering commitment of our founding fathers. The journeys from the establishment views to the president’s assent in December 2022 showcases a collective determination to eliminate standard of practice in the mortgage and real estate sector here in Nigeria.
“As we gathered here today you are presented with a unique opportunity to reflect on the challenges facing the industry while at the same time chatting the way forward. Housing is one of the best basic needs of humanity and has always been the paramount of society. And always of paramount importance of family influence health, efficiency, socio behaviour, satisfaction and general welfare of individuals and communities.”
Meanwhile, SA to the Lagos State governor, Barr Barakat Odunuga Bakare said that the housing sector under the present Lagos State administration’s theme plus agenda falls on the fourth pillar which is making Lagos a 21st century economy. With the provisions of an affordable home ownership scheme for the residents of the state of Lagos.
Barr Barakat who was represented by Mrs Temitoye Akinbola said that Lagos State Real Estate Regulatory Authority that is an agency under the state ministry of housing was created mainly for overseeing the activities of individuals and organisations operating in the real estate sector in order to address the reported fraudulent cases within the real estate sector and this has been so massive.
She stated that it is very important to emphasise this law in covering fraudulent practices in the build sector. One of the key factors covered by this law is the verification of the real estate practitioners by ensuring that only qualified professionals are allowed to operate in the industry. The law minimises the activities of the fraudsters. This not only safeguard the interest of the buyers in the industry but also enhances overall credibility of the build sector and we can already see the example in Lagos State. Those that are involved in the activities of fraud are also running out of the State because they know that there is a search for them in the state.
She said, “The law engages in public awareness campaigns and educating citizens that ought right and responsibility in real estate transactions and this we do through advocacy. As a professional body and with the aim of this conference which gears towards bringing mortgage professionals and real estate stakeholders in Nigeria together, I seek your cooperation through registration of your members that are in Lagos State with the Lagos State Regulatory Authority in order to curb proliferation of fraudulent practices in the real estate sector of the country.
“This is also advised in every state of the Federation to take this act so that Nigeria can be free of fraudulent activities. The investors’ confidence must be restored especially those in the diaspora because they are always afraid to invest their money in the country because of fraudulent practices.
“Moreover, the activities of sharp practices and dubious practitioners must be addressed by the relevant authorities in the industry. I want to use this opportunity to appeal to individuals and organisations operating in the real estate industry in Lagos that belong to professional associations to register with Lagos State Regulatory Authority to curb unprofessionalism, quackery in the build industry.”
Earlier, the president IMBLN, Dachung Bagos said that building industry-academia partnerships is essential to promote robust mortgage finance education in Nigeria.
He noted that jointly developing suitable courses for inclusion in the Curriculum of tertiary institutions is one sure way of achieving this.
The Institute of Mortgage Brokers and Lenders in Nigeria can champion Its immediate implementation through the Association of Vice Chancellors of Nigerian Universities.
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