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Advocating for Regulatory Reforms to Enable Affordable Housing in Nigeria

Developers are advocating for enhanced housing regulations to improve citizens' access to land in the housing sector. This call was emphasized during a recent interaction with journalists following a Real Estate/Housing Reporters’ Workshop held in Abuja.
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The workshop, themed “Promoting Real Estate Investment through Informed Media Alliance and Sustained Professionalism,” provided a platform for industry stakeholders to discuss crucial issues.
 
Segun Abolaji, the Managing Director of Leisure Court Estate Limited, highlighted the need for government intervention to address the affordability of land. He pointed out the absence of robust regulation in Nigeria's real estate sector compared to countries like the United States, where land ownership is more regulated. Abolaji emphasized the challenges faced by real estate developers in acquiring land, often facing higher hurdles compared to politicians.
Additionally, Abolaji underscored the impact of rising costs of construction materials, particularly cement, which is mainly imported. He stressed that these escalating costs hinder the feasibility of affordable housing projects.
 
In urging government intervention, Abolaji reiterated the importance of regulating land ownership to facilitate affordable housing initiatives. He also highlighted the need to address profit-oriented practices that drive up housing costs, making it challenging for practitioners to deliver affordable options.
 
In summary, developers are calling for regulatory reforms to streamline land acquisition processes, reduce construction costs, and promote affordable housing solutions in Nigeria.
 
Source: PunchNG

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