Orange Island CEO Urges Creation of Construction and Infrastructure Bank to Boost Nigeria’s Development

The Chief Executive Officer of Orange Island, Yinka Ogunsulire, has called for the establishment of a specialised Construction and Infrastructure Bank to provide affordable, long-term financing critical for national development. She made the appeal at the 2025 annual conference of the Royal Institution of Chartered Surveyors (RICS) Nigeria Group, themed “Building for 300 Million.”

Ogunsulire emphasized the need for a bank that truly understands the built environment, offering single-digit interest rates, longer tenures, and technical expertise in project lifecycles, contracts, and risk management. “Interest rates above 30 per cent make it nearly impossible to deliver affordable housing or large-scale infrastructure. A dedicated bank could become a genuine financial partner to the sector, unlocking patient capital that development requires,” she said.

She highlighted initiatives such as the MoFI Real Estate Investment Fund, which are already mobilizing long-term, affordable capital for housing and infrastructure, and called for the expansion of such mechanisms through urban development funds, blended finance, municipal bonds, tax incentives, and stronger local government revenue systems.

Addressing Nigeria’s population boom, RICS Nigeria Group Chairman Tayo Odunsi stressed that professionals in the built environment must move from expertise to purposeful action. “Nigeria’s population is projected to reach 300 million soon, presenting both opportunities and challenges. Our collective role—from planning to financing, construction, and management—is vital in creating sustainable real estate that serves housing, work, and leisure needs,” he said.

Odunsi added that upholding global best practices, quality, sustainability, and resilience is crucial. “We must ensure every project contributes to an efficient, inclusive built environment,” he noted.

Uche Obi, an elected member of RICS’s Global Governing Council, echoed the urgency of the theme, highlighting Nigeria’s growing infrastructure and housing needs alongside its cultural richness and global potential. He pointed to Lagos as a key hub shaping the future of the profession in West Africa, with Nigerian professionals increasingly collaborating internationally.