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REDAN as catalyst to rejig the economy

Real estate development is a key driver of economic growth in any region, and Africa is no different. Organizations like the Real Estate Developers Association of Nigeria (REDAN) and similar bodies across the continent play a significant role in providing housing, commercial spaces, and essential infrastructure that underpin economic progress. Under the leadership of Prince Barrister Akintoye Adeoye, REDAN and its dynamic executive team have the potential to revitalize Nigeria’s economy if supported effectively.
As Nigeria faces urbanization and population growth, the demand for housing and infrastructure has surged, prompting collaborations between the government and private sector to meet these challenges and promote sustainable real estate development.
 
Housing is a fundamental need for everyone, contributing to social stability and economic productivity. Additionally, the housing sector generates diverse employment opportunities, both directly and indirectly. In this context, REDAN acts as a catalyst for positive change in the real estate sector. Their involvement in policy formulation, regulation, and strategic land-use planning lays the groundwork for responsible and sustainable development, not just in Nigeria, but across Africa.
As Nigeria continues to evolve, the policies crafted by organizations like REDAN are crucial in shaping the resilience and character of the built environment. In a continent where the demand for affordable housing far exceeds supply, REDAN stands ready to lead efforts in making housing more accessible and affordable across the nation.
 
10 Things Every Nigerian Tenant Should Know
 
Nigeria’s housing deficit, driven by rapid urbanization, population growth, and economic factors, is a complex issue. Affordable housing, a vital component of sustainable development, is urgently needed by millions across the continent. Estimates suggest that Nigeria’s housing deficit could be as high as 50 million, underscoring the need for strategic actions by REDAN and similar associations across Africa to bridge this gap.
 
A collaborative approach, where the government creates an enabling environment for REDAN, could have a significant economic impact. One of the most effective ways REDAN can promote affordable housing is through strategic partnerships. By working with public and private entities, they can unlock resources, streamline regulatory processes, and implement large-scale affordable housing projects. Collaborations with governments, financial institutions, and international organizations position REDAN to play a pivotal role in tackling housing challenges.
 
The government must also reassess the strategies for housing development to achieve the desired outcomes. REDAN should actively engage with professional bodies and advocate for industry-friendly policies that affect not only Nigeria’s real estate sector but also the broader African market. REDAN must collaborate with professional organizations to foster a more inclusive regulatory framework. This collaboration should extend to engaging with government bodies on policies that support real estate development, as well as with professionals such as realtors, architects, engineers, and surveyors. By sharing expertise and addressing challenges collectively, African nations can elevate the real estate sector.
 
 
If the government partners with REDAN effectively, significant financial benefits could be realized without placing additional pressure on the public. For instance, the billions of naira locked up in property registration and administration across Nigeria could be unlocked with the right government initiatives. As a self-regulatory organization, REDAN has undertaken initiatives to pragmatically address the housing shortage, but these efforts have faced challenges due to misconceptions and lack of political support. A key issue is the involvement of the government in real estate transactions, as mandated by outdated laws like the Nigeria Land Use Act of 1978, which requires urgent reform.
 
Advocating for the removal of the Land Use Act from Nigeria’s constitution is a crucial step toward improving land administration and management. The current entanglement of this document within a rigid constitutional framework hinders the growth of the real estate sector in Nigeria.
 
The future of real estate in Nigeria is starting to show promise with recent developments, such as the inauguration of the Land Reform Task Team under the Renewed Hope Agenda of President Bola Ahmed Tinubu. This initiative, led by Rev. Dr. Surv. Ugochukwu Chime, a former REDAN president, aims to align land administration with national socio-economic goals.
Similarly, the outgoing REDAN president, Alh. (Dr.) Aliyu Oroji Wamako, has been appointed to the Housing Institutions Reform Task Team, a commendable move by the Federal Ministry of Housing and Urban Development that recognizes REDAN’s vital role in the sector.
 
In the dynamic world of real estate, REDAN has a unique opportunity to drive innovation, foster real development, and contribute to financial growth across Nigeria and Africa. With their experience, REDAN can pioneer innovative financing solutions such as impact investments, housing bonds, and public-private partnerships. However, the competitive business environment in Africa has slowed progress in many industries, including real estate.
 
Source: TheGuardian

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