Experts seek more local participation in real estate sector

Released November 29, 2021

Real estate experts have called for the involvement of other local players in the real estate sector.

They also urged the government to give more support to local actors to encourage growth.

The experts spoke at a press conference on the occasion of the seventh edition of the West Africa Property Investment Summit in Lagos.

The Chief Executive Officer, Dutum, Temitope Runsewe, emphasized the importance of government support for local actors.

He said, “It is important for us to get government support. The government needs to be careful about this as our jobs have a ripple effect on GDP. If you give a local construction company, for the most part, the money stays here.

“Support includes providing platforms, opportunities, and funding that will drive us to grow and compete with the overseas companies. Foreign companies get cheap funding of 0-1 percent, while local providers either don’t get the funding, or if we do, over 30 percent a year; You can see it will be a struggle to compete.

“We employ graduates from our local universities, we train local artisans so we can build local capacity and the money is recycled and contributes to GDP growth. But when you give jobs to foreign companies, they do their part and take the money away. ”

For his part, Purple’s chief executive officer Laide Agboola spoke about the role technology plays in the industry and said it would shape growth.

He said, “The market itself is evolving and things are changing. From our point of view, we see the future in technology. But then bricks and mortar are still important to anything that would happen, but then we wave purple in our direction, the technology. ”

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