Lagos Advocates Stronger Compliance, Sectoral Synergy to Boost Real Estate Growth

 Lagos Advocates Stronger Compliance, Sectoral Synergy to Boost Real Estate Growth

By Adeoti Sobowale

LAGOS, Nigeria – The Lagos State Government has reiterated its commitment to strengthening compliance and fostering sectoral integration as a strategic approach to unlock the full potential of the real estate, tourism, and hospitality sectors.

Speaking at the 2025 Annual Conference of the Female Lawyers in Real Estate Practice (FELIREP), held on Thursday, June 26 at Four Points by Sheraton, Victoria Island, the Commissioner for Tourism, Arts and Culture, Mrs. Toke Benson-Awoyinka, called for greater collaboration among key sectors to drive sustainable economic development.

Represented by the Executive Secretary/CEO of the Lagos State Film and Video Censors Board, Mrs. Bukola Agbaminoja, the Commissioner stressed the importance of compliance with existing laws, describing it as a crucial enabler rather than a barrier to growth.

“Compliance is not a bottleneck, but rather a catalyst for sustainable development,” she said, noting that harmonised policies between the real estate and tourism sectors would facilitate hospitality-driven investments such as resorts and cultural tourism zones.

She highlighted ongoing projects like the Lagos Waterfront Regeneration and Lekki Creative City as examples of how the government is aligning real estate with tourism to drive infrastructure and economic expansion.

In a related address, the Lagos State Commissioner for Housing, Hon. Moruf Akinderu-Fatai, represented by the Director of Legal Services in the ministry, Mrs. Bukade Idowu Koya, underlined the significance of robust housing policies in ensuring sustainable urban development.

He described housing policies as “the backbone of effective urban planning,” capable of fostering economic growth, ensuring social stability, and upholding human dignity.

Earlier in her welcome remarks, the President of FELIREP, Mrs. Peace Anomneze, outlined several challenges confronting the real estate sector, including Nigeria’s housing deficit, rampant fraudulent practices, frequent building collapses, and inefficiencies in the land registry system.

“Regulatory oversight gaps can cost lives, livelihoods, and ultimately derail economic growth,” Anomneze warned.

She called for a concerted effort by legal practitioners, government agencies, private investors, and financial institutions to harmonise real estate regulations across federal and state levels in order to improve transparency, professionalism, and accountability.

The conference brought together key stakeholders to chart a course toward a more integrated and compliant real estate environment in Lagos and across Nigeria.