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Investment in real estate ‘ll reduce unemployment – Lagos Govt

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Mrs Toke Benson-Awoyinka, the Special Adviser to Gov. Babajide Sanwo-Olu of Lagos State on Housing, says investments in real estate sector can guarantee mass employment for Nigerians and enhance economic growth.

Benson-Awoyinka said on Monday in a statement that the Lagos State Real Estate Regulatory Authority (LASRERA) had not relented in its efforts to unearth various opportunities that abound in real estate industry.

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According to her, the state government has come up with several interventions to help bridge the identified gaps among the practitioners, stakeholders and consumers in the industry.

Benson-Awoyinka said the state government had realised that there were genuine real estate practitioners/property developers as well as genuine home and property seekers desirous of credibility in real estate transactions.


The special adviser said there were also fraudulent practitioners, adding that the government was doing everything possible to ward off all fraudulent practitioners in the sector.

“Since inception, LASRERA has made frantic efforts to change the negative image of unscrupulous and fraudulent practices, which bedeviled the sector for years by the activities of a few at the expense of the majority.

“Investing in the real estate sector in Nigeria has become increasingly popular over the last couple of years and has become a common investment thread.

“The state government had realised the need to give this sector of the economy the attention it deserves.


“Worthy of mention is the mass employment capacity in the sector along the entire value chain, from artisans to professionals.

“We call on all to partner with the state government in providing succour to teeming youths yearning to get the requisite training,” she said.

Benson-Awoyinka said in October at the Maiden Policy Roundtable Dialogue, that Sanwo-Olu made some commitments to the practitioners in the industry on the way forward.

“As parts of our efforts toward transforming the industry, LASRERA has leveraged on technology to make it easy for anyone anywhere in the world to access the data of accredited Real Estate Practitioners/ Property Developers and their products upon the touch of a button.


“This is one of the strategies we are using to curb proliferation of uncertified practitioners, quackery and unprofessionalism, which we have observed to be the major challenge confronting growth of the industry,” she said.

The special adviser appealed to investors to team up with the state government, and should not hesitate in communicating to the government areas where intervention were needed to reform the sector.

She said the state government would stop at nothing in initiating interventions that would change the negative narrative in the real estate practice over the years.

Benson-Awoyinka called for investors’ collaborations to create a home ownership model that would address the deficits observed in housing market in the state.


The governor’s aide said this would be done through the Private Public Partnership (PPP) initiative in providing mass housing for the people.

She said: “As the government determines to bridge the housing deficit in the state, we are aware of the state government’s role in not just the provision of houses alone.

“But, also to create an enabling environment for the private sector working hand in hand to a desired end.

“I make bold to stress the commitment of Mr Governor to give the necessary support as a stakeholder in the industry.

“We will make businesses to thrive, and we will relentlessly pursue the sole aim of the government which is the protection of lives and property beginning with the provision of decent and affordable housing for people of our dear state, Lagos.”

According to her, to sanitise the sector, a minimum irreducible standards are expected for it to thrive in the 21st century economy. (NAN)

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