Recession: Rivers NIESV Identifies Exit Route

Estate surveyors in Rivers State have expressed optimism that sustained investment in real estate would help Nigeria’s economy come out of the devastating recession it plunged into since mid 2016.
This was made known during a “one-day mandatory continuing professional development seminar” at the Rivers State University, Nkpolu, Port Harcourt at the weekend.
Presenting a paper on, “Overcoming the Challenges of Economic Recession in Real Estate Practice”, Chief (Dr.) Emeka Ekenta noted that over dependence on oil, loose monetary policy and poor mortgage/lending standards which are the key factors behind the present economic recession could be combated.
Ekenta posted that exiting recession would be possible if, “the country can adopt new business strategies, in addition to real Estate Investment trusts (REITs) which is a vehicle for real estate finance.
“In order to promote REITs as a preferred alternative, the federal government should give impetus to real estate developers to sponsor and offer their commercial assets under REITs structure to public market”.
Earlier, the Chairman of Rivers State branch of Nigerian Institution of Estate Surveyors and Valuers (NIESV), Elliot Orupabo, had said that the seminar with the theme: “The Real Estate Investment in Diversifying Nigeria’s Economy”, was timely.
The Chairman said, “with the recent crash in oil price and the consequent hardship caused by over-reliance on oil, diversifying the economy is not an optional but mandatory”.
Orupabo noted that as real estate offers the alternative to ending the menace of recession, the gathering of estate surveyors became necessary to develop implementable ideas and policies that will drive the system, adding that the position paper would be sent to the government.
Speaking shortly in an interview with newsmen after the programme, a lecturer in the Department of Estate Management (RSU), Esv. Baridoma Baridi, who doubles as the organizing committee secretary noted the need for government to put the right policies in place, in addition to right attitude by Nigerians.
Everybody should be willing to make sacrifice especially in the area of foreign exchange which will influence the macro and micro businesses”, he said.
The President of estate management Students Association, Okenonu C. Franklin commended the organizers for what he called a timely theme, “The Real Estate Investment in Diversifying Nigerian Economy”, stating that the knowledge acquired would help the students to fit into the society after their education.