UPDC repositions business operations to enhance profitability

The Chairman of UACN Property Development Company (UPDC) Plc, Larry Ettah has stated that the company is repositioning the business to enable it deliver better returns to stakeholders and improve performance. Ettah, stated this while addressing shareholders at the company’s yearly general meeting held in Lagos.

He noted that the Nigerian real estate sector is one of the significant drivers in the country’s non-oil economy, adding that the sector accounted for 7.5 per cent of total GDP in 2015 and grew by 2.1 per cent year-on-year in the same year.

Ettah pointed out that Nigeria’s real estate market still presents substantial opportunities as well as a number of challenges for property investors and developers. According to him, cumbersome and time-consuming processes for land acquisition, insecure land title and infrastructure deficiency are few of the challenges of the sector.