The Federal Government has been urged to provide support for the real estate sector so as to enable the country meet its housing deficit.
Given the 22 million housing deficit, government support has become imperative as it will go a long way in solving real estate challenges in the country, President of BSTAN Group, a real estate firm, Dr. Becky Olubukola said
Olubukola made the plea while addressing pressmen in her Abuja office saying that the real estate business has the potential to grow the Nigerian economy
Dr. Olubukola for a while now has been canvassing with other stakeholders in the industry for the Government to concentrate on the real estate sector.
According to her, Nigeria as a Nation must do better to cater to its citizens, especially in the area of affordable housing.
“The government must aggressively engage the private sector in resolving Nigeria’s housing and property ownership issues.
“A policy framework in terms of supportive regulations and increased access to financing would provide the real estate sector with much-needed stability and development. The government can concentrate on providing geographic incentives like tax breaks, grants, and major reductions to incentivize property developers to build in semi-urban and fewer luxury locales, making it simpler for Nigerians to buy houses.”
BSTAN CEO added that: “2020 was an unusual year in the history of mankind, everyone around the world dashed into the year with bags of dreams and wishful thinking.
“What seemed like a prosperous year quickly turned into a year of global disaster, and everyone was fighting and struggling to stay alive.
“There was a standstill for months during the lockdown and staggering businesses were quick to collapse, people lost their jobs, a lot of people got evicted from their homes, life comes at us fast.”
It’s also on record that even before the pandemic year, HRH (DR.) Olubukola has been advocating for quality and affordable housing for the over 14 million homeless Nigerians. She saw the future when she implored the Government to invest in the real estate sector, as it can boost Nigeria’s GDP by 30 to 35 percent.
Speaking on the issue of lack of employment and insecurity in the country Dr. Olubukola stated that an investment in the real estate sector is an investment in security, youth empowerment, job security, and health care. Most people fall sick from living in an unhealthy environment. That explains the quality of IDPs’ health.
“It is tough to claim that shelter is not a basic human necessity. Everyone in our society should have the right to decent, affordable homes. The explanation is simple: without a secure home, all else crumbles. Housing, along with food and clothes, is usually recognized as one of the most basic human necessities. It is also a major indicator of a person’s level of life and, in some cases, of a person’s place or standing in society.
According to Dr. Olubukola it is the first and most essential of all rights; stressing that housing is now a right because of the importance attached to its provision, as well as the fact that housing, in all its ramifications, is more than just shelter because it encompasses all social services and utilities that contribute to making a community or neighborhood a livable environment.
“The Abuja real estate sector is volatile, and the Government isn’t making things easy. If Nigeria must solve the 22 million housing deficit. The government must partner with Stakeholders such as BSTAN Group to power our housing sector and boost our GDP by 35 percent.”
