Nigeria: Oba of Lagos expresses interest to attract investors for housing development
The Oba of Lagos, HRM Oba Rilwan Babatunde Osuolale Aremu Akiolu, has expressed his enthusiasm for attracting investors to Lagos State to develop the housing sector.
The monarch made this known during a courtesy visit by the Board Members of the Africa International Housing Show (AIHS) to his palace.
According to the Oba, one of the most effective ways to create wealth globally is through real estate. He, therefore, urged the organisation to expand its reach globally to attract foreign investment and develop housing projects in Lagos State. To facilitate this, he pledged to provide up to 1,000 acres of land for housing development, assuring his full support for the initiative.
The monarch also appealed to the government to find ways to alleviate the suffering of citizens and called on Nigerians to work together with the government to build a better country. He advised citizens to be hardworking and avoid greed, emphasising the importance of collective effort in national development.
The Africa International Housing Show is advocating for affordable housing, with the organisation's board member, Olutoyin Ayinde, a former President of the Nigerian Institute of Town Planners (NITP), highlighting the need for collaborative efforts to make housing more accessible.
The Oba's influence, Ayinde noted, would be crucial in advancing this cause, potentially even drawing the attention of the President of Nigeria to the event.
The 19th edition of the Africa International Housing Show is expected to feature a session with foreign investors who will exhibit their products.
The CEO of Housing TV Africa and Coordinator of AIHS, Festus Adebayo, emphasised that the event's main focus is to promote locally made housing materials. He, therefore, sought the Oba's blessing to enhance advocacy for home ownership and affordable housing.
In a related discussion, Olajumoke Akinwunmi, Managing Director and Co-Founder of Alitheia Capital, stressed the importance of self-regulation within the industry. She called for the adoption of local building materials and backwards integration in the construction value chain to reduce reliance on imported goods.
According to her, this approach would not only create jobs but also make housing development more sustainable.
Adeniyi Akinlusi, Managing Director and CEO of Lekki Worldwide Investments Limited, echoed this sentiment, noting that attracting foreign investors who produce goods locally would create jobs and stimulate economic growth.
He expressed optimism that Lagos State is open for business and ready to provide an enabling environment for investors.
The Oba's endorsement and support are seen as pivotal in advancing the goals of the Africa International Housing Show and promoting affordable housing in Lagos State.
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