‘Real Estate investment to increase to $13 billion in 2016’

He stated this at the 4th edition of the Nigerian Facilities Management Roundtable, sponsored by Alpha Mead in commemoration of the World Facilities Management Day.Speaking during his welcome address at the event, Akintunde who quoted a recent report by Price Water Coopers (PWC), that Real Estate investment value is expected to increase from $9.16 billion […]

He stated this at the 4th edition of the Nigerian Facilities Management Roundtable, sponsored by Alpha Mead in commemoration of the World Facilities Management Day.
Speaking during his welcome address at the event, Akintunde who quoted a recent report by Price Water Coopers (PWC), that Real Estate investment value is expected to increase from $9.16 billion to $13.65 billion next year, said the Facilities Management Industry must brace up to support and sustain the anticipated growth.
He said: “Going by this revelation however, for Nigeria to meet its vision 2020, a lot still needs to be done in the areas of improved public infrastructure to drive the required positive change in the Real Estate     and Facilities Management industry, and the general living condition of the average Nigerian”.
He added that for the Facilities Management and Real Estate sectors to contribute meaningfully to the Nigerian economy; practitioners must embrace Global Standards and best practices in the execution of projects.
“In the last four years, AM Facilities has sponsored this event as one of the ways we are exploring to raise awareness, set agenda, and promote global standards in the industry. We understand that the dynamics of the market are changing and we want to position Facilities Management to play critically role in the emerging market,” he said.
Keynote Speaker of the event, former Lagos State Attorney General and Commissioner for Justice, Supo Shasore (SAN) said the Facilities Management industry is one of the few industries certain for growth in the foreseeable future of the country.
Shasore said, “The Facility Management industry is one of the few industries that is certain for growth in the foreseeable future in this region and nation.  For the  sheer obvious reason that we have such a deficit to fill. I’m sure many of you know that in the World Economic Forum, Global Competitiveness Report 2014-15, Nigeria is ranked at 134 in infrastructure out of 144 economies”.
The former Attorney General also decried the current deficit in Nigeria’s infrastructure, saying; “the country’s core infrastructure stock is estimated at only 35-40% of GDP, in contrast to international benchmarks of 70% of GDP.  This low value has been driven by historically low public and private spending on infrastructure”.
The high point of the event was the introduction of the British Institute of Facilities Management (BIFM), Nigeria Chapter, which according to Engr. Femi Akintunde is a welcome development to strengthen the advocacy for best practices in the industry and encourage knowledge-sharing amongst members and professionals.
He said there was need for more training and standardization in the practice of FM in Nigeria.
Akintunde stressed the need for organisations to keep to their promise of timely payment to Facilities Management companies to enable them deliver quality services because Facility Management is a capital intensive venture.