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Lagos aims for 20% real estate contribution to GDP

Daniel Adaji, Abuja

Lagos State Governor Babajide Sanwo-Olu has introduced the state’s ambition to extend the true property sector’s contribution to the Gross Home Product from 5-6 % to 15-20 %.

Talking on the inauguration of the twenty sixth President and Chairman of the Council of the Nigerian Establishment of Property Surveyors and Valuers, Victor Alonge, on Monday in Abuja, Sanwo-Olu urged the establishment to work collectively to take the true property sector to the subsequent degree.

“All of us have a task to play in taking this career to the subsequent degree. I urge you to assist and encourage your membership, recognizing that we’re all on the identical workforce,” he stated.

The Governor famous that Lagos, which has the biggest variety of NIESV members throughout the federation, is aiming to extend the contribution of the true property sector to the GDP.

“Our land use tax, although low, has attracted actual property funding and expenditure. We goal to extend our GDP contribution from 5-6 % to 15-20 % of actual property,” he added.

Senate President Godswill Akpabio additionally referred to as on the NIESV to take the lead in tackling the exploitation of tenants by actual property brokers.

Akpabio confused the necessity for the establishment to result in integrity and self-discipline within the sector.

“I implore you to take the lead in curbing the exploitation of tenants by brokers and establishing integrity and self-discipline within the sector,” he stated.

He recommended the establishment for its dedication to excellence and repair to humanity and congratulated Alonge and his council for his or her achievements.

Akpabio confused the significance of partnerships and integrity to realize sustainable growth and prosperity for all Nigerians.

“Allow us to pave a path to a Nigeria that’s simply, inclusive and affluent for all,” he stated.

Alonge reiterated the establishment’s dedication to financial progress and growth of the nation.

“The message is that our relevance is actual, that our position as drivers of financial growth will not be in query, neither is it exaggerated. We might not function from the backseat,” Alonge stated.

He confused the necessity for the establishment to play a vital position in influencing authorities insurance policies and formulation, stating: “Any more, we should play a vital position in influencing, formulating and implementing insurance policies that instantly have an effect on our career. That may be a aim to which we should be totally dedicated.”

The establishment had earlier promised to develop a mannequin for efficient upkeep of residential infrastructure in Lagos and the remainder of the nation, which is able to create employment alternatives for its members.

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