Abuja — A foremost housing development advocacy group, Housing Development Advocacy Network (HDAN), has said the rising spate of insecurity in the country is hitting the real estate sector hard.
Alarmed by the security situation, the group warned that the sector will soon be grounded if nothing urgent is done to tackle the menace.
The executive director of the group, Barr Festus Adebayo, speaking during an interview with newsmen in Abuja on Wednesday said foreign investors are shunning the real estate sector because of the high spate of insecurity.
He, however, called on the federal government to act fast to solve the menace.
According to him, "At the moment, foreign investors are shunning our real estate sector because of the level of insecurity. The federal government must act fast to end this menace."
The housing development advocate who is also the host of the popular Housing Development programme on AIT and TVC said "Insecurity made Twitter take its regional headquarters to Ghana, ignoring Nigeria with the largest Twitter community in Africa.
He said, "As you are most aware, the United States has warned its nationals against traveling to Nigeria. As an organisation, we are worried that insecurity is adversely affecting the real estate sector, the highest employer of labour and contributor to the GDP in the industrialised countries like Canada and the USA.
"We are of the view that the federal government, elder statesmen, and state governments should come together to deliberate and tackle the security challenges bedeviling Nigeria. We are urging that in the interest of real estate development, and the economy as a whole this menace should be addressed."
He said the investment climate to attract investors does not appear to be friendly.
The level of insecurity in different parts of the country, according to him, has negative effects on real estate development in Nigeria.
He said the security challenges may worsen the housing deficit in Nigeria.
"We are of the view that with the perpetuation of the security challenges, the housing deficit of 22 million as of 2019, may worsen as real estate investment dropping due to the crisis," he said.