Real estate mogul, Dr. Babatunde Adeyemo, has lauded President Bola Ahmed Tinubu’s forex policy, citing its positive impact on the economy. However, he emphasized the need for continuous efforts to bolster the Naira against the dollar.
Adeyemo voiced optimism about Nigeria’s economic resurgence if the Naira’s appreciation trend persists over the next six months, ideally reaching a target of N1,000 per dollar.
Speaking at Pelican Valley Estate Laderin, Adeyemo urged patience amidst economic adjustments following forex policy changes and oil subsidy removal. He cautioned against expecting immediate price drops, stressing the importance of stability for economic recovery.
As an ECOWAS Youth Ambassador, Adeyemo proposed government support for credible real estate entrepreneurs, offering single-digit interest credit facilities and land access for low-cost housing projects.
He underscored the role of the government in fostering a conducive business environment rather than direct intervention in commerce.
Addressing housing affordability challenges, Adeyemo highlighted the dependency on material costs and emphasized the necessity of economic stability for sustainable solutions.
He advocated for long-term planning and support for real estate initiatives to alleviate the housing deficit, citing his own journey in the sector.
Acknowledging his accolade from Boseri newspaper, Adeyemo pledged to maintain his commitment to integrity and philanthropy while advocating for continued support for journalism and societal development.
“So, that is why we need to work on the economy first. It is not a day thing. It is going to take like 20 or 30 years plan to accomplish and the FG can’t use all her funds meant for many other projects like education, health, agriculture, coastal road and channel all only to housing. And it can’t leave debt servicing obligations unattended to subsidize housing. You just have to live within what you have. And government has no business being in business. All it needs to do is to make land available to genuine real estate investors like us and give us light funding.
“For example, I started this business with less than N3million Naira 14 or 15 years ago and to the glory of God, we are where we are today. We have become a household name but it took me almost 15 years to get to this level because there was no luxury of funds, no access to fund, so I have to grow gradually and I didn’t want to approach a bank for killer – loan.
“So, with the support of government, if they can provide a single digit interest loan to people like us, the journey that took me almost 15 years, I would have been there in less than three years. And once you have that luxury of funds, we will be able to expand, have more housing and in the long run, it will reduce housing deficit in the country but once we don’t have that luxury of funds, you have to live within your reach and when you don’t have more housing in circulation, the housing deficit cannot reduce. It is not possible. Bad economy can’t make access to affordable housing practicable for low income earners.”
Earlier, the Publisher of Boseri, Mr. Johnson Akinpelu and professional colleagues – Mr Kunle Idowu, Mr. Johnson Onifade and Mr. Segun Ayinde in their separate remarks, said Dr Babatunde Adeyemo’s integrity, character, philanthropy and support for widows and the downtrodden, earned him the respected title, even as they prayed God to uplift him the more in his service to humanity and society.
