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Stakeholders want legislative encouragement and growth incentives for the real estate sector.

October 7, 2022, 8:29 pm News Seen: 306
Stakeholders want legislative encouragement and growth incentives for the real estate sector.
Udom Emmanuel, the governor of Akwa Ibom State, called for policy assistance to encourage the use of regional building materials and incentives that will spur further expansion in the real estate sector yesterday.

The Federal Housing Authority, Purple, Yahshud, Homework Group, Elan Orris Real Estate, and Sabre Works Services were among the sponsors of the two-day "Recovery" real estate conference that he delivered the keynote address at. The conference was organized by Thinkmint Nigeria and Thinkmint Europe.

The sector, according to the governor, is a crucial gauge of an economy's health; if there are no construction projects underway, the economy is in poor shape.

However, he bemoaned the high price of cement and emphasized that, with the exception of sand, almost everything required for building construction in Nigeria is imported.

He asserts that the sector is under strain because of an over-reliance on the importation of building supplies.

Emmanuel, the special guest of honor, urged the government at all levels to create an environment that will support the local production of building materials while also encouraging the people to value local materials. He was represented by the state's Commissioner for Information and Strategy and Ememobong.

In his keynote talk, Turner and Townsend Project Director Bruce Haswell urged the Nigerian government to curb growing inflation, boost retail and residential development, encourage green building options, and make the nation more appealing for foreign direct investment.

According to Haswell, the construction industry's top three problems are the rising cost of materials, a lack of skilled labor, and traffic jams.

When compared to 88 other cities assessed internationally in 2022, he found Lagos to be the 56th most expensive city to build in, making it the most costly place to develop in Africa at $2,056 per square metre.

The event, which offered networking opportunities, learning opportunities, and opportunities for transactions through a wide range of discussions, networking receptions, an investors' forum, an award ceremony, and an exhibition, according to Thinkmint Nigeria and Thinkmint Europe's managing partner, Melenda Olaoye-Usoro, would improve efforts to develop the sector.
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Stakeholders want legislative encouragement and growth incentives for the real estate sector.

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