A fellow of the Nigerian Institution of Valuers, Dr. Innocent Okoro, has emphasized that effective execution and productive development are crucial for real estate wealth creation in Nigeria. Speaking at the Real Estate Expo Symposium marking the Ikoyi Club 1938's 88th anniversary in Lagos, Okoro highlighted that the country's significant real estate opportunities are driven by urbanization, population growth, housing demand, and infrastructure development. He noted that Nigeria has vast potential for growth in the sector.
Okoro, who is also a past office bearer and captain of Ikoyi Club 1938, stressed that opportunity does not create wealth; instead, execution creates wealth. He believes that the future of real estate will belong to those who build and create value, not to those who simply buy land and wait. According to Okoro, infrastructure remains a major determinant of property values, and investors should monitor infrastructure projects such as roads, rail, power, water, and other essential services when making investment decisions.
The Founding Partner of M.I. Okoro & Associates urged investors to follow the infrastructure pipeline, as it will create the next value corridor. He also noted that technology is transforming the sector through artificial intelligence, digital mapping, drones, data analytics, and smart-building systems. However, Okoro warned that technology is also being used to facilitate property fraud through fake listings and doctored title documents, emphasizing the need for stronger professional judgment, integrity, due diligence, and reliable property data.
Okoro advocated for stronger collaboration among government, employers, financial institutions, and developers to expand access to affordable home ownership. He suggested greater use of local building materials and efficient construction methods to reduce costs. Additionally, Okoro called for increased participation by pension funds, insurance companies, banks, and private equity in property financing, which will help bridge the funding gap in the sector.
The real estate expert advised individual investors to prioritize infrastructure corridors, verify property titles, and consider real estate investment trusts and pooled investment funds. He also urged developers to focus on sustainability, particularly flood resilience, energy efficiency, drainage, water conservation, and proper waste management. According to Okoro, investment provides the capital, innovation multiplies what that capital can do, and execution turns both into lasting wealth.
Okoro emphasized the need for the sector to move from speculation to productive value creation. He encouraged participants to commit to actions that will drive this change, stating that when the Ikoyi Club 1938 celebrates its 100th anniversary, he hopes that they will be able to look back and say that they did not just buy land, but built it. This, according to Okoro, will be a testament to the sector's growth and development.
The keynote address was part of the Real Estate Expo Symposium, which was organized to mark the Ikoyi Club 1938's 88th anniversary. The event brought together stakeholders in the real estate sector to discuss trends, opportunities, and challenges in the industry. Okoro's address provided valuable insights into the sector and offered practical advice to investors and developers looking to capitalize on Nigeria's real estate opportunities.
Key points
- Dr. Innocent Okoro emphasizes execution over land speculation for real estate wealth creation.
- Okoro highlights infrastructure as a major determinant of property values.
- The real estate expert advocates for stronger collaboration and increased participation by pension funds and insurance companies in property financing.
