LCCI projects growth for construction sector

The Lagos Chamber of Commerce and Industry has expressed optimism that the construction and real estate sector would respond positively to a rise in investment from people wishing to store value through real estate investment.

The chamber disclosed this in a statement signed by its Director-General, Dr Chinyere Almona.

It noted that the last quarter of 2022 may have witnessed huge investment in this sector that would transmit into real growth in the first quarter of 2023.

The statement also added that the coming onstream of Ajaokuta Steel Company would support solid growth in the construction sector.

It partly read, “The recently approved access to pension funds for mortgage policies can have a positive effect on the real estate sector as more people are able to afford a mortgage to purchase houses. Some of these innovative financing options may support robust growth in connected sectors.

“This, again, calls for best practice regulation by the government to create an enabling environment where private sector operations can thrive. The windfall from the electioneering campaigns by some actors may also find their way into the real estate sector.”

With all this, the chamber projected that the sector can contribute a higher rate than the 5.2 per cent added to the country’s Gross Domestic Product in Q3 2022.