The winds of change are blowing through Nigeria’s construction and real estate sector, and industry experts are anticipating a season of stability despite the challenges that have marked recent times. At the recent West African Property Investment (WAPI) summit in Lagos, professionals shared their insights, projecting a balanced outlook for 2024.
A Positive Perspective:
Mr. Oladapo Runsewe, Projects and City Reports Lead at Estate Intel, expressed his optimism about the upcoming year. Drawing on statistics from the Nigerian Bureau of Statistics (NBS), he highlighted a positive trajectory in the real construction sector’s contribution to the GDP in the last quarter. “I think in 2024, things might ease up a bit,” he shared in an interview with LEADERSHIP. “It is going to be balanced, but there must be collaboration between construction industry players and the government to move the sector forward.”
Inflationary Hurdles:
However, the journey is not without its challenges. Mr. Temitope Runsewe, the CEO of Dutum Company Ltd, lamented the impact of high inflation on the real estate sector. In response, he recommended strategic measures such as pre-paying for materials, efficient project management, and careful contractor selection to navigate these inflationary waters.
Resilience Amid Economic Storms:
Mr. Tola Akinhanmi, Head of Real Estate Finance at Stanbic IBTC, commended the sector’s resilience despite the broader economic challenges. “The real estate sector has remained resilient,” he stated. Akinhanmi emphasized the long-term nature of real estate as an asset class, providing crucial infrastructure to support businesses, living spaces, and recreational areas.
Government’s Role in Shaping Tomorrow:
While recognizing the industry’s resilience, Akinhanmi pointed out that the government could play a pivotal role. He suggested creating access to land and investing in infrastructure to support construction and real estate development. “Land availability and infrastructure expansion are key factors in reducing the housing deficit and opening up new areas for development,” he noted.
Looking Ahead To Nigeria’s Construction and Real Estate Landscape in 2024:
As we stand at the cusp of 2024, the construction and real estate landscape in Nigeria appears to be poised for a positive shift. The collaboration between industry players and the government and strategic measures to combat inflation set the stage for a year of balance and growth.
At Dutum Company Ltd, we remain committed to navigating these waters with resilience and innovation. As we face challenges head-on, we strive to contribute to developing Nigeria’s real estate sector, providing quality solutions and contributing to the vision of a thriving and sustainable future.
Stay tuned for more updates as we embark on this exciting journey into the heart of Nigeria’s real estate landscape in 2024.
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