Developers Lament Forex, Building Materials Costs

Managing director of Neelds Realty Limited, Ustadz Abubakar Muhammed, has said unstable forex and cost of building materials are limiting the potential of real estate sector.

Muhammed stated this at the unveiling and handover of Neelds Realty Place 1 in Abuja.

He said the project was conceptualised to make a difference in the sector, adding that it was conceived to meet global standards.

The chairman of the board of directors of Neelds Realty, Alhaji Mustapha Bintube, said unstable forex remains a great challenge to the built industry.

He said but for the doggedness and intuitive of the MD, the project would have been hampered by fluctuating forex market.

Furthermore, Bintube said the project though was envisioned for a period of 12 months, it became a two years project due to unstable economic environment. 

Muhammed said the unstable forex had affected the project.

“The real estate sector is the hardest hit when it comes to forex and access to finance and access to affordable building materials.

“We conceptualised this project with the thought of what we can do to make a difference in the landscape. something that will bring us to the limelight; something that meets the standards and the needs of the family and a place that you find value in,” he added.

He said the real estate sector though interesting; its success depends on integrity.

“This industry is such an interesting one, it is built on integrity”.

He called on the government to ensure easy access to finance and provide grants to real estate developers.

“The government should ensure ease of accessibility to financing for projects, I know for a fact finance plays a huge role in projects like this and there is need for some level of regulation on cost of building materials even though it’s private sector driven,” he added.

Present at the event were the emir of Kano, Alhaji Aminu Ado Bayero, former governor of Imo State, Senator Rochas Okorocha; Nollywood Star, Chief Chinedu Ikedieze; members of the diplomatic corps, including the representatives of Moroccan Embassy in Nigeria among others.