Nigeria’s real estate sector holds immense potential to drive economic growth and provide employment opportunities, according to Dr. Niyi Adeleye, President and Chief Executive Officer of Perfection Real Estate Group. Speaking with Berexnews recently, Dr. Adeleye emphasised that a well-structured real estate sector could significantly boost homeownership rates while contributing to national development.
He pointed out the fact that real estate is a key driver of economic activity, as it stimulates various industries, including construction, manufacturing, finance, and professional services. “The real estate industry is more than just building houses; it encompasses a broad range of economic activities that generate employment for millions of Nigerians. From architects and engineers to artisans and real estate agents, the sector creates jobs at every level,” he stated.
Adeleye noted that Nigeria’s housing deficit remains a pressing challenge, but with the right strategies, this challenge can be turned into an opportunity for economic expansion. He stressed that the private sector, in collaboration with the government, has a crucial role to play in addressing the housing needs of millions of Nigerians while fostering economic growth.
“Perfection Real Estate Group has been at the forefront of developing innovative housing solutions, including serviced apartments in Osoroko, Ibeju Lekki, Lagos. Our approach is centered on empowerment, ensuring that individuals who would otherwise struggle to own homes can do so through flexible and innovative real estate solutions,” he explained.
Also, he pointed out that real estate investment generates revenue for the government through taxes, levies, and land use charges. “A thriving real estate sector contributes significantly to internally generated revenue, which governments can reinvest in infrastructure and social amenities. Additionally, real estate developments lead to improved urbanisation and better living standards, further enhancing economic productivity,” he said.
Discussing the financial aspect, he reiterated that access to affordable financing remains a major challenge for prospective homeowners. He called for improved mortgage solutions and lower interest rates to make homeownership more accessible. “Financial institutions must develop more inclusive mortgage solutions that cater to the needs of the average Nigerian. Without affordable financing options, many will continue to be excluded from the housing market,” he noted.
He further stressed the importance of government intervention in making land acquisition and approval processes more efficient. “Bureaucratic bottlenecks in land registration and approvals discourage investments and slow down the pace of real estate development. The government must create a more enabling environment by simplifying these processes and ensuring transparency in land administration,” he stated.
Also, he highlighted need for skill development within the sector to ensure a steady supply of qualified professionals. “We must invest in training programs to equip young Nigerians with the necessary skills to thrive in real estate and construction. By doing so, we can reduce unemployment and create sustainable livelihoods for many,” he said.
He reiterated that real estate development should not be seen in isolation but as an integral part of national economic planning. “When the real estate sector thrives, it drives demand in other industries, from cement production to furniture manufacturing. This ripple effect leads to broader economic expansion and increased prosperity,” he explained.
Looking at the future, he expressed optimism that with the right policies and private sector participation, Nigeria’s real estate sector could become a major pillar of economic transformation. “A collaborative approach is the only way to achieve sustainable growth in the sector. Government policies, private sector initiatives, and financial support must align to make real estate accessible to more Nigerians,” he added.
