After two years of down-turn in business activities in the
Nigerian real estate sector following economic recession in the country, the
sector appears to be emerging from recession,...
as the easing of inflationary
pressure, improvement of foreign exchange liquidity, improved investment
inflows and increased oil production have contributed to indicate a positive
growth outlook for Nigeria. Nigeria has faced strong headwinds in the past two
years. However, the currency uncertainty and falling oil price as well as
production that has weighed heavily on consumer confidence are giving way. The
World Bank had predicted an exit from recession this year and economic growth
of 1%, which was later reviewed to 1.2% by mid-year. But the sentiment for West
African real estate has been largely negative over the last two years. In order
to change this narrative, industry stakeholders last weekend gathered at the
West Africa Property Investment Summit in Lagos, to discuss ways to overcome
current obstacles and uncover the countless opportunities across Nigeria and
the broader West African region. According to the Managing Director of API
Events, organisers of the summit, Mr. Kfir Rusin, “With a population of over
185 million people, strong real estate development fundamentals and a +6%
contribution of real estate to GDP, we believe in the long-term potential of
Nigeria’s real estate sector. We are excited to host our conference in Lagos.
“While there have been some short-term headwinds, there are encouraging signs
of market improvement and the summit will provide a vehicle in driving back
prosperity into the local and regional property market.” The West Africa
Property Investment, (WAPI) Summit was a high-calibre two-day real
estate-focused conference with very specific objectives related to changing the
West African narrative with the aims to restore global confidence in Nigeria’s
real estate sector and to identify critical factors for survival and growth in
a recession. Other objectives of the event include to highlight new funding and
building solutions tailored towards West Africa’s property market, uncover
emerging and untapped opportunities within the West African market, define a
new agenda for private and public sector partnership as a bolster for growth in
the local and regional property market. Others were to outline a sustainable
framework for pricing rent and services in West African retail, create a
platform for dialogue and knowledge sharing between local and international
stakeholders, improve market transparency and efficiency through regulations,
data capture, technology and government interventions. The Summit which had in
attendance over 350 delegates and 175 companies, offered insights, thought-leadership
and solution-focused tools with an emphasis on driving further development and
investment in the local and regional real estate market. Key focus areas
include debt and lease restructuring in a recession, managing foreign exchange
risks, uncovering emerging asset classes, improving the ease of doing business
and jump- starting the Nigerian housing finance market, among other things.
Specifically, the Summit provided the perfect platform for initiating a
dialogue between West Africa’s private and public sectors, with the
co-ordination of public infrastructure development with local and global real
estate investment. “This presents Nigeria and the West African region with an
opportunity to re-invigorate the country’s commercial and residential real
estate sectors, and once again, position itself as the number one investment
destination for local and global capital,” Rusin noted. Key government
stakeholders from the Federal Ministry of Power, Works and Housing, Ministry of
Industry, Trade and Investment, Lagos State Ministry of Physical Planning and
Urban Development as well as the Nigeria Investment Promotion Commission were
in attendance and shared insights on government projects relevant to the real
estate sector.
After two years of
down-turn in business activities in the Nigerian real estate sector
following economic recession in the country, the sector appears to be
emerging from recession, as the easing of inflationary pressure,
improvement of foreign exchange liquidity, improved investment inflows
and increased oil production have contributed to indicate a positive
growth outlook for Nigeria.
Nigeria has faced strong headwinds in the past two years. However, the
currency uncertainty and falling oil price as well as production that
has weighed heavily on consumer confidence are giving way. The World
Bank had predicted an exit from recession this year and economic growth
of 1%, which was later reviewed to 1.2% by mid-year.
But the sentiment for West African real estate has been largely negative
over the last two years. In order to change this narrative, industry
stakeholders last weekend gathered at the West Africa Property
Investment Summit in Lagos, to discuss ways to overcome current
obstacles and uncover the countless opportunities across Nigeria and the
broader West African region.
According to the Managing Director of API Events, organisers of the
summit, Mr. Kfir Rusin, “With a population of over 185 million people,
strong real estate development fundamentals and a +6% contribution of
real estate to GDP, we believe in the long-term potential of Nigeria’s
real estate sector. We are excited to host our conference in Lagos.
“While there have been some short-term headwinds, there are encouraging
signs of market improvement and the summit will provide a vehicle in
driving back prosperity into the local and regional property market.”
The West Africa Property Investment, (WAPI) Summit was a high-calibre
two-day real estate-focused conference with very specific objectives
related to changing the West African narrative with the aims to restore
global confidence in Nigeria’s real estate sector and to identify
critical factors for survival and growth in a recession.
Other objectives of the event include to highlight new funding and
building solutions tailored towards West Africa’s property market,
uncover emerging and untapped opportunities within the West African
market, define a new agenda for private and public sector partnership as
a bolster for growth in the local and regional property market.
Others were to outline a sustainable framework for pricing rent and
services in West African retail, create a platform for dialogue and
knowledge sharing between local and international stakeholders, improve
market transparency and efficiency through regulations, data capture,
technology and government interventions.
The Summit which had in attendance over 350 delegates and 175 companies,
offered insights, thought-leadership and solution-focused tools with
an emphasis on driving further development and investment in the local
and regional real estate market.
Key focus areas include debt and lease restructuring in a recession,
managing foreign exchange risks, uncovering emerging asset classes,
improving the ease of doing business and jump- starting the Nigerian
housing finance market, among other things.
Specifically, the Summit provided the perfect platform for initiating a
dialogue between West Africa’s private and public sectors, with the
co-ordination of public infrastructure development with local and global
real estate investment. “This presents Nigeria and the West African
region with an opportunity to re-invigorate the country’s commercial and
residential real estate sectors, and once again, position itself as the
number one investment destination for local and global capital,” Rusin
noted.
Key government stakeholders from the Federal Ministry of Power, Works
and Housing, Ministry of Industry, Trade and Investment, Lagos State
Ministry of Physical Planning and Urban Development as well as the
Nigeria Investment Promotion Commission were in attendance and shared
insights on government projects relevant to the real estate sector.
Read more at: https://www.vanguardngr.com/2017/10/stakeholders-brainstorm-ways-overcome-current-obstacles-nigerias-property-market/
Read more at: https://www.vanguardngr.com/2017/10/stakeholders-brainstorm-ways-overcome-current-obstacles-nigerias-property-market/
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