Nigerian real estate experts urge technology adoption and execution

Real estate experts at the Ikoyi Club 1938 88th anniversary symposium have urged investors and developers in Nigeria to prioritize productive development and technological adoption over land speculation.

Dr. Innocent Okoro, Founding Partner of M. I. Okoro & Associates, emphasized that wealth creation stems from execution and value creation rather than simply holding land. He identified urbanization, population growth, and infrastructure development as primary drivers of Nigerian real estate opportunities, advising investors to follow infrastructure pipelines such as roads, rail, and power projects.

Chief Meckson Innocent Okoro highlighted the transformative potential of technologies including artificial intelligence, data analytics, digital mapping, drones, and Building Information Modelling (BIM). These tools can improve property identification, valuation, and construction efficiency. However, both experts warned that technology can also facilitate fraud through fake listings and doctored title documents, necessitating stronger professional due diligence and reliable data.

To expand affordable housing, experts called for increased collaboration between governments, financial institutions, and developers, alongside greater participation from pension funds and private equity in property financing.