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Advocacy for Government Action on Regulatory and Legal Challenges in Real Estate

Ubosi Eleh and Company, a prominent real estate firm, is urging the government to prioritize addressing regulatory and legal issues within the sector. Emeka Eleh, the firm's principal partner, emphasized this call during a real estate webinar titled "The 2024 Budget and the Real Estate Sector Implications."
Eleh emphasized the need for an enabling environment for the private sector to thrive, asserting that an improved regulatory landscape would allow private enterprises to contribute significantly to addressing the housing supply shortage.
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He stated, "Considering our funding constraints, the government alone cannot solve our housing and infrastructural problems. Government should address regulatory constraints and create a conducive environment for the private sector. Rather than embarking on projects that may remain unfinished, the government should focus on enabling the private sector to act, allowing it to meet the supply side of housing."
 
Eleh highlighted the private sector's capability to handle both demand and supply aspects by constructing houses for profit. He urged the government to play a role in regulation while stimulating demand through economic growth and mortgage expansion.
Real estate png images | PNGWing
 
In addressing the 2024 budget, Eleh expressed reservations about the N99.9 billion allocation to the Federal Ministry of Housing and Urban Development (FMHUD), considering the substantial housing needs. He acknowledged the budget's positive aspects but emphasized the challenge of a significant deficit, pointing out the importance of effective implementation to generate economic activities nationwide.
Eleh remains optimistic about the potential impact of the budget's capital projects on economic activities, recognizing the funding challenges and underscoring the need for careful financial management amid revenue projections that fall below budgeted expenditures.
 

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