The Chief Executive Officer of The Azaria Hotel & Apartments, Ayodeji Fashanu has applauded the Federal Government’s review of the Land Use Act saying that the development is already having a positive impact on the real estate sector.
Speaking at a stakeholders’ forum organised by the Lagos State Government, Mr. Fashanu noted that for a very long time, the Land Use Act, had posed significant impediment to the growth of the real estate sector.
The real estate guru added that the simplification of land documentation occasioned by the review, has reduced bureaucratic bottlenecks, making it easier for developers to embark on projects and for individuals to acquire property.
He said: “One of the standout developments has been the ongoing review of the Land Use Act, a legal framework that has traditionally slowed down land acquisition processes.
“The government’s efforts to streamline land title acquisition and make land registration more efficient have begun yielding results. The simplification of land documentation has reduced bureaucratic bottlenecks, making it easier for developers to embark on projects and for individuals to acquire property.”
Fashanu also lauded the Federal Government for expanding the National Housing Fund (NHF), allowing more Nigerians to access low-interest mortgages.
“Coupled with an increasing number of public-private partnerships (PPPs), these initiatives are helping to bridge the housing gap, especially in urban centres like Lagos and Abuja.
“By partnering with private developers, the government is ensuring that more Nigerians have access to affordable housing, while also improving the infrastructure around residential areas,” he added.
On emerging challenges and opportunities in the real estate sector, Fashanu said: “While 2022 has brought significant advancements in technology and policy, the real estate sector is not without its challenges.
“Nigeria continues to face issues related to unreliable power supply, inadequate infrastructure, and a volatile economic environment. These factors limit the pace of real estate development, particularly in rural areas and emerging markets.
“Nonetheless, there is a growing interest in renewable energy and sustainable building solutions, as developers seek to address power supply challenges through solar and hybrid power systems. The government’s ongoing investment in infrastructure, including roads and power grids, is expected to create a more conducive environment for real estate development in the coming years.”
