Stakeholders set to take advantage of PWC projection

Facility managers in Nigeria gathered to brain storm on the way forward, and how their impact can be felt in the country.

Speaking at the event, Former Attorney-General and Commissioner for Justice in Lagos State, Supo Shasore (SAN), said “The country’s core infrastructure stock is estimated at only 35-40 per cent of GDP, in contrast to international benchmarks of 70 per cent of GDP.  This low value has been driven by historically low public and private spending on infrastructure.”

He also decried the ranking of Nigeria as the 134th economy in the world by the World Economic Forum Global Competitiveness Report 2014-15.

Lending his voice, Managing Director, Alpha Mead Facilities and Management Services Limited, Femi Akintunde said 'Going by PWC revelation and the quest to meet the vision 2020 target, a lot needs to be done towards improved public infrastructure to drive the required positive change in the real estate and facilities management industry, in addition to improving the living condition of the average Nigerian. For the facilities management and real estate sectors to contribute meaningfully to the economy, practitioners must embrace global standards and best practices in the execution of projects.'

You will recall that PricewaterhouseCoopers projected that there will be an increase in the contribution made by the real estate sector to Nigeria’s GDP-Gross domestic product.

The firm projected an increase from $9.16 billion to $13.65 billion by next year, adding that it is dependent on the creation of favourable policies.