LCCI: Real estate sector can boost GDP, reduce unemployment

The Lagos Chamber of Commerce and industry (LCCI), has said the nation’s real estate and construction sector has high capacity in creating massive jobs towards maximally improved the country’s gross domestic product (GDP). In particular, the LCCI explainedalsothatthesector hastheresilienttoreducethe country’s rising unemployment rate if it’s properly regulated by government.

The Director-General of LCCI, Dr. Chinyere Almona, in an interview with New Telegraph, said Nigeria’s construction sector attracted $1.5 million capital importation in Q1 2021, according to a data releasedfromtheNationalBureau Statistics (NBS). According to her, the NBS also stated that the real estate sector’s contribution to nominal GDP in Q2 2021 stood at 5.05 per cent as against 5.41 per cent recorded in the second quarter of 2020.

She added that the result is slightly higher than the 5.03 per cent it accounted for in the first quarter of 2021. Indeed, to her, this is an impressive result in all ramifications that can catalyst the country’s economy positively. Almona, however, stated that the country’s property and land documentation should be regulated with international best practices to ensure the protection of the rights of property owners.




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