Adebayo Adenrele
The Nigerian Institution of Estate Surveyors and Valuers, Ekiti State branch, has described the economic instability in the country as the bane of real estate development in Nigeria urging government to do everything possible to build the economy.
At the 2022 National Mandatory Continuing Professional Development (MCPD) Seminar in Ado-Ekiti, a University Don in the Department of Estate Management, Federal University, Oye-Ekiti, Professor Ayodele Olatunji has said that poor economy has been a major factor killing the estate business in the Country.
Speaking at the Seminar themed, “Effects of National economic instability on real estate investment”, he noted that due attention should be paid to curb the influences of national economic instability especially, inflation, interest rate, unemployment and exchange rate.
The Don thereby called on the National Assembly to consider all items in the 2023 budget to address the effects.
He said:”Due attention should be paid to curb the influences of agents of national economic instability especially, inflation interest rate, unemployment and exchange rate.
“The National Assembly should consider all items in the 2023 Budget proposals that would optimize the identified agents.” He stated
On his part, another resource person, ESV Rufus Olugboyega Akerele attributed the future Nigerian economy to the development of the real estate practice.
He thereby recommended political stability, provision of adequate incentive systems, adequate infrastructures, developmental finance and credit facilities as major solutions to the problems.
“While the future of the Nigerian Economy resides in the development of the real estate practice, various problems confronting practitioners currently are hindering the growth and development of the real estate practice, various problems confronting practitioners currently are hindering the growth and development of the real estate sector.
“Without mincing words, most of these problems can be overcome by Political stability, provision of adequate incentive systems, adequate infrastructures, developmental finance and credit facilities.” He said
In their messages, the State Chairman of the Mandatory Compulsory Continuing Professional Development, the Nigeria Institute of Estate Surveyors, Mr. Christopher Ijagbemi and the branch Chairman, Dr. Sunday Olajide noted that the practices of estate surveying and valuation is determined by the broader economic.
According to them, the seminar is aimed at brainstorming on how to operate successfully amidst the poor economy and the need to suggest way out to government so as to ensure better development.