Africa CEO Forum: Nigeria’s top real estate players propose ways to develop sector
Concerned over shortage of accommodation in Africa, with specific interest on Nigeria, top real estate players in Nigeria have restated the need for the provision of good, quality and affordable housing to cater to the needs of the teeming population of Africa’s most populous country.
Gathered at the Africa CEO Forum, the continent’s largest international meeting of Africa’s private and international investors, experts and high-level policymakers around the continent to discuss the possibility of a bridging housing deficits and improved infrastructure.
The 7th edition of the forum held in Kigali, Rwanda, recently, had as its theme: ‘Shaping the Future of Africa”, had in attendance, over 1800 participants, who made recommendation for more reforms to accelerate Africa’s economic integration.
One of the proposals by a group of panelists during the second day of AFRICA CEO FORUM 2019 in Kigali on a session called “Infrastructure and local financing: a 1000 billion dollar opportunity” was the need to reform the pension sector while de-risking and structuring infrastructure projects, which they said will help mobilize the highly needed funds.
It was noted that Africa requires $95 billion every year to cater for its funding needs in energy, roads, ports, railway, and other infrastructure projects. However, they can only raise half of the required amount, which calls to look for more funding alternatives. , the Group Managing Director and Chief Executive Officer of Africa RE, Corneille Karekezi, posited that since investing in infrastructure requires a lot of liquidity, countries must create vehicles that will help accumulate these resources.
Besides, participants at the event urged African governments to take advantage of pension funds to bridge their infrastructure funding shortfall and de-risk pension systems.
The Africa CEO forum allows CEOs to benefit from an unrivaled networking platform with top decision-makers, identify new business opportunities with the world’s most influential business leaders and also learn from the world-class consultants and experts on how to navigate their various company’s greatest challenges.
One of the participant, who is the Group Managing director/Chief Executive Officer of Palton Morgan Holdings, comprising of Propertymart, Grenadines Homes, Mcpalton, Mitcherutti contractors and Paltonloitte, Adeyinka Adesope, at the sidelines of the forum said meeting the housing needs of the citizenry is the core of the group’s business interest.
He said through its various subsidiaries, the company is delivering on various housing initiatives across the country to battle the deficit with offerings like PropertyMart Fairmont, fairest deal on the Lekki corridor, Grenadines Homes ‘Oceanna’, the icon of the nation, amongst others.
According to Adesope, the success recorded so far was due to the way Palton Morgan and other companies under it approach delivering their offerings under good corporate governance ethics they have come to be known for.
He said: “Through its member companies, the group’s strategic focus and policies rest on the development and completion of major projects in Nigeria and across the globe and the synergy of management and staff has grown the group to be one of the largest real estate investment firm in the country.
“While the economy of the nation has been tough on most sectors in the last three years, it has been tougher on the real estate sector and the federal government should wake up to the reality of the diagonal impact the housing sector has on the nation’s economy while major players of the sector must eschew siloed model of operation.”
Adesope wants the government to reconsider the African Continental Free Trade Agreement (ACFTA) it is yet to sign, saying the integration of Africa is one of the ways the continent’s developments can be galvanized, adding that Nigeria’s role and participation in the integration will be critical for its success, which is long overdue as African nations need to work as one; for one continent, one currency and one market.
He asserted that collaboration amongst African nations is key to developing the continent, which must also be embraced by major players in the real estate sector of Nigeria to advance the sector.