R eal estate professionals say there is need for a review of the present building approval process in order to grow the real estate sector which currently accounts for 7.6 percent of Nigeria’s recently rebased gross domestic product (GDP). The professionals who canvassed this review under the aegis of the International Real Estate Federation (FIABCI) insist that the review and subsequent relaxing of the tedious process of acquiring building approvals in most parts of the country has become necessary because it is a threat to the sector’s growth. According to them, if relaxed, it would signpost government’s willingness to provide an enabling environment for over 80 percent of private individuals and real estate developers who have been burdened by the current cumbersome process of accessing building plan approva ls. Speaking at a one-day seminar on ‘Challenges of Planning Approval and its Effects on Housing Development in Nigeria’, Flavio Nunes, worl...
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