REDAN evaluates opportunities for employment generation

0

By Qouzeem Safiriyu

The Real Estate Developers Association of Nigeria has evaluated opportunities in its sector for employment generation at a 2-day intensive workshop for Real Estate Developers, organized in collaboration with Centre for Housing Studies University of Lagos.redan

Speaking at the event, the President of Real Estate Development Association (REDAN) , Rev Ugochukwu Chime stated that he was optimistic the real estate sector offered the fastest means of resolving the current economic problems especially youth employment which currently stands at over 60 per cent.

Also speaking on the theme, “Real Estate Value Chain Enhancement for Increased Economic Growth Inclusiveness and Employment Generation”, the Acting Managing Director of Federal Mortgage Bank of Nigeria (FMBN), Mr Richards Essien represented by the General Manager Operations, Mrs Mojisola Babatunde disclosed that real estate development could be a platform for the positive transformation of Nigerian economy as the deployment of new construction technology and alternative building materials would reduce the cost of construction and delivery.

Corroborating these speakers, Professor Timothy Nubi in a keynote address described housing as a driver of economic development which could generate expenditures outside the sector as it accounts for a significant portion of the country’s annual Gross Domestic Product (GDP).

Speaking further, he said “Housing and real estate asset classification leads to greater market efficiency, stability and liquidity while housing construction in low income neighbourhoods is a stimulus to creation of small businesses.’’

He further described housing as key to poverty alleviation, health, humanitarian relief, reconstruction and a strong motivator for saving and investment.

Nubi, a Professor of Housing and Urban Regeneration, however highlighted constraints in the real estate value chain as absence of clear property and security rights and mandatory governors’ consent for all land transactions amid inefficient land management system, high cost of land finance, absence of long-term mortgage and housing delivery models, absence of quality assurance framework, artisan construction and absence of community management to preserve asset value among others.

On his part, Chime stated that absence of effective interaction, coordinated action coupled with competency gap among all stakeholders in real estate sector impacted negatively on all efforts to harness the sector’s potentials for economic growth and huge GDP contribution.

Revealing their laudable efforts, he revealed that REDAN had greatly restructured its guidelines, processes and templates as well as enacted strict code of conduct to ensure quality membership and service delivery.

On the other hand, the Minister of Power, Works and Housing, Fashola who was represented by the Director, Building and Quantity Surveying Department in the Ministry, Mrs Salma Yusuf Mohammed enjoined REDAN to partner with professionals to motivate the teeming youths which he believed would lead to increase in per capital income and the Gross Domestic Product ( GDP ).

Prof. Nubi also called for the intervention of the three tiers of government, to bridge housing constraints and stimulate economic growth. The event was closed with the REDAN 2016 Annual general meeting at Musa Yar’adua center, Abuja.