…hold seminars to proffer solutions
There is the need for the Federal Government of Nigeria to device all possible strategies to stabilize the economy due to its adverse effect of on estate business and other professional activities.
This is the suggestion of resource persons during the 2022 Mandatory Compulsory Continuing Professional Development, MCPD Seminar of the Nigeria Institute of Estate Surveyors and Valuers, Ekiti State Branch held at the permanent site of the organization, Opposite, Ekiti State House of Assembly, Ado Ekiti.
According to the experts, the current state of the Nigeria economy particularly the exchange rate and inflation are killing investors in the real estate business, hence the need to take urgent step.
Among the resource persons are Professor Isaac Olatunji, a fellow of the Nigeria Institute of Estate Surveyors, former Chairman of the Institute in Ondo State, Dr. Rufus Olugboyega and Mrs. Olufunke Falodun.
Speaking at the Seminar themed, “Effects of National Economic Instability on Real Estate Investment”, a University Don in the Department of Estate Management, Federal University, Oye-Ekiti, Professor Ayodele Olatunji noted that due attention should be paid to curb the influences of national economic instability especially, inflation, interest rate, unemployment and exchange rate.
He said:”Due attention should be paid to curb the influences of agents of national economic instability especially, inflation, interest rate, unemployment and exchange rate.
“The National Assembly should consider consider all items in the 2023 Budget proposals that would optimise the identified agents.” He stated
On his part, another resource person, ESV Rufus Olugboyega Akerele attributed the future of the Nigeria economy to the development of the real estate practice.
He thereby recommended political stability, provision of adequate incentive systems, adequate infrastructures, developmental finance and credit facilities as major solutions to the problems.
“While the future of the Nigerian Economy resides in the development of the real estate practice, various problems confronting practitioners currently are hindering the growth and development of the real estate practice, various problems confronting practitioners currently are hindering the growth and development of the real estate sector.
“Without mincing words, most of these problems can be overcome by Political stability, provision of adequate incentive systems, adequate infrastructures, developmental finance and credit facilities.” He said
In their messages, the State Chairman of the Mandatory Compulsory Continuing Professional Development, the Nigeria Institute of Estate Surveyors, Mr Christopher Ijagbemi and the branch Chairman, Dr. Sunday Olajide noted that the practices of estate surveying and valuation is determined by the broader economic.
According to them, the seminar is aimed at brainstorming on how to operate successfully amidst the poor economy and the need to suggest way out to government so as to ensure better development.
They noted that after the seminar, some resolutions reached would be communicated to the appropriate authorities with the hope that if well implemented, the nation would get out of the situation.