A former Chairman of Lagos chapter of Nigeria Institute of Town Planners (NITP), Mr Makinde Ogunleye, on Monday condemned the performance of Nigeria’s building construction industry.
Ogunleye, who granted an interview with newsmen in Lagos, said the performance was low in 2015. He attributed the poor performance of the industry to political, economic and security factors.
he said that the falling oil prices contributed to the down turn of activities in the industry in the out-going year.
According to him, the security challenge was another major factor which scared some investors away from the industry.
He said that the declining oil prices, accompanied by persistent increase in exchange rate discouraged many people from investing.
“Many investors, particularly the foreign ones are not convinced of the security of their investments in the property industry. Due to the long-term nature of building construction projects, some investors prefer to invest in other areas where they can recoup their investments within a short period of time,” Ogunleye said.
He said that the sector recorded more developments in 2014 in contrast to 2015.
According to him, a lot of housing projects were carried out in 2014 and these contributed to the developments and achievements recorded during the year.
Ogunleye urged the government to inject more money into the building construction industry to enhance its growth and performance in 2016.
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