With the aim of providing low-cost housing geared at addressing the huge housing deficit in Nigeria, the Charge’d Affaire at the Nigeria High Commission, Canada, Ambassador Obioma Nzewuji, has urged Nigerians in diaspora to invest in their home country’s real estate.
He said this move will complement the Federal Government’s effort towards shoring up the demand for housing in Nigeria and the complementary housing deficit.
Nzewuji stated this during a virtual interactive and business networking session hosted by the Nigerian and Canadian Business Network (NCBN) at the weekend.
The event also had in attendance NCBN Ottawa President, Apostle Cornelius Babalola; NCBN Toronto President, Wale Rabiu, and NCBN Chairman, King Wale Adesanya.
Speaking extensively on the opportunities in Nigeria’s housing sector, the acting high commissioner said: “Nigeria has a wide gap of housing deficit. The biggest opportunity lies in the provision of low-cost and affordable housing. This is one area that investors can actually take advantage of.
“It is possible, from our findings, to use technology to deliver housing with speed and efficiency. There are prospects for collaborating with state governments and the private sector.
“There’s also a growing demand for mortgage-driven property financing across the major income space in Nigeria which could offer opportunities in property financing.
“I should advise that you carry out your due diligence in collaboration with the Nigerian High Commission’s institutional support.”
Also speaking at the event, the Chief Executive Officer of Pelican Valley Nigeria Limited, Babatunde Adeyemo, declared that, despite her challenges, Nigeria remains a beautiful country with boundless opportunities for the citizens, especially the youth, to tap into.
Speaking on “About Real Estate Project and how the Diasporas Can Invest in it,” outlined that the pathway for successful real estate investment in Nigeria must be premised on due diligence, value addition, gaining and sustenance of trust, as well as patience.
He also highlighted Pelican Valley’s government-approved developments and affordable housing solutions as some of the innovations standing Pelican Valley out positively from others.
The chief promoter of Pelican Valley Estate, Laderin, Pelican Brief Estate, Pelican Ecostay Apartments, and Pelican’s Greenish Acres Farm Estate in Kobape, Ogun State, said: “People in the diaspora have funds to invest in real estate but where most of them get it wrong is the failure of getting the right platform to invest their money in and that has been a clog in the wheel of progress of both Nigerians at home and abroad who want to invest in the real estate industry.
“Pelican Valley Nigeria Limited is here to change the narrative. I believe there is nothing bad in us starting to remould the ideology now; it is never too late. I am a strong believer in remodelling ideology and I believe we can start to change the narrative.
“To be in real estate in Nigeria is not that difficult in as much you can follow some steps and principles such as due diligence, adding value, buying time for your property to appreciate and goodwill. And you can also explore our open doors to see things for yourself.”
Other speakers at the event are Ken Oguzie, Lady Kay, Badewa Williams, Dr. Olakunle Ibitoye, Dr. Chris Brooks, and Dr. Olumide Oladipo.
Oguzie led the session that connected Nigerian and Canadian businesses through presentations on investment opportunities.
On his part, King Ade commended participants and speakers and called for collaboration between Nigerian and Canadian businesses.
While Lady Kay and Dr. Chris Brooks re-emphasised the need for collaborations, Williams invited the participants to join them during the Nigerian Diaspora Investment Summit scheduled for November 2024.
