By Fadekemi Ajakaiye
The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has said that sustained investment in the real estate sector would revamp the nation’s economy.
The President and Chairman, National Council of NIESV, Chief Emmanuel Wike, who stated this at a press conference in Lagos recently, noted that Nigeria is going in and out of recession because of its dependence on crude oil as its major source of earnings.
Wike stated that Nigeria’s economy, being “highly dependent on crude oil, which accounts for more than 83% of the country’s total export earnings, according to the Organisation of Petroleum Exporting Countries (OPEC), is highly vulnerable to fluctuations in crude oil prices and production. The economy as a result has been periodically or intractably challenged, slipping in and out of recession.”
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