Why real estate must be redefined – Osinbajo

The Vice President, Yemi Osinbajo, has stressed the need for government at all levels to work together with private sectors so as to redefine the real estate industry for the future in Nigeria.

He gave this advice on Thursday during the commissioning of Phase 1 of the Westlink Iconic Villa, a joint venture project between Odu’a Investment Company Limited and Chapter 4 Estate Management Ltd, involving 67 units of five-bedroom detached; four-bedroom semi-detached duplexes and three-bedroom apartment flats.

The event was held at Alakia in Ibadan, the Oyo State capital.

Osinbajo explained that the project had confirmed that there is a huge opportunity in Nigeria for investments in the real estate industry when government provides an enabling environment.

He said, “I will advise that we look to the private sector for investments to galvanize growth in the sector. The Nigerian business environment has been colored and polarized with lots of challenges spawning fear as a result of insecurity, uncertainty, and political, environmental, and cultural disparities.

“In spite of these challenges, Nigeria is slowly but surely checking the boxes when it comes to the ease of doing business, resulting in the country being one of the topmost hubs for business, trade, and investment.

“Nigeria is ranked 131 out of 190 economies in the world on ease of doing business, according to the latest World Bank ratings. This is an improvement after moving 15 places from 146 in 2018.”

The vice president said in pursuance of the present administration’s goal to further improve Nigeria’s ease of doing business ratings, the President, Major General Muhammadu Buhari (Retd), inaugurated the Presidential Enabling Business Environment Council which was chaired by himself in July 2016.

Osinbajo said, “No doubt, the ease of doing business reforms in Nigeria and the appeal to Nigerians in the diaspora, encouraged what we are seeing here today through this magnificent joint venture project between Odu’a Investment Company Limited and Chapter 4 Estates Management Ltd. UK.”

In his speech, the Oyo State Governor, Seyi Makinde, whose message was delivered by the Deputy Governor, Bayo Lawal, said almost four years after the declaration, it was heartwarming to see that the trust reposed in his government by the business community had continued to wax stronger as more businesses are making the state their preferred destination.

Makinde said, “I am happy to report that on a daily basis, we are beginning to see our vision of an Oyo State lifted from poverty to prosperity materialize fast. In different parts of the city of Ibadan and the state, world-class estates of this nature are springing up, affirming the fact that our determination to take the state to greater heights is a realisable objective.”

In his welcome address, the Group Chairman, of Odu’a Investment Company Ltd, Otunba Abimbola Ashiru, noted that the real estate industry in Nigeria had continued to experience steady growth over the last two decades.

He said, “The next couple of years will be very exciting for the real estate sector, especially with the emergence of a new generation of potential homeowners and renters who are technologically savvy and prioritise comfort.

“One component of the Nigeria property market’s evolution which I believe can make the market more vibrant is an efficient mortgage sector. With the amount of pent-up demand for property in the local market, if the right mortgage terms are available, I believe that originating 100,000 residential mortgages per annum is very possible

We at Odu’a Investment Group are bullish about the immediate future of the Nigeria real estate industry. As one of the largest holders of real estate assets in the country, we see first-hand the immense opportunities across the residential, commercial, and industrial segments of the sector. We plan to develop new and build on existing partnerships to help meet the growing demand for modern and first-class property and living environments.

“Overall, our partnership with Chapter 4 estates management Ltd has been productive, and it demonstrates the value of working with partners who are committed to delivering quality. This is a model that the Odu’a Investment Group believes in, and will continue to pursue for future real estate developments,” Ashiru assured.