Construction and Real Estate Sector Remain Pillars of Economic Growth – Akinderu-Fatai

The Lagos State Government has emphasised the strategic importance of the construction and real estate sector to Nigeria’s economic growth, calling for clarity and coordination as new tax and insurance reforms take effect in 2026.

Hon. Moruf Akinderu-Fatai made this assertion at the Construction & Real Estate Outlook 2026 organised by the Nigerian-British Chamber of Commerce in Lekki. He noted that while the reforms aim to strengthen fiscal sustainability and regulatory standards, their success depends on their impact on investment confidence and housing delivery.

Describing the sector as a major driver of employment and social stability, the Commissioner stressed that tax and insurance frameworks must enable development rather than constrain it. He acknowledged that short-term adjustments may be inevitable but maintained that reforms present opportunities for improved governance and institutional investment.

Akinderu-Fatai reaffirmed Lagos State’s commitment to policy stability under Governor Babajide Olusola Sanwo-Olu’s administration. He emphasised the need for predictable tax administration to sustain capital inflows and long-term growth.

He called for shared responsibility among government, private sector operators, financiers, and policymakers, stressing that sustained dialogue and evidence-based policy adjustments are essential to ensuring resilience and sustainable expansion within the sector.