Nigerian real estate sector recorded the fastest growth yet since 2016 at -2.36 percent for the year ended December 2019, the fourth-quarter report by the National Bureau of Statistics (NBS) shows.

Despite ending 2019 in contraction mode, the growth reported by the property sector last year was 4.5 points better than the -6.86 percent recorded in the comparable period of 2016, the year NBS started collating data for the industry.

The adjustment to the new balance between property buyers and sellers was one of the factors why the property industry outperformed its growth performance in the last three years, as compiled from an industry survey.

In the opinion of Founder and Chief Executive Officer of Samitheo Network Company, a real estate company, Samuel O. Folusho, “Developers are coming to the market with products that are within the reach of today’s consumer. With renewed competition in the sector consumers are assailed with competitive options thus making prices more affordable.”

Nigerian economy grew the fastest since the recession in 2016. It’s GDP expanded by 2.27 percent in 2019, higher than the 1.91 percent growth reported in 2018. This was largely supported by the growth recorded in the final quarter of last year at 2.25 percent, the strongest level since Q3 2015.

While Nigeria’s GDP outperformed the World Bank and IMF predictions of 2.0 percent and 2.1 percent receptively, the non-oil sector remained the key driver of growth in Q4’19,  a sign that Nigeria has not succeeded in its economic diversification drive.

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Samuel Folusho posits that real estate is the most important sector to create jobs and alleviate unemployment.

“No other sector can have the multiplier effect of real estate and no other sector can compensate if real estate languishes. Real estate is more lucrative than oil and gas because the worth of the asset increases exponentially over the years and never depreciates. In contrast, the assets in oil and gas sometimes depreciate.” he said.

Samuel O Folusho who hails from Modakeke local area of Osun State, Nigeria incorporated his real estate company, Samitheo Network Company in 2016 under the Companies and Allied Matters Act of 1990 of the Nigerian Corporate Affairs Commission.

He was born August 8, 1993. He is an alumnus of the University of Lagos with a BSC degree in business administration.

His company, Samitheo Network Company operates from Lekki, Ajah axis in Eti-Osa local government area of Lagos.

Vanguard