Lagos State Governor, Mr Babajide Sanwo-Olu, has restated his administration’s determination to transforming the state into a smart city, where technology and sustainable urban planning converge.
The governor gave the assurance at a Global Property Conference held on Saturday in Lagos.
The conference was organised by Gtext Holdings, a conglomerate that covers real estate and other businesses.
The News Agency of Nigeria (NAN) recalls that the governor, at different forums, stated that by 2030 the smart city ambition of the state would have been fully realised.
Sanwo-Olu, represented by Mrs Temitope Akinbola, the Director, Lagos State Real Estate Regulatory Authority, said the state government had initiated projects to improve housing affordability and infrastructure.
“Also, partnering with private investors to develop housing projects, meeting diverse income levels.
“This is all part of our larger vision to ensure that every Lagos resident has access to safe, secure, and affordable housing, “ the governor said.
Also speaking, a legal practitioner, Mr Femi Falana, urged parties seeking to succeed in the real estate sector to seek professional advice and make integrity their watchword.
“You need to study the environment; partner with those already in the business; and learn the act of succeeding in the business.
“Once you can do that, you must ensure that you are not too much in a hurry to make money to the extent that you sacrifice integrity, “ he said.
He also urged young professionals to seek financial, and legal advice, and to know the rudiments of the business in order to succeed.
According to him, this entails familiarising themselves with laws governing real estate in the country, the Land Use Act, and other relevant laws.
“So, you must also join the movement to get the government to contribute more in terms of prices of building materials.
“Also, in terms of registration of title documents, and reducing the cost of registering and processing documentation, “ Falana said.
Founder, Gtext Holdings, Dr Stephen Akintayo, said that the conference was apt as the real estate sector was going through a tough season – from legal to police issues to government policies.
“I believe that if we want to get the Nigerian economy back on track, create jobs, boost the economy, we can turn Nigerian economy around just with the real estate sector.
“However, the bottlenecks have to be removed.
“First of all, the Land Use Act is not working the way it should work.
“The Land Use Act intends to provide affordable housing, “ he said.