- November 15, 2022
- Posted by: admin
- Category: Economics
The Director Turner and Townsend, Austria, Bruce Haswell, has lamented that Lagos is the most expensive place to build in Africa at $2,056 per square metres, compared to Kampala for less than half of this.
According to Haswell, the major reasons for the current challenges in Nigeria’s construction sector and other parts of the world are inflation, increasing interest rates, rising cost of construction, excessive lead times, geopolitical issues, and transportation bottlenecks.
He said the recent COVID-19 related shutdowns in China also have a considerable impact on supply, and creating lengthy delays for many construction goods.
He spoke at the 2022 Real Estate Discussions and Awards organised by Thinkmint Nigeria in Lagos.
Haswell pointed out that skilled labour shortages, coupled with the delayed resumption of labour migration are limiting the availability of labour to complete the growing pipeline of work.
The event attracted Mr. lni Ememobong Essien , the Commissioner for Information and Strategy who represented Governor Udom Emmanuel of Akwa-Ibom and was supported by Purple Group, Homework Group , Federal Housing Authority, UPDC and Elan Orris Real Estate and top players in the industry.
The Director of Turner and Townsend, further said: ” Rather than boosting domestic trade value, trade restrictions were hurting Nigerians. PropTech, high tech manufacturing and Environmental Social Governance were innovative ways to demystify the key signals of the high construction cost in Nigeria”.
Also speaking, Managing Partner of Thinkmint Nigeria, lmelda Usoro-Olaoye said that the programme is a celebration of innovation, leadership, and growth of the real estate and property industry.
“The award is to honour real estate game changers, companies, products, and personalities that have made contributions to the development of the sector, ”she said.
Individuals and firms recognised with awards at the event include Governor Udom Emmanuel, Olawunmi Olashore (Managing Director, International Markets, Mallam Ibrahim Aliyu (Chairman, Urban Shelter), Paul Onwuanibe (CEO, Landmark Africa), Laide Agboola (MD/CEO, Purple Group), Mixta Africa, Landmark Africa, Afriland Properties, Northcourt Real Estate, HomeWork Group, Eko Atlantic, Metro Homes by Metro and Castle, Elan Orris Real Estate, AlphaMead Facilities, Four Point Real Estate, Jide Taiwo & Company, The Belmonte and Design Group Nigeria.