Nigeria’s Real Estate Industry And its Prevalent Challenges, By Olawale Ayilara

As the chief executive officer of LandWey Investment Limited, a prominent real estate development company in Nigeria, I have witnessed firsthand the challenges and triumphs that come with this industry.

Today, I want to share my personal reflections on the misconceptions and judgment that often plague those who fail to consider the complexities of real estate development in Nigeria. In this article, I will shed light on the impact of economic instability, inflation, and other factors on the delivery of our passionate residential developments, while highlighting the values and strategies that have enabled Landwey to build a reputable company.

Navigating Economic Instability:

Nigeria’s economy has experienced its fair share of turbulence, with inflation rates fluctuating and economic stability often being challenged. As a real estate developer, these circumstanceshaves significantlyimpactedt the delivery of our residential projects.

The soaring costs of construction materials, increased f rates, and limited access to long-term financing pose considerable challenges.

Despite these obstacles, LandWey remains committed to delivering exceptional developments while staying resilient in the face of economic volatility.

The Challenge of Inflation:
Inflation is a universal concern, and Nigeria is no exception. Rapid price increases in construction materials, labour costs, and even land prices can disrupt project timelines and budgets. In such an environment, it becomes essential to reassess our strategies and adapt to the changing landscape. At LandWey, we have re-established strong relationships with manufacturers & suppliers, allowing us to negotiate better pricing and secure reliable sources for materials. Additionally, we focus on innovative cost-saving techniques and closely monitor market trends to keep mitigating the impact of the alarming inflation.

The Impact on Delivery:

Real estate development is a complex process that involves multiple stakeholders, intricate planning, and coordination. Economic instability and inflation create a ripple effect, affecting the timely completion and delivery of projects. Delays in obtaining approvals, disruptions in supply chains, and the unpredictability of market cost, FX, etc, can all contribute to project setbacks. However, at LandWey, we keep developing our project management skills, implementing robust risk assessment frameworks, and developing contingency plans to ensure we remain on track despite external challenges.

Building a Reputable Company:

LandWey’s journey from a fledgling startup to a reputable real estate development company has not been without hurdles. However, we have always prioritized transparency, integrity, and exceptional quality in our work. By establishing a strong corporate culture that encourages accountability and innovation, we have gained the trust of our clients and partners. Our focus on customer satisfaction, meticulous attention to detail, and a commitment to delivering on promises have been instrumental in building long-term relationships and a sterling reputation.

Conclusion:

Real estate development in Nigeria is a dynamic and demanding
industry that requires perseverance, adaptability, and forward-thinking.
As CEO of LandWey, I have learned that success lies in overcoming
challenges, navigating economic instability, and staying true to our core
values. While misconceptions and judgments may arise from those who
fail to consider the intricacies of our work, we remain undeterred.
LandWey will continue to strive for excellence, delivering top-quality
residential developments that contribute to the growth and
transformation of Nigeria’s real estate sector.

– Ayilara is the Chief Executive Officer of LandWey Investment Limited.