Stakeholders in the Nigerian Real Estate Industry
Important Stakeholders in Real Estate
Kayode Ikupolati
11/19/20252 min read
Introduction
The term “stakeholders” refers to any person or group of persons who have a financial interest or may be affected by the outcome of the sale or acquisition of a property. There are various stakeholders in the Nigerian Real Estate industry. In this post, I’ll discuss the different stakeholders in real estate industry, their functions and their importance to the real estate landscape in Nigeria.
1. The Core Investors
This refers to the people who’re the most affected by real estate transactions in Nigeria. These are the buyers (Investors), the sellers, developers and the tenants. The buyer brings the financial leverage, the seller offers the property at a price (developers also do the same, but a seller is not always a developer – a private individual could also be a seller), the developer builds mass building for sale and the tenant who lives in these buildings. Without these stakeholders, the real estate industry will be non-existent.
2. The Professionals
These are the groups of people who support the core investors by providing professional services. The main professionals in these field are Real Estate Agents/Brokers, Lawyers, Surveyors and Valuers, Architects, Quantity Surveyors and Building Engineers. They are responsible for providing professional advice and input to buyers, sellers and developers alike.
3. The Regulators
These are usually government organizations responsible for overseeing the conduct of investors and professionals alike. Their priority is ensuring that the industry practice is global standard and international best practices and in line with relevant laws and regulations. Where there is any violation, they are empowered to penalize the offender. Examples of regulators in the industry in Abuja are the Federal Housing Authority (FHA), the Federal Capital Territory Administration (FCTA), the Federal Capital Development Authority (FCDA) and the Abuja Geographic Information Systems (AGIS).
4. The Community
The Community where development of estates or houses are built is one of the biggest stakeholders in the real estate industry. The selling/buying of land affects the surrounding community and its members. This could be in an estate or in a small village, town or settlement.
5. Others
Other stakeholders include utility companies (provide amenities such as electricity, water and waste disposal) and artisans such as plumbers, masons and electricians.
Conclusion
It is important to understand the roles of these various stakeholders and how they come to play in the Nigerian real estate industry. Everyone has a role to play and everyone is important to ensuring a boisterous, safe and developed industry.
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