Stakeholders in the real estate industry have blamed the lack of sustainable energy in the real estate industry for Nigeria’s economic difficulties.
The experts stated this at the Nigeria Economic Breakfast Meeting themed “2023 Election: Setting the Economic Agenda for the Nigeria We Want.”
They noted that the method of doing business had changed in Nigeria post-COVID-19, adding that there had been an increase in energy prices, devaluation of the naira, dwindling finances and, in some cases, economic recession. The Chief Executive Officer, UACN Property Development Company, Odunayo Ojo, said, “UPDC operates in the real estate industry, we have estates that run on generators. Also, we operate in the hospitality sector as well because we have a hotel that runs 24 hours on generator. Also, you cannot increase your prices beyond what the market can take. So, what we just have to do is to reduce our margins and we are running at a loss.
“There are certain industries we do not have in Nigeria because we do not have power. One of our sister companies is UAC Foods and they have an ice cream factory. Do you know that there is no cold chain in this country? Hence, you cannot move ice cream from Lagos to Maiduguri, because the cost of moving those trucks on the road is prohibitive. Just imagine how much businesses are being lost because of no sustainable energy system in the country.
According to Ojo, Nigeria was operating below capacity because the growth of the industry had been impeded by the huge cost of production.
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