At the 16th Annual General Meeting of the Real Estate Developers Association of Nigeria (REDAN), held in Uyo, Akwa Ibom State, Prince Akintoye Adeoye, the association’s president, made a compelling appeal to the federal, state, and local governments to eliminate barriers hindering the growth of Nigeria’s real estate sector. He highlighted that the current challenges in land acquisition have significantly slowed down investment and innovation in the sector.
Adeoye emphasized that improving the efficiency of land acquisition processes is crucial for unlocking the potential of the real estate market. He urged the government to simplify the procedures, reduce the associated costs, and harmonize regulations across different states. “Land remains the most critical asset in real estate. Without transparent and efficient land administration, we will continue to face setbacks,” he said.
The REDAN president also called for government incentives to attract private investment in housing development, particularly in affordable housing, to address Nigeria’s pressing housing shortage. He believes the real estate industry can play a key role in tackling unemployment and fostering economic growth by providing job opportunities for the youth.
Furthermore, Adeoye urged professional bodies in the construction and real estate industries to join forces with REDAN in pushing for the passage of the Real Estate (Regulation and Development) Bill. He explained that the bill is not about control, but about establishing a regulatory framework to ensure accountability, trust, and protection for all stakeholders, including developers, buyers, and financiers.
