Adherence to Best Practices Crucial to Forestall Built Sector’s Disaster – Lagos Govt
Barakat Odunuga-Bakare, the Special Adviser to the Governor of Lagos State on Housing, has underscored the imperative for professionals in the built sector to adhere to best practices, emphasizing their role in mitigating potential disasters associated with real estate investments.
Speaking at the Fourth Lagos Real Estate MarketPlace Conference and Exhibitions organized by the Lagos State Real Estate Regulatory Authority (LASRERA) at Eko Hotel and Suites, Victoria Island on Wednesday, Odunuga-Bakare stressed the crucial nature of following established guidelines and regulations to ensure the safety and resilience of buildings and infrastructure.
The Special Adviser highlighted key best practices, including proper construction techniques, regular maintenance, and adherence to safety standards, as instrumental in significantly reducing the risk of disasters among built professionals. These measures, she noted, encompass prevention of structural failures, fire hazards, and other potential risks.
Odunuga-Bakare affirmed the commitment of the state government to promote and enforce best practices across the built sector. She emphasized collaboration with developers, contractors, and other stakeholders to ensure compliance and raise awareness about the importance of safety measures in real estate projects.
With a focus on prioritizing adherence to best practices, Lagos State aims to create a safer and more resilient built environment for its residents. Odunuga-Bakare urged all stakeholders to actively participate in mitigating disasters and ensuring the long-term sustainability of the sector.
Acknowledging the conference’s theme, “Real Estate Regulation – A Panacea For Disaster Mitigation and Recovery in the Built Environment,” Odunuga-Bakare emphasized that de-risking housing investment for private developers and investors is a key goal for the Lagos State Government.
She said: “Considering the huge opportunities in real estate, the stakes are higher, as there are several risks and dangers that could make or mar us as players. However, embracing best practices is the sure way to mitigate disasters in the sector. Despite laid down rules and tenets, we cannot curb the innate human tendencies of some who will always attempt to circumvent and sabotage extant rules. This is where regulation and compliance work for all”.
Speaking on the significant potential of the real estate sector in the growth of Lagos State’s Gross Domestic Product (GDP), Odunuga-Bakare stated that real estate contributed 5.31 percent to the state’s GDP in the first quarter of this year.
“Real estate in Lagos has also displayed great potential to create jobs, bridge housing deficits as well as boost economic growth. This year alone, the budget for affordable housing in Lagos was more than a Billion Naira”, she said.
Odunuga-Bakare equally highlighted the importance of continued investment and development in the sector to unlock its full economic benefits from what the sector contributes to the GDP of the State presently to what the real estate sector can generate as income for Lagos State.
In her words: “The real estate sector has the potential to create jobs, stimulate economic activity, and attract foreign direct investment. By providing affordable housing options, commercial spaces, and infrastructure development, the sector can contribute significantly to the overall economic growth of Lagos.
“To fully harness the potential of the real estate sector, there is the need to support the various policies of the government, streamlined regulations, and professionalism on the part of the practitioners. These measures would not only attract more investors but also ensure sustainable and inclusive development”, she added.
