Expert urges Nigeria government to address recession, forex; challenges to construction industry

Bolarinde Patunola-Ajayi, a property consultant, Friday, urged Nigeria’s Federal Government to address the nation’s recession and foreign exchange challenges in order to save the building construction industry from collapse.

Patunola-Ajayi, also the President, Nigerian Institution of Estate Surveyors and Valuers (NIESV), gave this advice while speaking with journalists from NAN in Lagos, on the sideline of the 9th Annual Distinguished Lecture of the Nigeria Institute of Quantity Surveyors (NIQS).

According to NAN’s report, Patunola-Ajayi observed that the rate of investments in the industry had dropped, as the recession challenges and the exchange rate had discouraged a lot of local and foreign investors.

He therefore suggested that government should increase the budgetary allocation to the sector to 25 percent in order to revamp it.

He urged government authorities to invest in the building construction sector by sponsoring housing surveys and creating more construction activities, saying that construction work engages the services of different categories of people at a time.

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“When a construction work is going on, the bricklayers, artisans, drivers, dry cleaners and even food vendors or restaurant operators will be gainfully engaged.

“If the government will sincerely handle the budget and increase its allocations to construction/real estate sector, it will impact positively on both the sector and the economy at large,’’ he said.

The forces of demand and supply should be allowed to drive the exchange market, as such enables market stability, Patunola-Ajayi suggested.

In his words, “for the exchange rate to come down and stabilise, the operators in the market must refrain from auction sales of the products and other corrupt practices in the market,’’