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Stories by Merit Ibe [email protected]
Dr. Oluwatosin Olatujoye, is the Group Chief Executive Officer, Zulus Group, with over a decade of sales and marketing, human resource, project management and development experience. In this interview, he speaks on how the company has leveraged research and innovation to stimulate growth.
In addressing Nigeria’s housing deficit, Olatujoye, who started his career as a sales representative at American International Insurance Company (AIICO) points out several measures that the new government can adopt to make the business environment enabling for foreign direct investment.
Recently he got the Excellence in Business and Corporate Administration award from African Achievers Awards.
Excerpts.
Govt’s policies
In addressing Nigeria’s housing deficit and other businesses, the new government can take several measures in line with their development policy. They can implement policies and incentives to encourage private sector investment in affordable housing projects.
They can equally streamline and expedite the process of obtaining building permits and land titles to reduce bureaucratic hurdles, while facilitating access to long-term financing options for developers and home buyers.
In other countries, they have encouraged public-private partnerships to leverage resources and expertise in the construction and housing sectors, the government can copy the model. As a matter of urgency, they must invest in infrastructure development to support housing projects, such as improving transportation networks and utilities, prioritising urban planning and zoning regulations to ensure sustainable and inclusive housing developments.
Key areas that have been neglected by several administrations are research and innovation in construction techniques and materials to improve efficiency and reduce costs. I strongly recommend that economic advisers to the president must begin to think along this line to unlock local indigenous ideas in the country.
Your business
Zylus Homes and Properties is a fast-growing real estate firm in Nigeria. We are a privately owned and internationally recognised real estate company with interest in buying and selling of lands, buildings and estate maintenance.
The company’s operation is governed and guided by a strict code of ethics which sets the pace for its operations, commitment to excellence and professionalism. With the support of her committed team, the business has grown tremendously in revenue, size and strength.
Inflationary trend
Inflationary trends can impact the housing sector. To cushion the effects, the government can consider implementing some measures to control inflation, such as monetary policies and fiscal discipline.
Government must provide targeted subsidies or incentives to support affordable housing initiatives and foster competition in the construction and materials market to keep prices in check.
Another thing that the country must start looking at is to promote financial literacy and homeownership education to enable individuals to make informed decisions, while encouraging the development of alternative financing options, such as mortgage refinancing and rent-to-own schemes. They must consider to collaborate with industry stakeholders to develop strategies for cost-effective housing solutions.
Research
Let me stress here, that research plays a crucial role in solving the national housing deficit facing the country at the moment. Some steps to enhance the impact of research include to encourage collaboration between researchers, policymakers and industry practitioners to bridge the gap between theory and practice. Government needs to invest in research and development to drive innovation in construction techniques, materials and sustainable housing solutions.
At all levels, government can support research institutions and universities in conducting studies on housing needs, affordability and effective policy interventions.
They must be empowered to establish data collection mechanisms to gather accurate and up-to-date information on housing demand, supply and market dynamics and enabled to translate the research findings into actionable policy recommendations and guidelines for industry players.
The culture of promoting knowledge sharing platforms and conferences to disseminate research outcomes and encourage dialogue among stakeholders must be embraced if we are to move the sector forward.
Regulatory agencies and private sector
The relationship between regulatory agencies and the private sector is crucial for addressing sector issues.
There is need to foster regular communication and engagement between regulatory agencies and private sector representatives through forums, working groups and consultations.
The need to involve private sector professionals in policy-making processes to ensure their insights and expertise are captured adequately cannot be overemphasised at this point that many cannot meet their housing needs.
We recommend that there should be a clear channel for feedback and complaint resolution to address issues raised by the private sector to encourage transparency and accountability in the regulatory process to build trust. Also, regulatory bodies must constantly provide training and capacity-building programs to enhance understanding and compliance with regulatory requirements. Importantly, most professional organisations should seek input from regulatory agencies when developing industry standards and guidelines to ensure practicality and effectiveness.
Level of competitiveness
To be more open as a country for the industry, creating an enabling business environment that attracts foreign direct investment (FDI) will encourage international collaboration, while streamlining regulations and procedures to facilitate foreign participation in the sector.
If this is done alongside promoting international partnerships and joint ventures to leverage foreign expertise and technology transfer, it will encourage export of construction-related goods and services to generate foreign exchange and expand market opportunities. With the African Continental Free Trade Agreement (AFCFTA), participating in regional and international trade agreements to access larger markets is inevitable because it will foster healthy competition that will spur investment in skills development and education to enhance the competitiveness of local professionals and workers.
Foreign Exchange policy
The new CBN policy as directed by the president can impact the sector and any measures to protect the stakeholders must be through dialogue with relevant authorities to address FX challenges and seek possible solutions.
So, exploring alternative sources of funding and investment to reduce reliance on foreign currency can be achieved by adopting risk management strategies to hedge against currency fluctuations.
Off course collaborating with financial institutions to develop innovative financial products tailored to the needs of the sector can be equally considered while advocating for policies that promote stability in the foreign exchange market.
Factors pushing the firm
The real factor pushing our firm’s trajectory is a combination of several elements like strong commitment to customer satisfaction and delivering quality products and services.
Aside the above we do have a continuous mechanism of innovation and adaptation to changing market dynamics that help us focus on building strategic partnerships and alliances; and a dedicated and talented team that brings expertise and professionalism to every project.
However, we have a robust business model that allows for scalability and long-term sustainability and build a reputation for integrity and ethical business practices.
Minister envisaged
Going by the critical appointments the president has done recently, we expect the same calibre of appointment for the sector especially the person that has the better understanding of the industry and the needs of the stakeholder.
However a new minister for the industry should include relevant experience and knowledge in the sector, including an understanding of its challenges and potential.
Must be a person with strong leadership skills and have the ability to drive policy reforms and implementation, with a vision and strategic thinking to chart the course for the industry’s growth and development.
We also expect a person with effective communication and stakeholder management abilities to engage with various industry stakeholders, commitment to transparency, accountability and good governance and can demonstrate commitment to promoting inclusivity, sustainability and innovation in the industry.
Expectation
For the new minister, we can expect a person who can focus on policy reforms to address the sector’s challenges and promote growth; collaboration with industry stakeholders to develop and implement effective strategies and initiatives; emphasis on innovation and technological advancements in the sector and efforts to enhance professionalism and ethical standards through capacity-building and regulation.
The new minister must ensure he or she engages with international partners to learn from best practices and foster collaboration and prioritises affordability, sustainability, and inclusivity in housing and infrastructure development.
Industry still bankable
Let me categorically state that the industry is still bankable and young people can consider entering it but they must consider the following before venturing into the business.
They must always understand the growing demand for housing and infrastructure in Nigeria and the opportunities for innovation and technology-driven solutions with potential for job creation and entrepreneurship within the sector.
They should also consider if they have skilled professionals in various areas, such as architecture, engineering, project management and finance and the potential for long-term returns on investment in real estate development and related sectors.
