The CEO of Exima Realty, Hakeem Ogunniran has charged the Nigerian housing sector to seek funding opportunities through the capital market.
He noted this while speaking at the CEOs Forum Day-2 of 13th Abuja International Housing Show on Wednesday.
This year’s theme of the show focuses on driving sustainable housing finance models in the midst of global uncertainty, and a lot of speakers shared their thoughts about the best models.
For Hakeem Ogunniran, it is time for Nigeria to utilize the capital market.
Speaking on the topic ‘Sustainable Development in Nigeria housing market – prospects for debt/equity financing through the capital market,’ he said, “Real estate is a financing game and the Nigeria money market is largely unsuitable for housing development.
“Funding through the capital market is what we should focus on especially through bonds. We can’t grow this sector when a significant chunk of the money is going back to government.
“We also need to work assiduously on the issue of security of land titles. We need to also work on our legal and legislation framework.
“We must also have a proper legislation for REITS to thrive.”
By Ojonugwa Felix Ugboja