Thursday, July 31, 2025
26.1 C
Lagos

PwC Report: Real Estate Contribution to GDP Target N2.7tr by 2016

PricewaterCoopers (PwC) has projected the contribution of real estate to the country’s Gross Domestic Product (GDP) to grow by almost N3 trillion in 2016.

The accounting firm however said this is dependent on the right environment, which include adherence to global best practices in the sector, transparency and timely delivery on project execution, among others. The sector currently contributes about N1.8 trillion to the GDP.

“Going by PWC revelation and the quest to meet the vision 2020 target, a lot needs to be done towards improved public infrastructure to drive the required positive change in the real estate and facilities management industry, in addition to improving the living condition of the average Nigerian.

For the facilities management and real estate sectors to contribute meaningfully to the economy, practitioners must embrace global standards and best practices in the execution of projects,” Femi Akintunde, Managing Director, Alpha Mead Facilities and Management Services Limited, said in response to the projection.

Former Attorney-General and Commissioner for Justice in Lagos State, Supo Shasore, said the facilities management industry was positioned for growth. He described as regrettable, the country’s 134th ranking out of 144 economies by the World Economic Forum Global Competitiveness Report 2014-15.

“The country’s core infrastructure stock is estimated at only 35-40% of GDP, in contrast to international benchmarks of 70% of GDP.
This low value has been driven by historically low public and private spending on infrastructure,” Shasore said.

spot_img
spot_img
spot_img

Hot this week

Two NCDMB Leaders Bag Doctorate Degrees at UNIPORT Convocation

Two senior officials of the Nigerian Content Development and...

Sovereign Trust Insurance Reports 109% Insurance Revenue Growth in 2024

Sovereign Trust Insurance Plc recently released its 2024 audited...

NAICOM Issues Guidelines for Insurtech Operations Effective Aug 1

The National Insurance Commission (NAICOM) has officially issued operational...

Leadway Assurance: Official Insurance Partner of Lagos International Trade Fair 2025

L–R: Juliet Okon, Head, Alternative Channel and High Net-worth...

NNPCL: Port Harcourt Refinery Not for Sale

Group CEO, NNPC Limited, Engr. Bashir Bayo Ojulari addressing...

Topics

 Corpreneurship Challenge: Unity Bank Splashes N10m Grant on 30 Corps Members

L-R: 2nd Prize Winner - Ilesanmi Olamide Phebe, Unity...

Proptech to Drive Residential Growth in Nigeria via Technology

The deployment of technology to make Nigeria’s real estate...

Banks ‘Cooking’ Books for 2O15 Annual Report

Some banks are alleged to be manipulating their 2O15...

Ecobank Mobile App Reaches 4m Users Milestone in Africa

The upgraded version of Ecobank’s revolutionary mobile app has...

Excitement as Malta Guinness Wraps Up Three-Day Eid Celebration in Kano

L-R: Area Sales Manager, Guinness Nigeria, Danjuma Bigun; Brand...

Ecobank Nigeria Virtual Trade Conference Set for Sept 22

Ecobank Nigeria, a member of the pan African banking Group has concluded...

Equity Market Extends Gains to 2nd Consecutive Session… ASI up 64bps

Yesterday’s trading session saw the domestic market extend its...

Stanbic IBTC Insurance Highlights Benefits of Life Insurance Policy

  Stanbic IBTC Insurance Limited, a subsidiary of Stanbic IBTC...
spot_img

Related Articles

Popular Categories

spot_imgspot_img