GOVERNOR Babajide Sanwo-Olu of Lagos State has hinted that his administration is aiming at increasing the Gross Domestic Product, GDP contribution from the real estate sector 5-6 per cent to 15-20 per cent.

This is as the 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

Speaking at the inauguration of Alonge as the 26th President and Chairman of Council of the NIESV, at the Banquet Hall, Presidential Villa, Abuja, Sanwo-Olu urged the institution to work together to take the real estate profession to the next level.

According to him, “We all have a role to play in taking this profession to the next level. I urge you to support and encourage your membership, recognising that we’re all on the same team.

“Our land use charge, though low, has attracted real estate investments and fees. We aim to increase our GDP contribution from 5-6 per cent to 15-20 per cent from the real estate.”

In his welcome address, Alonge 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.