Aiming to tackle Nigeria’s significant housing deficit, the Charge d’Affaires at the Nigerian High Commission in Canada, Ambassador Obioma Nzewuji, has called on Nigerians living abroad to invest in their home country’s real estate sector.
This investment, he believes, would complement the government’s efforts to increase housing supply and address the widespread lack of affordable options. Nzewuji made the remarks during a virtual business networking session hosted by the Nigerian and Canadian Business Network (NCBN).
Highlighting the vast potential in Nigeria’s housing market, Nzewuji emphasized the need for low-cost and affordable housing solutions. He pointed to technology-driven construction as a promising avenue for investors, allowing for faster and more efficient housing delivery.
Nzewuji also noted the growing demand for mortgage financing across various income brackets in Nigeria, presenting potential opportunities in property financing. However, he advised investors to conduct thorough due diligence, with the support of the Nigerian High Commission.
“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,” Nzewuji said.
The session also featured Babatunde Adeyemo, CEO of Pelican Valley Nigeria Limited. While acknowledging Nigeria’s challenges, Adeyemo stressed the country’s abundant opportunities, particularly for young people.
Speaking on real estate investment specifically, Adeyemo identified due diligence, value addition, trust building, and patience as crucial factors for success. He showcased Pelican Valley’s government-approved developments and affordable housing solutions as examples of innovative approaches in the market.
A key theme of the session was the need to bridge the gap between Nigerians in the diaspora and real estate investment opportunities back home. Adeyemo pointed to the lack of a reliable platform as a major obstacle, hindering both domestic and international investors.
Pelican Valley, he explained, aims to address this issue by providing a trustworthy platform for investment. He encouraged Nigerians abroad to conduct their own research and explore investment options.
The event also featured presentations by various speakers, including Ken Oguzie, Lady Kay, Badewa Williams, Dr. Olakunle Ibitoye, Dr. Chris Brooks, and Dr. Olumide Oladipo. Oguzie led a session connecting Nigerian and Canadian businesses through investment opportunities.
King Wale Adesanya, Chairman of NCBN, commended participants and speakers while emphasizing the importance of collaboration between Nigerian and Canadian businesses. The need for cooperation was further echoed by Lady Kay and Dr. Chris Brooks. Additionally, Williams invited participants to attend the Nigerian Diaspora Investment Summit scheduled for November 2024.
