The Nigerian Institution of Estate Surveyors and Valuers (NIESV) in a recent press conference disclosed that real estate might be the new solution to reviving the economy of Nigeria. Real estate will give the country the life and economic independence it once had. Nigeria is in and out of recession as a result of its heavy reliance on crude oil alone as its major source of revenue.
There are other sectors in the country the government should pay close attention to. Real estate has proven to be lucrative; it might be the solution to bringing Nigeria out of recession completely. Crude oil accounts for 83% of the Nigerian economy, and it is highly defenceless against fluctuation in the production and prices of crude oil.
The body advised the government to consider other sectors like agriculture, security, and more importantly real estate and infrastructural development. The chairman of NIESV conceded to the fact that a real estate investment cannot be compared to other investments. People must have roofs over their heads; real estate is a necessity for every economic growth and development.
Real estate investment is relatively stable and possesses the ability to absorb inflation. It is one of the only investments that rarely loses its value, and even when that happens, the real estate market has the potential to bounce back within a relatively short time. Hence, the current economic situation presents an opportunity for Nigerians in Diaspora to invest in the country’s real estate sector.