Dr. Biodun Adedipe, the Chief Consultant of B. Adedipe Associates Limited (BAA), has advised the federal government to see the real estate sector as a key player in boosting the country’s economic growth.
 He gave this advice during his keynote speech at the Nigerian British Chamber of Commerce’s Real Estate Outlook 2024 event, which focused on upcoming opportunities in the real estate sector.
Adedipe emphasized that although the real estate sector currently contributes only a small portion to the GDP, it holds significant potential for growth. He explained that when a sector’s contribution to the GDP decreases, it indicates opportunities for improvement and expansion.
He stressed the importance of monitoring both the real estate and stock market sectors as indicators of the economy’s future direction. Adedipe referenced a World Bank study that highlighted the real estate sector’s impact on economic stability, noting its significant role.
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Mr. Ray Atelly, the President of NBCC, underscored the importance of sharing knowledge to encourage investment in Nigeria’s real estate sector. He acknowledged challenges such as high inflation affecting the affordability of housing materials and called for innovative solutions from the banking sector to address the gap in consumer loans.
The Special Adviser to Lagos State Governor on Housing, Ms. Barakat Odunuga-Bakare, in her special guest address, said that the state government was providing a regulatory environment that would create opportunities in the real estate and engender collaboration between the private and public sectors in order to provide affordable housing to Lagosians.
She advised developers in the state to register with the Lagos State Real Estate Regulatory Authority.
With the evolving landscape of real estate platforms in Nigeria, platforms like Krent remain committed to driving positive change and facilitating access to affordable housing solutions across Nigeria.
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