The organizers of the Real Estate Innovation and Investment Carnival are calling on government officials and key players in the real estate industry to join forces in tackling Nigeria’s alarming housing deficit of 28 million units.
During a press conference in Abuja, Ayo Ogedemgbe, Chairman of Creative Sphere Limited, stressed the necessity for collaborative efforts among stakeholders to deliver high-quality, affordable housing solutions that meet the demands of Nigeria’s rapidly growing population.
He announced that the inaugural Real Estate Innovation and Investment Carnival, scheduled for May 20 to 22 in Abuja, will act as a gathering point for a wide array of stakeholders, including industry experts, regulatory agencies, investors, and other essential participants.
Ogedemgbe pointed out several significant challenges facing the real estate sector, including unstable government policies that create uncertainty and inconsistency, making it difficult for stakeholders to make well-informed decisions.
He noted that financing obstacles are also a major issue, restricting access to affordable capital for both developers and buyers.
Additionally, he mentioned that rising poverty levels worsen the housing deficit, while administrative hurdles, such as bureaucratic delays and land tenure disputes, hinder development projects and deter investment.
He stated, “Through this carnival, we aim not only to highlight the beauty and appeal of our designs, buildings, and environment but also to connect developers with investors interested in Nigeria’s $300 billion infrastructure opportunities.
“This event will serve as a platform to showcase innovations in financing, construction, and sustainability, as well as to advocate for policies that transform challenges into opportunities.
“Developers should leverage technology and affordability, viewing Nigeria not just through the lens of its risks but also recognizing the impressive 16 percent annual return on investment in prime markets. The government must expedite reforms to streamline land access and permit processes.
“We aim to cultivate a sector that is inclusive, sustainable, and transformative. Real estate transcends mere bricks and mortar; it serves as the cornerstone of national advancement.”
Ossai Ilome, Project Manager of Creative Sphere, noted that by 2029, Nigeria’s real estate market is expected to reach a volume of $3.41 trillion.
He emphasized that the carnival is a groundbreaking platform designed to reshape the country’s property landscape.
Ilome explained that the carnival’s main goal is to attract a wide-ranging audience—including investors, potential homeowners, technology innovators, policymakers, and the global community—by highlighting the lucrative opportunities within Nigeria’s real estate market, which boasts a promising 16 percent return.”
