Founder of TheWitness, Mr. Ugodre Obi-Chukwu has stated that like other developed economies, the real estate sector should be the foundation of Nigeria’s economic growth rather than crude oil or technology.
Mr. Ugodre stated this as one of the guest speakers during the Real Estate Nexus Conference (1.0) while speaking on the topic “Forecast for real-estate financing in Nigeria”.
In his words,
While highlighting the contribution of Nigeria’s real estate industry to the overall economy in the last quarter, Mr Ugodre stated that the under 2% growth rate in the last three quarters is too meagre for a critical sector with so much potential like real estate.
He further alluded to the probable causes of the slow growth in the sector to the current macroeconomic realities in Nigeria concerning high inflation, high-interest rates, cost of building materials, etc.
He stated,
He further explained that inflation and interest rates are the major factors affecting growth in Nigeria’s real estate sector and if they continue to increase, it is not going to be good for the industry.
