'Real estate is the key to ending Nigeria's recession', President tells FG

It is no secret that Nigeria is in a deep economic recession. Hopefully, this could change if the Federal Government takes this advice.

The Nigeria Institution of Estate Surveyors & Valuers (NIESV), President, Dr. Bolarinde Patunola-Ajayi, has offered the real estate sector as the solution to this crisis, The Nation reports.

According to the NIESV president, the Federal Government needs to take advantage of this sector as the key to putting an end to this recession.

He made his case with these words, "Real estate business is about management of all land resources which give the support for all activities of man. Every business is done on land, human life and basic needs are dependent on land; hence Nigeria must pay attention to real estate, except we are not prepared to come out of our economic woes.

Real Estate investment is the pedestal for economic development and growth, and many developing nations that understand this,like Singapore, Dubai, and others have seen the positive impact on their economies.”

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Based on this argument, Patunola-Ajayi urged the government to invest in the sector by reducing the rates of infrastructure, building plans.

He added that doing this would encourage developers, and investors, which would pay off in the long run.

The president said that more money could be generated if the government managed land information properly.

He also called for more government housing programmes, adding that this would improve the lives of Nigerians, and make money because real estate value increases with time.

Do you agree that real estate is the solution to Nigeria's recession?