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Realtor seeks more investments in Real Estate sector

006The Managing Director of Scitygate Real Estate Development Limited, Mr. Skilwilson Okoli, has called for more investments in the Real Estate sector in Nigeria.

Okoli spoke on Saturday at a customers' forum the company held in Awka to report the progress it had made in the development of the Nkwelle Ezunaka Housing Estate Project, where 15 out of the 40 housing units are ready for allocation.

He said given that the population of Nigeria and the standard that six people should occupy a household, it meant that "96 million Nigerians were without homes or decent accommodation".

He said, "This means that in order to tackle the housing deficit completely by 2020, over 1.2 million housing units would need to be developed yearly".

In this wise, Okoli said an estimated N48tn would be needed to meet the housing needs of Nigeria by 2020, "assuming N3m is the average cost of a house per unit".

005He said more investment in the real estate sector would not only provide accommodation for the country, it would boost the economy in diverse ways.

"Think of Benue Cement, the reopened Ibeto Cement, Dana Steel Mill in Ajaokuta, Delta Steel, Aladja, Steel Rolling Mill, Oshogbo and Steel Rolling Mill, Kaduna, as well as improved employment opportunities, increased incentives for savings, better productivity, health and municipal services. Tax proceeds will also increase alongside per capita income due to increased employment if we invest more in the sector", he said.

Okoli said though the global economic meltdown took a toll on Scitygate, the company has emerged from it and in no distant time, would soon deliver the housing units to subscribers.

But he said subscribers must assist the company by paying up the fees required for the documentation of the properties.

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