The conversation surrounding the business of architecture in Nigeria has grown increasingly important as urbanization continues to expand and the demand for modern infrastructure intensifies. The discussion panel, consisting of industry experts such as TPL Razaq Elegbede, FNITP; Omoyemi Olayiwola; and Akinwunmi Jumoke, explored the intersection of architecture, real estate, and urban development, and provided insightful analyses and statistics regarding the state of the sector in Nigeria on Fireside Chat on the Business of Architecture.
Introduction to the Panelists
TPL Razaq Elegbede, FNITP, is the Special Assistant to the Honorable Commissioner at the Ministry of Physical Planning and Urban Development in Lagos State. His extensive experience in urban planning and development lends a unique perspective on the role of governmental policies and interventions in shaping the architecture and real estate markets in Nigeria.
Omoyemi Olayiwola, Senior Architect at FMA Architects Ltd, is an experienced architect with a focus on sustainable designs, urban development, and high-impact architectural projects. Her firm is known for its emphasis on the importance of blending functionality, aesthetics, and sustainability in design and planning. Omoyemi brings a wealth of practical experience from the architectural field.
Akinwunmi Jumoke, a seasoned Real Estate Consultant, specializes in letting one’s money work for them through real estate and agro-business investments. Her expertise is in navigating the challenges of investment in Nigerian real estate, understanding market trends, and leveraging opportunities in both urban and rural settings. Her insights focus on the intersection of architecture, investment, and the broader economy.
Fireside Chat: The Business of Architecture in Nigeria
The business of architecture in Nigeria is multifaceted, encompassing everything from urban planning and design to real estate development and the economics of building materials. Nigeria, with a population exceeding 200 million people, is one of the fastest-growing countries in the world. As a result, the demand for residential, commercial, and industrial spaces is on the rise. This provides significant opportunities for architects and urban planners to contribute to Nigeria’s development.
However, the architectural industry in Nigeria faces several challenges that hinder its growth. One of the most pressing issues is the lack of adequate infrastructure and the high cost of construction materials. The reliance on imported building materials increases the cost of construction, making housing unaffordable for many Nigerians. Furthermore, the absence of standardization in construction methods and materials results in inefficient and often unsustainable designs.
Fireside Chat: The Role of Government and Policy
TPL Razaq Elegbede emphasized the critical role that government policies and urban planning play in the growth of the architectural sector in Nigeria. He discussed the Lagos State government’s efforts to improve urban planning and development through regulations that promote sustainable architecture and affordable housing. According to Elegbede, Lagos has implemented several initiatives to improve the built environment, including the development of master plans for key regions, zoning regulations, and the creation of public-private partnerships (PPPs) for infrastructure development.
Lagos State, being the commercial and financial hub of Nigeria, faces significant challenges such as population congestion, inadequate infrastructure, and a lack of affordable housing. The government is working on solutions to these issues, but Elegbede stressed that these challenges require collaboration between the government, private sector, and professionals in the architectural and construction fields. Through better planning and investment in infrastructure, Lagos State and other Nigerian cities can begin to solve some of the urbanization challenges that hinder growth.
The State of Architecture in Nigeria: Challenges and Opportunities
Omoyemi Olayiwola shared her perspective on the state of architecture in Nigeria and highlighted both the challenges and opportunities available to architects. Olayiwola noted that Nigerian architects have been at the forefront of designing innovative structures that cater to the country’s growing middle class, urbanization, and changing lifestyle demands. However, she pointed out that architects in Nigeria often face obstacles such as underpricing of services, a lack of adequate technical training, and poor enforcement of construction standards.
She also noted the increasing demand for sustainable and green building practices. As Nigeria becomes more aware of the environmental impact of construction, architects have the opportunity to design buildings that are energy-efficient, use sustainable materials, and integrate renewable energy sources. With the push for climate-conscious development, Olayiwola sees an expanding market for architects who are skilled in environmentally friendly design.
One significant opportunity, according to Olayiwola, is the growing real estate market in cities like Lagos, Abuja, and Port Harcourt. As more Nigerians embrace homeownership, commercial spaces, and mixed-use developments, architects are well-positioned to meet these needs with creative and efficient designs.
Real Estate Investment: Turning Money into Profits
Akinwunmi Jumoke, a real estate consultant & CEO of CM Properties, took a different angle, focusing on how real estate investment can be a powerful tool for wealth creation. She pointed out that in Nigeria, real estate remains one of the most stable and profitable investments, especially as the country’s population continues to grow and urbanize.
According to Jumoke, one of the keys to success in the real estate market is understanding the dynamics of supply and demand. She highlighted that property prices in major cities like Lagos and Abuja continue to rise due to limited land availability and a growing demand for residential and commercial spaces. However, there are also opportunities in less developed regions, particularly in the agricultural sector, where land can be purchased at lower prices and developed for future growth.
Jumoke also emphasized the importance of diversifying one’s portfolio, advising investors to combine real estate with other profitable ventures, such as agro-business. She discussed how agricultural investments in land for farming and agribusiness can provide returns that complement property development and renting. Agro-businesses also offer potential for local food production, thereby contributing to the economy while offering long-term financial returns.
Fireside Chat: The Impact of Technology
All three panelists agreed on the increasing importance of technology in shaping the future of architecture and real estate in Nigeria. From building information modeling (BIM) to the use of drones for site surveys, technology is changing how architects and developers approach design and construction. Elegbede pointed out that Lagos State has been implementing technology to streamline urban planning processes and increase efficiency.
Olayiwola also discussed how digital tools enable architects to create better designs and facilitate collaboration with engineers, contractors, and clients. These innovations improve the accuracy of designs and reduce the risks associated with building errors and delays.
Conclusion
Fireside Chat: Business of architecture in Nigeria is an evolving sector with both challenges and opportunities. While the industry faces issues such as high construction costs, inadequate infrastructure, and underdeveloped policies, there is significant potential for growth. Government initiatives, coupled with advances in technology and innovative architectural practices, offer new avenues for professionals in the sector.
The real estate market continues to offer profitable investment opportunities, and as urbanization intensifies, the demand for sustainable and functional designs grows. With experts like TPL Razaq Elegbede, Omoyemi Olayiwola, and Akinwunmi Jumoke leading the charge, the future of architecture and real estate in Nigeria is promising, though it will require collaboration, innovation, and strategic planning to fully realize its potential.
