Shelter or housing is among the three basic needs of man, which include food and clothing (that are part of the physiological needs), in Maslaw’s hierarchy of needs. At the top of the pyramid (for self accomplishment), safety needs are included in addition (but may not be limited or exhaustible as listed subsequently).
These physiological needs include: safety needs (job security); social needs (friendship); self esteem; and self actualisation.
The Real Estate Developers Association of Nigeria (REDAN) is a self regulating agency; which has long been recognised by the federal government since 2002. It operates under an umbrella of the organised private sector (OPS) (which in reality is both public and private) that is responsible for housing development in the country. Going back memory lane, it will be recalled that this association came to being in the days of the then Lagos State executive governor, late Lateef Jakande (who passed on at the age of 92 years in 2001) as the first REDAN president. REDAN’s most recent event was the 5th REDAN President Investiture ceremony of Prince Akintoye Adeoye; and the appointment of other executive members, which took place on Thursday the 23rd of May 2024, at the Federal Palace Hotel, Victoria Island, Lagos. The successful event of swearing in of a team that will pilot the affairs of this noble national economic pillar in Nigeria for another four years, was witnessed by eminent Nigerians (including a good number of royal fathers and top government functionaries), among others. The primary objective of this association is the responsibility of providing affordable housing within the economy. Solution to the challenge of affordable housing or homes for Nigerians is the major focus of this new team that is expected to put all available legitimate means to substantially reduce the huge housing deficits facing the economy.
Nigerians may start smiling not too long from now on the issue of housing deficit challenges facing the real estate sector, where the REDAN president has engaged his national executive and other top notch committee members, through a strategic retreat shortly after the investiture, to show commitment by making sure that his 5-point president’s vision/agenda is implemented to the letters within the next four years. The REDAN national leadership should take up the task of developing a template by thinking outside the box towards achieving a desired positive results within the economy (with the charge of improving on volumes of affordable and healthy homes that surpass the presently very low sum total figure of less than 50,000 units per annum by all developers within the economy; whereas in the developed countries a single estate developing company makes more than that volume single handedly every year). This charge is actually a wake-up call on the “sleeping giant” in the building industry! It is therefore expected that his team of leaders within their term of service shall embrace the vision and at the same time show loyalty to the president’s vision (which is taken as a constitution within the period under his leadership). His vision, indeed, it is hoped, will improve a lot within the economy (especially for the lower class, the low income group and the vulnerable citizens with very poor disposable incomes, that can no longer boast of their daily meals due to the hyperinflation bedevilling the economy, not to mention regular payment of house rent). The president’s vision focused on advocacy and industry advancement; partnership, networking, and collaboration; inclusivity and diverse membership; regulatory frameworks and ESG; and finally, research, innovation and digital infrastructure.
As a matter of fact, if Nigeria should get it right economically this time, the government would have to embrace the lofty ideas of the current REDAN president because his thought values provoke wealth creation in every man or woman that wants to succeed in life in the building industry (as an individual). By his leadership sagacity, he manifests strength of leadership in every sense of it; and it is really upon that, that the government is being urged to make people within the nation think positively and be equipped with deep thoughts in the development process. By so doing, the cognitive capacity in such Nigerians will beget entrepreneurial prowess inside them, which ultimately shall become manifest in the productivity performances of such people and in the overall macro economy of the country. Cost of capital and cost of mortgage in the real estate sector require a very smart approach towards housing loans by home developers and prospective homeowners (in minimising financial risks and unnecessary losses), respectively.
These are among the measures that require the direct involvement of REDAN in a nation’s economic well being through manufacturing of affordable housing and creation of wealth within the economy by real estate investors. REDAN as an association in the building industry carries very strong branding in terms of highly standardised quality houses, which are for the purpose of making customers appreciate the value and worth of the homes they purchase.
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