By YINKA KOLAWOLE
The federal government has lamented the low contribution of the real estate sector to the Gross Domestic Product (GDP) of the country.

President Goodluck Jonathan regretted the dismal performance of the sector at the opening of the 42nd Annual Conference/General Meeting of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) recently in Abuja.

He noted that at less than 5 percent of GDP, the contribution of the sector falls far too short of its potential, and is insignificant when compared with what obtains in some developing economies where the sector was contributing between 12 per cent and 30 per cent.

Represented at the occasion by Minister of Works, Mr. Mike Onolememen, the president regretted the proportion of Direct Foreign Investment (DFI) that can be attributed to the built environment sector is negligible. He urged the estate surveyors to utilise their expertise and international network to attract more DFIs into Nigeria, taking advantage of the country’s huge endowment in land resources.

He sought the cooperation of members of NIESV with the federal government to successfully carry out a thorough reform of the land management system in the country. He urged them to take the lead in the enthronement of a dynamic land administration system in the country so that many Nigerians would have access to land on which they can build their homes.

The president noted that the problem of land acquisition in the country had continued to pose a stumbling block to poverty eradication policies and programmes of the government.

Jonathan lamented the huge housing deficit estimated at16 million units in the country as well as the failure of Nigeria to attain the Millennium Development Goals, especially in the area of housing provision. He urged members of NIESV not to be contented with fat professional fees and high agency fees, but seek to contribute meaningfully to closing the nation’s huge housing and infrastructure gap.

“Sustainable growth and development is impossible in the absence of infrastructural development, with your relevant and crucial expertise in land acquisition and compensation valuation, project management and other advisory services, much is expected from your institution in the transformation of the infrastructure sector as being championed by my administration,” the president stated.

Also speaking at the event, Speaker, House of Representatives, Hon. Aminu Tambuwal, charged the estate surveyors and valuers that the hope of transforming the housing sector was hinged on their professional competence.

“The outlook for the real estate sector is as gloomy as can be. There is no doubt that many of you are first rate professionals, able to hold your own as individuals, but the tragedy is that your country has not felt the impact of your professionalism and wealth of experience.

There can only be two reasons for this. Either you have allowed quacks to take over the real estate industry, or you have deliberately abdicated responsibility and neglected the core areas of your profession for pecuniary gains. Whatever the cause, the consequences have been dire. Our property market has been devalued and has become a high risk, overly expensive venture,” he asserted.

Out-going President of NIESV, Mr. Bode Adediji, noted in his speech at the occasion that the transformation agenda of the federal government could only be achieved if the potential and resources available within the built environment were well recognised and exploited.

He said that the theme of the conference, “Transformation of Nigeria through the Built-Environment: The Estate Surveyors and Valuers’ Perspective,” is part of the institution’s contribution to rescuing the nation from acute under-development.