Ruth Obih’s takeaway on Women

3INVESTONLINE – Whilst millions around the world were enthralled with recently concluded World Cup hosted in Brazil, I was on the other hand marvelling at the country’s growth story and wondering if their recent burst of growth and productivity—so much that they have secured not just the right to host the World Cup but also the Olympics in another two years—had anything to do with their current leadership: A woman?

All around me, there seems to be an increasing focus on women; their successes and their untapped opportunities. The question now is why this is not reflective in Africa’s multibillion-dollar real estate sector.

In May 2014, I attended the 6th Global Housing Finance Conference   hosted by the World bank in DC in large part due to my extensive networks in Nigerian real estate. I was particularly motivated when I was invited to attend the Women in international Housing Finance Workshop where I was hoping to meet Marja Hoek – Smit.  However, I met the amazing Carol Rabenhorst; an internationally recognised senior legal expert in real estate law who gave an excellent presentation titled “Hiding in plain Sight: Gender Equity in property Rights as Engine of economic growth for all”. This was the catalyst I needed to revive my previously unsuccessful plans to launch a Women In Real Estate chapter during the Real Estate Unite Conference. If I had any doubts about this decision, they were all thrown out the window when I met   the founder of World Women In Real Estate (W.W.I.R.E) at MIPIM in March 2014.

The reasons for an African chapter of Women in Real Estate (W.I.R.E) are many—some of which I presented at the recently concluded Africa’s Global Real Estate Institute (GRI)—because simply put, any business sector that is not enabling to women is not on a sustainable track. Gender diversity and inclusivity ensures better outreach for products and services. Real estate—and by association construction and development—is a core investment avenue as well as a strong indicator of economic progress for any nation. However, women are grossly disadvantaged and underserved whether in ownership, access or entrepreneurial opportunities within the sector; thus leading to disparity and unsustainable growth. This is why it is time to launch A.W.I.R.E as a networking forum for African women (AWIRE) in the industry to come together to share best practices and promote the growth of the sector.

Even with Nigeria leading the continent as the fastest growing economy, its governance understands the fundamental role that women have to play in its sustained and improved growth. What am I saying? It is not coincidental that the current administration has an increased number of women in cabinet. Closer to home, our past Minister of Housing Ms Ama Pepple handed over to our current Minister of Housing Akon Eyaenyi in a continued and consistent show of positive and progressive leadership.

The country’s financial services sector recognising the gap in available products and services to women has aggressively developed products to promote their inclusion. United Bank for Africa (UBA PLC) has the Ruby account; ChapelHill Denham has the Women Investment Fund; Diamond bank has The Diamond Woman , which was launched with an elegant tea party targeted at successful businesswomen in Lagos. And a couple of months ago, Access Bank presented its own product for women with the AccessW account.  Governing them all, the Central Bank of Nigeria has put forward a mandate to have 40% of women in leadership positions and decision-making by 2020.

Surely, if those who manage the nation’s money have identified the role that women are playing in the growth of their sector, why should real estate lag behind? After a few starts and stops, A.W.I.R.E will have its formal launch this October at the Real Estate Unite Conference. Real Estate Unite, , an annual real estate conference will provide an annual platform to host Women in Real Estate Across the world that may be interested in institutional Real Estate In Africa.
The Agenda will include; Women, Funds and Real Estate Ownership, b. The Real Estate Sector: Facilitating the Lucrative Career Path for Women in Africa, Landed Properties and Women Possessory Rights in Africa.

Globally, the most influential person in Housing-Finance is a woman: Dr Marja Hoek – Smit of Wharton School of Business at the University of Pennsylvania; and recently, the Global Royal Institute of Charter Surveyors (RICS) after 146 years of existence appointed its first female president: Louise Brooke Smith. By the way, RICS accredits over 118,000 qualified professional across the globe in land, real estate and infrastructure; so Brooke Smith’s role is no joke.

A.W.I.R.E is thus a simple way and a first step to key into the global discussion and progress surrounding housing, real estate, property ownership and development. This forum will help and empower African women across generations to surmount challenges relating to gender, access-to-finance, policy and entrepreneurship by connecting them with those who have who walked the talk and have valuable experience, tools and resources to share.

Some of the leading Women in Real Estate Includes Marja Hoek – Smit, Director/Founder, International Housing Finance Program, Zell/Lurie Real Estate Center; Udo Okonjo, Chief Igniter, Fine and Country; Shola Olatoye, Chairwoman of the New York City Housing Authority; Louise Brooke Smith, President of the Royal Institution of Chartered Surveyors; and Pam Golding, Founder of the Pam Golding Property Group. Join the global discussion to bring about the much-needed change we need.

Start by visiting the AWIRE page on Linkedin, fill out the questionnaire and start your path to leadership and growth within the sector. You will be connecting to global database of experienced female professionals who understand and are actively working to change the environment within which female real estate professionals operate.

I am confident that as with all sectors, the growth of the woman real estate professional will positively evolve the sector as a whole; and by default the nation’s sustained economic growth.

The A.W.I.R.E roundtable will hold on October 3, 2014 at Real Estate Unite 2014 Summit.

2014-08-19