Gov. Babajide Sanwo-Olu of Lagos State, says the built industry, a cornerstone of social economic progress, is facing challenges that can make or mar.
Sanwo-Olu, said this while delivering an address at the fourth Lagos Real Estate Market Place Conference and Exhibition organised by the Lagos State Real Estate Regulatory Authority(LASRERA) in Lagos.
The theme of the conference is: “Real Estate Regulation- A Panacea For Disaster Mitigation and Recovery in the Built Environment”.
The governor, represented by Lagos State Commissioner for Housing, Mr Moruf Akinderu-Fatai, said that many cities in the state are witnessing unregulated development and inadequately constructed structures.
“Our cities bear witness to the repercussions of unregulated development and the vulnerability of inadequately constructed structures to the forces of nature,” he added.
To minimise the risk of disasters and enhance the resilience of structures, Sanwo-Olu said it had become compulsory for relevant authorities to require individuals and organisation to purchase insurance coverage against natural disasters.
He said: “we will adopt a holistic approach that combines regulatory measures with other strategies to achieve more comprehensive disaster mitigation and recovery outcome.
“Real estate regulation, when wielded effectively, becomes a shield against the vagaries of the industry,” he said.
According to him, this begins with the establishment of stringent building codes and standards.
Sanwo-Olu noted that this standard ensures that structures are not just habitats but capable of withstanding the tumultuous winds, floods, and quakes that nature may unleash.
He said through systematic zoning and land-use policies, urban spaces can be intelligently planned steering development away from high-risk areas and minimising the potential for disaster-induced damage.
“Let us all know that by prioritising safety, enforcing building codes, and promoting transparency, we can create resilient communities that are better equipped to withstand and recover from disasters,” he said.
According to him, the theme of the conference is quite apt, as it encapsulates the state’s dedication to fostering an environment of regulatory excellence and resilience within the real estate industry.
The governor emphasised the state government’s determination to ensure full implementation of a zero tolerance policy against non or partial compliance with LASRERA laws, regulation and standards in the built industry.
He added that it was to sustain investor’s confidence in the real estate sector and contribute significantly to the advancement of shared goals as a community.
Sanwo-Olu, congratulated Odunuga- Bakare and her team for successfully organising the conference, while calling for collaboration of all stakeholders in the built environment.
“Let us work hand-in-hand to advocate for robust real estate regulation, for it is through our collective efforts that we can build a safer and more sustainable future.
“As we embark on this intellectual journey over the next few days, I encourage you all to engage wholeheartedly, share insights, and challenge conventional wisdom.
“The diversity of thought and experience shared during this conference is our greatest asset.
“It is through the exchange of ideas that we will uncover innovative solutions and forge a path toward a more resilient and sustainable future,” he said.
