Commissioner for Physical Planning honoured as stakeholders discuss real estate growth
The Lagos State Commissioner for Physical Planning and Urban Development has received a performance award at the Real Estate Discussions and Awards (REDA) 2025, held recently at Radisson Blu, Ikeja.
The Commissioner, who spoke as a joint Keynote Speaker, said that the event’s theme, “Back to the Basics – The Future of Real Estate,” highlighted the importance of sustainable development in the sector’s growth while providing the needed platform for uniting industry stakeholders to shape the future of real estate in Nigeria and Africa.
He said that the award was a recognition of the bold response of the Lagos State Government to the mounting regulatory challenges confronting the built environment in the State, where both public and private entities had made humongous investments in trillions of Naira.
Olumide emphasised that town planning was crucial to the growth of the sector, stating that “town planning provides the foundation on which real estate thrives.”
He outlined the Ministry of Physical Planning and Urban Development’s mandate as formulating policies guiding layout approvals, planning permits, monitoring and enforcement of physical planning laws, and regulating land use, as well as developing policies for affordable and sustainable housing, and initiating projects to revitalise and regenerate urban areas, among others.
He stressed that the sustainability of the real estate sector hinged on embracing the virtues of building right, which starts with getting adequate Planning Information from the Ministry.
He enjoined the sector’s stakeholders to support sustainable initiatives like the Green Building with a design focus on sustainable energy and material use, while encouraging investors to plan for the eventual disposal of the property after a certain period.
He called for concerted efforts to address key challenges facing real estate development in Lagos, including rapid urbanisation and overpopulation, limited land availability, compliance with planning regulations, environmental degradation, and affordability gaps for low and average-income earners.
The Permanent Secretary, Office of Physical Planning, Engr. Oluwole Sotire also spoke on the importance of regulation and the opportunities around ongoing projects such as the Lagos-Calabar Coastal Road, Lagos Rail lines being developed by LAMATA, and the recent launch of 70 ferries for waterways transportation, among others.
Other speakers at the event were the Chief Executive Officer, Ministry of Finance Incorporated, Dr. Amstrong Takang and the Chairman, Onigbongbo LCDA, Hon. Moyosore Adebanjo.
