The group Managing Director of COPEN Group, Rev. Ugochukwu Chime has said that real estate has the potential to play a pivotal role in the economic development of the South East region.

Chime said this while launching a real estate initiative known as “Igwebuike” in Enugu.

He urged South East governors and investors to tap into the huge economic potentials of the sector for accelerated development, adding that the sector was critical for employment generation and inclusive economic growth.

He said that the idea behind Igwebuike was to commence a series of engagements, discussions, knowledge sharing, and perspective enhancement to reduce transaction time and transaction costs, arising from the alignment of possibilities towards shared benefits in the sector.

“For instance, the housing deficit in Nigeria which runs in millions, when appraised from the number of people and resources needed to create them, and the diagonal impact it will bring, shows us that we have an opportunity and not a problem.

“Apart from other positive developments in the real estate ecosystem, the Retirement Savings Account (RSA) has over 4 trillion naira available for investment in the sector.

“In the light of these opportunities, the challenge before us is to design an appropriate mechanism, a vehicle, and a roadmap for unleashing the potential that is in the sector for the improvement of a lot of our people, especially, in this current, dire, socio-economic environment.

“In our attempt to interrogate the issues and challenges involved in the real estate sector, we realized that there has not been the needed mental review and the paradigm shift that is needed to address the sector’s challenges and turn obstacles into stepping stones for higher mutual benefit for all.

Stakeholders have not come to understand that their activities, actions, and inactions are capable of affecting the overall outcome for everyone, and thus an urgent need for realignment, refocusing, and harmony. Currently, both the private and public sectors of the economy are facing difficulties of unimaginable times.

The initiative to bring together government, traditional rulers, communities, investors, developers, suppliers, buyers, and marketers in the real estate sector is a commendable step toward fostering collaboration and coordination among all stakeholders. This approach, referred to as “Igwebuike,” holds the potential to create a more harmonious and productive working relationship within the region’s real estate ecosystem. Here’s how it can benefit each group:

1. Government: Government agencies can play a crucial role in creating an enabling environment for real estate development. Through collaboration, they can streamline regulations, provide infrastructure, and promote policies that support affordable housing and sustainable urban development.
2. Traditional Rulers and Communities: Land ownership and community involvement are essential in real estate development. By engaging traditional rulers and communities, there can be better cooperation in land acquisition, dispute resolution, and community development projects associated with real estate developments.
3. Investors: Investors often seek stability and a conducive investment climate. Collaborative efforts can provide investors with confidence in the region’s real estate market, leading to increased investments in housing and infrastructure development.
4. Developers: Developers benefit from clear land access, streamlined approvals, and market insights. Collaboration with other stakeholders can help developers navigate challenges and identify opportunities for profitable projects.
5. Suppliers: Suppliers of building materials are integral to construction projects. A coordinated approach can ensure a stable supply chain, competitive pricing, and access to quality materials for developers.
6. Buyers: Homebuyers benefit from a well-regulated and transparent market. Collaboration can lead to more affordable housing options and improved consumer protections.
7. Marketers: Real estate marketers play a role in connecting buyers and sellers. Cooperation can result in better access to information and a more efficient marketing process.
8. Community Development: Community development projects associated with real estate developments can improve infrastructure, services, and overall living conditions in the region.

By fostering greater coordination and cooperation among these stakeholders, the “Igwebuike” initiative aims to create a win-win scenario for all involved. This collaborative approach has the potential to unlock the region’s real estate potential, address housing challenges, and contribute to economic growth and development.

The Managing Director, of the Federal Mortgage Bank of Nigeria, (FMBN) Hamman Madu commended Rev. Chime for the initiative, adding that the housing sector is a significant contributor to any economic growth and has multiplier effects on the economy.

He, however, said that “Over the years, the NHF scheme has proven to be a veritable source for housing finance in Nigeria, financing mortgage acquisition, construction loans to real estate developers and more recently, directly to individuals for self-construction, housing micro-loans, and a Rent-to-Own window.

“It is very instructive to mention that under the above credit windows, FMBN has funded 21 estates in Enugu Zone comprising Abia, Anambra, Delta, Ebonyi, Enugu, and Imo; there are also 20 ongoing projects,” he said.