Nigeria should improve access to long-term financing to address its 22m housing deficit, said Mr. Abdul Jabbar Oyekan, the Founder/CEO of Eazi Rent, while speaking on "Islamic Finance as a Catalyst to the Growth of Nigeria's Real Estate Sector." 

According to him, Nigeria needs an enabling environment conducive to attracting more real estate investments. He added that the digital adoption drive also encourages investments in the country's real estate sector. Beyond technology, the real estate entrepreneur called for real-time products to address housing challenges.

Speaking on foreign investments in the real estate market, he stressed the need for strategic collaborations between the public and private sectors to facilitate property transactions. 

Applying the Ijarah principle to real estate asset management, he described it as a concept that encourages"providing assets or properties by rent or leases" and is embedded in the 'EaziRent' platform.

"Eazi Rent is exploring different ways to support housing in Nigeria. We created a platform where residential and commercial properties can issue an Ijarah to do more business and enable people to plan their finances. The platform is inclusive and provides a suitable payment option plan for Nigerians of all walks of life and professions", he noted. 

Assessing the state of the industry, he admitted that"The real estate sector has emerged as one of the top performing sectors in Nigeria, in recent quarters despite the economic downturn." He described Real Estate investments as safe havens in times of economic uncertainties characterized by indices like high inflation.

Interestingly, he also pointed out that the high entry barriers into the real estate markets are coming down in Nigeria because of the adoption of emerging technologies like blockchain."We are bullish and believe the sector will witness remarkable growth and development."

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