14th December, 2020
By Nimot Adetola Sulaimon
Mrs Toke Benson-Awoyinka, the Special Adviser to Lagos State Governor on Housing, has revealed that the Housing sector can boost the nation’s Gross Domestic Product (GDP).
She said this at the just concluded First Real Estate Market Place Conference and Exhibitions in Lagos.
The 2-day event was organised by Lagos State Real Estate Regulatory Authority (LASRERA) as a meeting point for Real Estate Practitioners / Property Developers and their potential clients with relevant State Government Agencies.
According to Benson-Awoyinka, real estate will create job opportunities and provide social benefits to Nigerians as a whole.
Also, she submitted that addressing the housing deficit will have a game-changing impact on our society and communities when compared with other less important sectors that are presently being given greater attention at the detriment of the housing sector.
While saying that most African countries do not see and treat the housing sector as an engine of economic growth, she identified the Real Estate Market as a sector that has a tremendous multiplier effect on the broader economy through two channels: Private investment and housing services.
Benson-Awoyinka stated that the real estate/ housing sector remains a critical component of the economy.
It represents one of the fundamental needs for livelihood considering its influence on the health, social behaviour, efficiency, contentment and overall welfare on the citizenry and society.