By Kingsley Adegboye

Built environment professionals who gathered at the just concluded UPDC 4th annual real estate summit have canvassed the need for well-planned communities in the face of expanding cities and rising populations across the country.
The one-day summit put together by real estate giants, UPDC Pic, had its theme as “New Towns and their Impact on Economic Development.”
Delivering his keynote address, Director of Public Initiative, Professor of Strategic Management & Governance at Lagos Business School (Pan-Atlantic University), Prof. Franklin Nnaemeka Ngwu, who spoke on “The Place of Real Estate in Nigeria’s Economic Growth: Exploring the Impact of New Towns on Economic Development,” said construction of new towns is solution to expansion of cities and escalating population of the country, adding that there is need for interconnectivity in terms transportation between new towns and old towns for easy and efficient movement as obtains in advanced countries.
Pointing out that rapid population growth drives demand for new urban centres, Prof. Ngwu noted that new urban centres will attract investment in real estate leading to increased prominence of real estate in Nigeria, increased investor interest in development and REIT products.
On implications for Nigeria, he said real estate expansion drives jobs in construction, materials supply, logistics and finance.
According to him, under urban planning and infrastructure needs, intergated housing with transport, utilities and social infrastructure prevent haphazard sprawls.
On socio-economic benefits, he stated that increasing housing supply can improve living standards, reduce slums and enhance productivity.
Explaining key factors for success, the don disclosed that under phasing, there is need to implement long-term vision in manageable stages, allowing adaptation in real estate.
As economic driver, he said real estate attracts businesses and job creation through a strong economic driver.
He said location of real estate will leverage proximity to cities or transport for connectivity and residents.
He further explained that governance will ensure capable, well-funded administration to drive the project.
To ensure livability, he said culture, community and public spaces should be prioritised to retain residents.
Professor of Strategic Management & Governance who noted that the future of Nigeria begins now, said “Our decisions today, will shape our cities of tomorrow. Real estate is more than structures, it is opportunity and prosperity. New towns and urban communities can turn housing deficit to national growth.”
In his welcome address, the Managing Director and Chief Executive Officer of UPDC Plc, Odunayo Ojo, said: “We gather at a defining moment for our industry, a time when cities are expanding, populations are shifting, and the need for well-planned communities has never been greater.
“Across Nigeria and beyond, the concept of new towns is emerging as a strategic response to urban congestion, infrastructure gaps, and the growing demand for inclusive sustainable living environments. Our built environment tells the story of past planning and policy choices.
“Today, we have the opportunity and the responsibility to shape the next chapter, one where new towns become engines of economic growth, social inclusion and improved quality of life.”
The Special Guest of Honour, Bldr. Dr. Oluyinka Olumide, Lagos State Commissioner for Physical Planning and Urban Development who spoke on “The Role of Government in New Towns Development and Urban Planning: Challenges and Prospects,” said evolution of Lagos New Towns Development Authority (NTDA), in 1983 started development of new towns under the administration of Alhaji Lateef Jakande to manage land resources effectively.
The Commissioner added that in 1991, under private partnership, NTDA expanded to implement private estate developers’ schemes in collaboration with Ministry of Physical Planning.
According to him, Mudashiru’s Administration in 1984, reviewed NTDA’s functions to focus on 42 priority schemes and site selection for developers, pointing out that the Authority now oversees numerous government’s schemes and partnerships including Lekki Peninsula, Omole, Magodo and PPP projects.
He said major new towns development schemes in Lagos include government development schemes, residential development areas and public private partnerships.
On the challenges facing new towns development, the Commissioner said land acquisition issues which include complex land acquisition processes, encroachments from land holding families and uncertain titling affecting sustainable development financing are the major challenges.
According to him, environmental risk factors such as coastal erosion, flooding, wetland degradation affecting projects in Lekki and Badagry areas requiring careful management approaches, as well as infrastructure financing costs which are very high are other challenges facing new towns development.
He further noted that governance coordination gaps such as fragmented coordination among Ministry, Lands Bureau, Surveyor-General, NTDA, Local Governments and private developers are creating obstacles.