Governor Babajide Sanwo-Olu of Lagos State has announced an ambitious plan to boost the state’s Gross Domestic Product (GDP) contribution from the real estate sector, raising it from the current 5 to 6 percent to an impressive 15 to 20 percent. This significant move aims to harness the potential of the real estate industry to drive economic growth and development in Lagos.
Speaking at the inauguration of ESV Victor Alonge as the 26th President and Chairman of the Council of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), held at the Banquet Hall, Presidential Villa, Abuja, Governor Sanwo-Olu emphasized the critical role of real estate in the state’s economic strategy. He urged the institution to collaborate closely with the government to elevate the profession and maximize its contributions to the economy.
Governor Sanwo-Olu’s Vision for Real Estate Growth
Governor Sanwo-Olu outlined his administration’s vision for the real estate sector, highlighting several key initiatives aimed at achieving this ambitious target:
- Policy Reforms: Implementing policy reforms to create a more conducive environment for real estate development and investment.
- Infrastructure Development: Prioritizing infrastructure projects that enhance the value of real estate assets and attract both local and international investors.
- Public-Private Partnerships: Encouraging public-private partnerships to leverage private sector expertise and capital in real estate projects.
- Capacity Building: Investing in capacity building for real estate professionals to ensure they have the skills and knowledge to drive the sector forward.
- Technology Integration: Promoting the use of technology and innovation in real estate practices to improve efficiency and transparency.
A Call to Action for Real Estate Professionals
Governor Sanwo-Olu’s call to action resonated with the attendees, emphasizing the importance of collaboration and proactive engagement within the industry. He urged NIESV members to embrace the challenge and work together to transform the real estate landscape in Lagos.
“Together, we can take the real estate profession to the next level. The potential for growth is immense, and with the right policies, investments, and commitment, we can achieve our goal of increasing the GDP contribution from real estate to 20 percent,” Sanwo-Olu stated.
Inauguration of ESV Victor Alonge
The event also marked the inauguration of ESV Victor Alonge as the 26th President and Chairman of the Council of NIESV. In his acceptance speech, Alonge expressed his gratitude for the trust placed in him and outlined his vision for the institution. He pledged to work closely with stakeholders to advance the profession and contribute to the realization of the state’s economic goals.
Conclusion
The real estate sector in Lagos is poised for a transformative period of growth and development. Governor Sanwo-Olu’s ambitious plan to significantly increase its GDP contribution underscores the strategic importance of real estate in driving economic prosperity. As the industry rallies behind this vision, Lagos is set to become a hub of real estate innovation and investment, benefiting both the state and its residents.
For more updates on the real estate sector and other news, stay tuned to the Gafford Property and Homes blog.
