12 March 2018

Nigeria: 'Inconsistent Policies Drive Away Investors From Housing Sector'

Abeokuta — A property developer, Messrs Symphony Garden City has lamented that foreign investors are not keen on investing in the housing industry because of the existing strict and inconsistent government policies in Nigerian housing sector.

Managing Director of Symphony Garden City, Lagos, Mr. Bola Adeboye who stated this at a seminar on the proposed symphony Garden Estate at Ogudu, area of Lagos State, decried the rate at which both foreign and local investors in the housing industry are moving their investments from the country to other African countries.

He warned that unless the situation is reversed, investors would keep on avoiding the sector.

"Governments of some countries have less than 5 per cent interference in housing unlike Nigeria where government influence is over 80 per cent. Governments should deregulate, they should give room for professionals on the field", he said.

He therefore appealed to the Federal government to deregulate as well as avoid any interference in the operation of the housing industry.

Adeboye also advised government to embark on various housing schemes in order to address the housing deficit in the country. He explained that the garden City would provide all social amenities, such as good road, recreation centre, club house, schools among others in the estate.

Nigeria

Islamic State Sneaking Extremists From Syria Into Nigeria - Report

Leaders of Islamic State (IS) are sneaking battle-hardened extremists from Syria into Nigeria, UK Sun reported Monday,… Read more »

See What Everyone is Watching

Copyright © 2018 The Guardian. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 800 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.