Nation's Economic downtown Affecting Real Estate Business In Nigeria - Pelican CEO   

ABEOKUTA - The Chief Executive Officer, Pelican Valley Limited, Dr. Babatunde Adeyemo has expressed concern over the economic downtown due to the new economic policies introduced by the administration of President Bola Ahmed Tinubu.

Adeyemo who made this known while playing host to the executive members of the Sports Writers Association of Nigeria (SWAN), Ogun State chapter led by their Chairman, Comrade Michael-Azeez Ogunsiji, explained that the new policies, including subsidy removal on petrol has dramatically increased the cost of building and also affected the patronage of prospective customers showing interest in buying properties in the nation at large.

                                 

The Real Estate Guru also pointed out that due to the new policies, many of his colleagues in other states are also running at a loss, adding that real estate owners who receive multiple inquiries daily now return home with a very few.              

Adeyemo therefore appealed to the Federal government to also look into a form of single digit or interest free loans for genuine real estatedevelopers in the nation, warning that further negligence of the housing sector would plunge the nation's housing sector and deficit into comatose 

He also urged Nigerian leaders to embark on projects that will outlive them after office.

He posited that the passion to build unusual homes has made Pelican Valley a reference point among real estate companies in Nigeria.

"The harsh Nigerian economy has taken its toll on real estate business in the country. If the revolution embarked by President Tinubu had been done by previous administrations, the ripple effect would have been better by now.

"I want to implore Nigerian leaders to do projects that will outlive them after office. The problem we have now is that previous administrations only embarked on programmes that will benefit their administrations without taking recourse to the general benefits of the people years after leaving office."

He charged the new SWAN leadership in the state to partner with stakeholders that can drive the development of the association.

Responding, the SWAN Chairman, Michael-Azeez Ogunsiji assured the realtor of the association's unflinching support in every sphere.

He noted that the new SWAN leadership in the state will not rest on its oars until the Association becomes a reference point in the state and the country as a whole.