The Vice President, Yemi Osinbajo, has stated that governments and the private sector must collaborate to reposition the real estate industry of Nigeria.
He said this during the launch of Phase 1 of the Westlink Iconic Villa, a joint venture project between Odu’a Investment Company Limited and Chapter 4 Estate Management Ltd. The event was held at Alakia in Ibadan, the Oyo State capital.
Osinbajo explained that the project had confirmed that there was a huge opportunity in Nigeria for investments in the real estate industry when government provides an enabling environment.
He said, “I will advise that we look to the private sector for investments to galvanize growth in the sector. The Nigerian business environment has been coloured and polarised with lots of challenges spawning fear as a result of insecurity, uncertainty, political, environmental, and cultural disparities.
“In spite of these challenges, Nigeria is slowly but surely checking the boxes when it comes to the ease of doing business, resulting in the country being one of the topmost hubs for business, trade, and investment.
“Nigeria is ranked 131 out of 190 economies in the world on ease of doing business, according to the latest World Bank ratings. This is an improvement after moving 15 places from 146 in 2018.”
The vice president stated that in pursuance of the present administration’s goal to improve the country’s ease of doing business ratings, the President, Major General Muhammadu Buhari (retd) inaugurated the Presidential Enabling Business Environment Council which was chaired by himself in July 2016.
Osinbajo added, “No doubt, the ease of doing business reforms in Nigeria and the appeal to Nigerians in the diaspora, encouraged what we are seeing here today through this magnificent joint venture project between Odu’a Investment Company Limited and Chapter 4 Estates Management Ltd. UK.”
In his speech, the Oyo State Governor, Seyi Makinde, whose message was delivered by the Deputy Governor, Bayo Lawal, said, “I am happy to report that on a daily basis, we are beginning to see our vision of an Oyo State lifted from poverty to prosperity materialise fast.
“In different parts of the city of Ibadan and the state, world-class estates of this nature are springing up, affirming the fact that our determination to take the state to greater heights is a realisable objective.”
