Sanwo-Olu urges increased investment to combat coastal flooding

The Governor of Lagos State, Babajide Sawo-Olu, has called for improved investment to address the challenge of flood in coastal areas of the state.

He made this call at the Real Estate Discussions and Awards 2024 organised by Thinkmint Nigeria.

The event, themed “Navigating Change in Real Estate for a New Era”, highlighted the industry’s ongoing evolution in response to technological advancements, shifting market trends, and accelerating urbanisation.

He said, “The changes being witnessed in Lagos, from technological advancements to shifting market dynamics and an increasing emphasis on sustainability, are fundamentally reshaping the future of the built environment.

“These changes present both challenges and opportunities, and I have no doubt that the REDA forum generates an avenue for valuable insights into how we can collectively move forward,” he said.

He also emphasised the need for environmental sustainability in real estate development.

According to the governor, encouraging green building practices and investing in flood defences, especially in coastal areas like Eko Atlantic City, demonstrates that his administration recognises the importance of green building practices and flood defences as part of Lagos’ long-term strategy to address environmental challenges and climate risks.

In his opening remarks, the Managing Director of the Lagos State Development and Property Corporation, Joseph Ayodeji, stated the need for critical thinking and collaboration among real estate stakeholders in navigating the changes seen in the global real estate marketplace.

He added, “A focus on ways to adapt to these trends using innovative solutions and methods in areas of construction and real estate technology is essential. “

The keynote speaker, Akin Opatola, who is also the President of FIABCI-NIGERIA, reiterated the importance of adapting to the emerging trends in the real estate industry, such as technological advancements, sustainable development, and the growing demand for mixed-use developments.

He asserted, “The importance of adapting to these changes and seizing the opportunities they present. Change happens, anticipate change, monitor the change, adapt to the change, and enjoy the change.”

In a similar vein, the Managing Partner of Thinkmint Nigeria, Imelda Olaoye, highlighted the increasing role of technology in the real estate industry.

She harped on how digital tools and the media could be used for property management, marketing, and customer engagement, improving efficiency and enhancing the overall customer experience.

Highlighting the symbiotic relationship between aviation and real estate, the Chairman of Ibom Air and Managing Director at Akwa-Ibom Investment Corporation, Imo-Abasi Jacob, emphasised how improved air connectivity could stimulate economic growth, attract investment, and increase property values in targeted regions.

He said, “The kind of economy aimed at Akwa Ibom State is to drive traffic into the state and open gateways for roads. In addition, government policies and regulations in creating a conducive environment for real estate investment are crucial. There is the need for land reforms, infrastructure development, and affordable housing initiatives to drive growth in the sector.”

Also, the Chairman of Agboyi-Ketu LCDA, Lagos, Mayor Dele Oshinowo, focused on the importance of government and private sector partnerships in addressing housing challenges.

He emphasised the benefits of collaboration, such as increased efficiency, shared risks, and access to resources.

“Government and private sector housing partnerships signal a new era in urban development and housing solutions. By combining public sector goals of social equity and affordable housing with the private sector’s expertise in innovation and efficiency, these partnerships offer a promising path toward solving housing challenges globally.

“As long as there is proper alignment of goals, effective policy support, and shared responsibility, these collaborations have the potential to reshape housing markets and improve the quality of life for millions of people,” he said.