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Tag: Real Estate

  • How Real Estate, Construction Sectors Contributed to GDP in 2022

    How Real Estate, Construction Sectors Contributed to GDP in 2022

    Economic activities in the construction and real estate sectors contributed N20tn to the nation’s Gross Domestic Product in the first three quarters of 2022.

    This is according to the GDP report released by the National Bureau of Statistics.

    The report showed that construction services earned N12.9tn while real estate contributed N7tn to the GDP.

    Further analysis revealed that construction contributed 9.5 per cent to nominal GDP in the third quarter of 2022, higher than the 9.26 per cent it contributed a year earlier and higher than the 7.95 per cent contributed in the second quarter of 2022 and also grew by 18.92 per cent in nominal terms (year-on-year) in the 2022 third quarter.

    The sector however dropped 28.75 per cent points compared to the rate of 47.67 per cent recorded in the same quarter of 2021.

    According to the national statistics body, real estate services in nominal terms grew by 9.13 per cent, higher by 0.50 per cent points than the growth rate reported for the same period in 2021 and lower by 3.68 per cent points compared to the preceding Quarter.

    On a Quarter-on-Quarter, the sector growth rate was 16.38 per cent. The contribution to nominal GDP in Q3, 2022 stood at 4.96 per cent, relative to 5.27 per cent recorded in the third quarter of 2021 and higher than the 4.95 per cent accounted for in the second quarter of 2022.

    The NBS calculates the sector’s contribution by adding up gross outputs such as a sum of fees, the value of work done, commissions receivable for the services rendered and other incomes.

    It also considers intermediate consumptions such as details of the cost structure including transportation fees, operational expenditure, minor repairs and maintenance etc.

    Reacting, the Chairman, Real Estate Developer Association of Nigeria, Aliyu Wamakko, stated that the contributed amount had revealed what the private sector could achieve.

    He said, “When you talk about real estate, it is driven by private investors. This means for any economy to strive, the private sector must be given a platform and a level playing ground for them to perform.

    For example, creating jobs in real estate doesn’t require an incubation period, anytime you start building a house, at least 25 persons will get a job. So, if the government want to support the economy of the country, more opportunities should be given to the private sector.

  • Sanwo-Olu Signs Bill Regulating Real Estate Transactions in Lagos

    Sanwo-Olu Signs Bill Regulating Real Estate Transactions in Lagos

    Lagos State Governor, Babajide Sanwo-Olu, has signed a bill regulating real estate transactions in the state.

    The governor signed the bill at the Executive Chamber at the Lagos House in the Ikeja area on Monday.

    Present at the signing were the Commissioner for Housing, Moruf Akinderu-Fatai; the Attorney General and Commissioner for Justice, Moyosore Onigbanjo; the governor’s Special Adviser on Housing, Toke Awoyinka-Benson; amongst others.

    Sanwo-Olu said the law to regulate the real estate transactions in Lagos State will help to protect the citizens; the unsuspecting Lagosians who fall prey to many real estate professionals, adding that the law will also help players in the real estate sector to know what is expected of them and for government to be able to track who is doing what in the sector.

    “It is really around ease of doing business and ensuring that we can continue to attract private sector investments into the real estate space. We believe this law will be the very first in the country that has taken a deep dive into what is happening in that space and it further strengthens our intervention in housing through the Ministry of Housing,” Sanwo-Olu said.

    The governor also signed two other bills into law to provide for the registration of Cooperative Societies in Lagos State; and law to regulate ownership, licensing and sales of pets and to prohibit and restrict people from having in custody dangerous animals in public places.

    Sanwo-Olu said the new bills he assented to would strengthen government and citizens’ engagement and relationships and for residents of the State to continue to live in an atmosphere where the rule of law is enshrined for people and to know what is expected of them.

    The governor commended the Speaker of the Lagos State House of Assembly, Mudashiru Obasa, and the state lawmakers for seeing the need to pass the bills into laws.

    He said the law to provide for the registration of cooperative societies in Lagos State would make it easy to regulate the operations of thousands of cooperative societies in the State for harmonious cooperation.

    The governor also noted that the law regulating the ownership, licensing and sales of pets, prohibiting and restricting people from having in custody dangerous animals in public places, would further strengthen all the deliverables in the Ministry of Agriculture, especially issues that have to do with pets and animals.