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Real estate potential in Nigeria remains largely untapped — Alonge
…expresses readiness to partner with FG for economic development
By Kayode Sanni-Arewa
PRESIDENT of the Nigerian Institution of Estate Surveyors and Valuers, ESV Victor Alonge, on Monday said that the potential of the real estate sector as a catalyst of economic growth in the country remains largely untapped.
Alonge, stated this in his welcome address during his inauguration as the 26th President and Chairman of Chairman of Council at the Banquet Hall of the Presidential Villa, Abuja.
He lamented that the poor state of the real estate sector in Nigeria has continually stifled its capacity to optimally contribute to national economic growth.
He expressed readiness to partner with the government by offering expertise, resources, and support that can enhance the success and impact of the various development efforts of government.
The 26th President and Chairman of Council of the NIESV, noted that real estate remains the most priced and valuable assets all over the world, adding that data obtained from Savills World Research (2023), put the total value of the global real estate assets at US$379.7 trillion at the end of 2022.
According to him, “Real estate remains the most priced and valuable assets all over the world. According to data obtained from Savills World Research (2023), the total value of the global real estate assets is estimated at US$379.7 Trillion at the end of 2022. This outpaced the combined value of global equity and bond assets estimated at $264 Trillion.
“Real estate is also thrice as valuable as the total value of proven global oil reserves and represents about four times the value of global GDP. According to the data released by the National Bureau of Statistics, the Nigerian real estate sector contribution to the national GDP stands at about 6.87% in 2023. Contrastingly, the real estate sector contributes about 15% to the national economy in Indonesia, a developing and emerging economy like Nigeria.
“More so, in South Africa, the contribution of the real estate sector to national economy is estimated as 11.4% in 2023. The poor state of the real estate sector in Nigeria continually stifles its capacity to optimally contribute to national economic growth.
“Impliedly, the potential of the real estate sector as a catalyst of economic growth remains largely untapped in the country. Our Institution will, therefore, step up our support and collaboration with the Government, especially, in the areas of policy formulation and implementation, Land administration, Asset valuation and management, Housing, Project and Infrastructure development among others, to improve real estate sector’s contribution to our economic development.
“We are ready to be valuable ally to Government by offering our expertise, resources, and support that can enhance the success and impact of the various development efforts of Government. This is our promise,” he said.
By Mario Deepromoter
Ukraine on Friday restricted the use of Telegram for its government, military and security officials, citing “threats” to national security on the app founded by Russian-born Pavel Durov.
“The National Security and Defence Council decided to restrict the use of Telegram in government agencies, military formations and critical infrastructure facilities,” the council said in a statement on Facebook, saying it was a “matter of national security.”
By Mario Deepromoter
The Ooni of Ife, Oba Adeyeye Ogunwusi, on Thursday, announced the commencement of the 2024 Olojo Festival, revealing the event’s ancestral and spiritual significance.
Ogunwusi spoke at his palace during a news conference on the 2024 Olojo Festival with the theme “Evolving Transformationaly Domestic Tourism With Community Festivals.”
According to him, the festival is significant because of the spiritual exercises that characterise it and the testimonies it attracts.
He said the celebration of the revered cultural event was held annually in the ancient city to celebrate the day of the first dawn.
The Ooni said the festival was in remembrance of “Ogun,” god of iron, who is believed to be the first son of Oduduwa, progenitor of the Yoruba people.
He added that the festival marked the birth of the “Aare Crown”.
Ooni said that several prayers rendered to Olodumare through the iconic “Aare crown” during the Olojo festival had been answered with so many testimonies.
He stated, “Olojo is the festival of dawn and the birth of the crown, “Ade Aare”, the crown of all crowns. The crown that gave birth to all crowns all over the world with all the colours of the rainbow. It is called the spectrum of rainbow crowns.
“The crown does everything humans do, it is a very spiritual crown, very sacred. I am a living example and witness. I have actually charged the crown, I have prayed with it, that I want this done, this particular time.
“This is my ninth year on the throne, going to my tenth year by the grace of God, I have seen a lot of testimonies.
“I will pray with the crown worn on my head, I pray to the almighty God, Olodumare through the crown. I have never seen any failure in it. It is our strong heritage, our strong culture and tradition and we will continue to uphold it forever.
He added that they were not idol worshipers, but rather custodians of their ancestors’ legacy, which continued to benefit them.
“These are things we should not joke about, It is our heritage, we should not compromise it with anything. It is created by nature, by God Almighty who is the supreme being,” he said.
Explaining the nature of the “Ade Aare”, Ooni described the crown as a sacred, mysterious being which bears the nature of humans.
According to him, the crown functions like humans.
He said, “Olojo is the time when the crown comes out for blessings. This is a crown that has life in it till date, right from time immemorial.
“The crown changes the weather, it does not see the atmosphere except once in a year, during Olojo festival.
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“In the crown, we see everything complete, we see the day, night, four corners of the world, the northern, southern, eastern and western poles.
“The birth of the crown is actually the first dawn pathfinded by Ogun, which is linked to our celebration.”
The Ooni added, “Olojo is the main new year celebration and this dovetails to everybody’s new yam festival all over because what is used to bring out yams are cutlasses and hoes made with iron.
“This is the time we get beautiful harvests, the time we get wallnuts, bitter kola. For us in Ile-Ife, we still uphold our heritage and that is why we celebrate the first dawn.”
Ogunwusi appreciated the sponsors for the festival.
“I want to appreciate you all, our sponsors, for everything you have been doing. For always responding to my calls. May God bless you and may our ancestors guide you all. I appreciate the state government as well,” he added.
Earlier, the Commissioner for Culture and Tourism in Osun, Abiodun Bankole-Ojo, appealed to sponsors of the Olojo festival to look into the possibility of developing some tourism sites within the state, like the Oranmiyan Groove.
“Please corporate bodies, stop giving us monetary and material gifts, come and develop the Oranmiyan site as a tourist site. Government will not be able to do it all,” he said.
The Olojo Festival Chief Consultant, Ayo Olumoko, urged Nigerians and international tourists to grace the festival.
NAN reports that the Grand Finale for the 2024 edition of the annual Olojo Festival in Ile-Ife, will be held between September 26 and September 30.
On September 26, there will be Ayo Olopon Traditional Game, Festival Cultural Talent Hunt (Audition) and Olojo Festival Colloquium.
On September 27, there will be Ojo Ilagun, Iwode Ile-Ife (Community cleansing) and Oonirisa’s terrestrial message to the world.
September 28 is the festival’s grand finale official ceremony, Ojo Okemogun, and the Aare cultural procession.
September 29 is Ojo Ajoyo (Asekagba), Grand Royal Reception – Invitational, Adire Oodua Cultural Exchange Exhibition and Oonirisa’s Ife Award for Community Service, 2024.
September 30 would be for the Ojo Ibile (Oonirisa’s ancestral traditional propitiation) and cultural talents hunt.
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