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LCCI predicts growth for construction sector

LCCI -Lagospost.ng

The Lagos Chamber of Commerce and Industry has expressed optimism that the construction and real estate sector would respond positively to a rise in investment.

This was disclosed in a statement signed by Dr. Chinyere Almona, Director-General of the chamber

It noted that the last quarter of 2022 may have witnessed huge investment in this sector that would transmit into real growth in the first quarter of 2023.

According to the statement, the coming onstream of Ajaokuta Steel Company would support solid growth in the construction sector.

It partly reads, “The recently approved access to pension funds for mortgage policies can have a positive effect on the real estate sector as more people are able to afford a mortgage to purchase houses.

“Some of these innovative financing options may support robust growth in connected sectors.

“This, again, calls for best practice regulation by the government to create an enabling environment where private sector operations can thrive.

“The windfall from the electioneering campaigns by some actors may also find their way into the real estate sector.”

With all this, the chamber projected that the sector can contribute at a higher rate than the 5.2 percent added to the country’s Gross Domestic Product in Q3 2022.



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