Poor infrastructure erodes real estate development in Nigeria —Founder, Nedcomoaks Limited

By Uwana Akpan

Founder and Chief Executive Officer, Nedcomoaks Limited, Kennedy Okonkwo has said poor infrastructure to access land is part of the challenges mitigating the growth and development of the real estate sector in the country.

According to him, developing road infrastructure would definitely heighten or improved interconnectivity and socio-economic development of the nation and also pave easy access to land.

Speaking in Lagos, with journalists during launch and official hand over of Victoria Crest homes to new managements, he said the sector is a significant part of the rebuilding process of the nation’s economy post-COVID-19, therefore, there is need for government to review the sector, sanitize and regulate the industry.

He, however, said government alone cannot handle real sector, and they should be involved with the real players in the industry in their policy-making if the sector must grow.

He added that every effort would be counterproductive if government does not see the need to be involved with the real players of the industry.

He emphasized on the need for government to provide land to developers at a reduced cost to build low-cost houses which would help provide affordable housing for people.

According to him, “What is the number of houses the Government builds in a year? What number of houses do private individuals build in a year? If you check it, you’ll see that there is still a lot that can be done. We pray that the government will begin to provide land to developers at  reduced cost so that they can build low-cost houses.

“The truth of the matter is that Lagos population is increasing at an alarming rate, therefore, there is need for government to come up with a housing plan that even low-income earners can afford.”