A player in the real estate industry, Dr Eze Udo has said that foreign investors were not likely to commit huge capital in Nigeria’s real estate industry due to lack of transparency in business transactions and risks involved in investments.
Udo made this known in a chat with The Tide, Monday in Port Harcourt.
He said Nigeria has no risk mitigating measures in place for foreign investors in the built industry market, stressing that this makes foreign investors skeptical about investing in the nation’s housing market.
Udo, who is a real estate consultant noted that Nigeria’s current way of doing business was not encouraging and called for urgent steps to be taken to address it if the real estate sector must witness growth.
He observed however that government alone could not do it and called on the private sector and civil societies to partner government to prefer solutions to the challenges in the built environment.
One of such solutions, Udo said, was transparency, adding: “transparency is a panacea for investors to show deep interest in the housing industry in Nigeria’’.
The real estate consultant further said that property rights in Nigeria has to be strengthened, increase access to credit and enact policies that not only protect investments, but also bring about innovations in the sector.
Furthermore, he said the money institutions must be strengthened and fortified if the housing sector must experience huge capital inflow, while charging players in the sector to equip themselves with relevant skills and knowledge in technological trends to be able to convince investors to come in to the sector.