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By Dr Timothy Oladele Gold

In dealing with the subject matter The Role Of Real Estate For Economic Development In Africa’ engenders unavoidable need for the definition of real estate to be unequivocally stated

According to Merriam Webster Dictionary. which defines real estate “Property In Building And Land this is diametrically opposite of chattel .

As a matter of fact it is real estate that defines and redeems the world from the prehuman chaos !

And no economy survives without creating space for the operations that sustains the factors of development.

Housing which rivals with food can not be overestimated in any economy both local and international .So real that man naturally seeks for shelter to take a cover for his covert activities which include cooking , dining , planing for every economic and financial emancipation and procreational activities

Though , there are varying categories of housing in the world with the fundamental purpose of providing an abode in shades of style and structures

While the inhabitants are not regarded as destitute or vagabonds by virtue of physical abode

The value of real estates apparently knows no bound as the so called Silicon Valley that accommodates global technology such as internet connectivities ,face book etc
that are poised with ulterior motive of replacing four walls with virtual world is still housed in a real estate .

Going by he aforementioned, it is evident that the role of real estate can not be underestimated in the economy of Africa and Nigeria in particular in consideration of its population and imminent population explosion

Places like Lagos and other urban centres can not afford to rest on their oars under this pressure: The influx of vulnerable from the epicentre of insurgencies coupled with vibrancy of commerce that lures all and sundry is great factors that should motivate the government to more economic exploit in the area of real estate towards providing affordable housing for all .

Nigeria a country with well over 180 million population can re engineer her economy by shifting all attention given to oil based economy and explore other area like real estate which is an auspicious leeway

Real estate is a lucrative venture that attracts values and consistently adds value that in turn positively affect the economy

Governments at various level have been participating in business of real estate either by Public -Private partnership initiative or outright investment with sizeable proceeds to fortify the economies .

Our vast land are meant to feed and house us . We cultivate the land to bring forth food for our stomachs and develop the land into real estate to create a place to cook our food without interference of adverse atmospheric conditions .

This is the fundamental development apart from catering for the basic needs of life it also provides revenues for running the economy with a sustainable trend.

Gathering today to confer on housing is humanitarian and entrepreneurial in that the foci are to move humanity forward and further endear a sustainable development courtesy of real estate to both public and private sectors

Timothy Oladele Gold, fcpdm, fispn, is a Public Diplomat

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