AKINWALE ABOLUWADE
Vice President Yemi Osinbajo said in Ibadan, Oyo State, on Thursday that there is a huge opportunity for investments in the real estate industry in Nigeria, urging stakeholders to leverage on the existing gap to create wealth and drive development.
The Vice President said this in an address delivered during the inauguration of the first phase of Westlink Iconic Estates, a luxury property in Ibadan, being a joint venture initiative between Odu’a Investment Company Limited and Chapter 4 Estate Management Limited.
Westlink Iconic Estates, Alakia, Ibadan, compromises 67 housing units with four and five-bedroom detached and semi-detached duplexes, and three-bedroom flats.
Harping on the importance of public private partnership for development, Prof. Osinbajo said, “I am delighted with what I’m seeing here today. This is no doubt, creating a new and vibrant neighbourhood in this part of the country; Oyo State. I am hopeful that with the example you have set, this can serve as a model for many others to follow.
“The Nigerian business environment has been coloured and polarized with lots of challenges spawning fear as a result of insecurity, uncertainty, political, environmental and cultural disparities.
“In spite of these challenges, Nigeria is slowly but surely checking the boxes when it comes to the ease of doing business, resulting in the country being one of the topmost hubs for business, trade and investment.
“Nigeria is ranked 131 out of 190 economies in the world on ease of doing business, according to the latest World Bank ratings. This is an improvement after moving 15 places from 146 in 2018.In pursuance of this administration’s goal to further improve Nigeria’s ease of doing business ratings, President Mohammadu Buhari inaugurated the Presidential Enabling Business Environment Council, chaired by my humble self, in July 2016. PEBEC’s primary objective is to catalyse the country’s business environment and to also maintain a proper business climate.
“No doubt, the Ease of Doing Business reforms in Nigeria and the appeal to Nigerians in the diaspora, encouraged what we are seeing here today through this magnificent Joint Venture project between Odu’a Investment Company Limited and Chapter 4 Estates Management Limited, UK.
“I must commend the effort of the Board and Management of Odu’a Investment Company Limited for initiating this noble project, and ensuring that the first phase of the project is being commissioned today. This clearly demonstrates a blend of private partnership which brings about greater dividends.
“What we see here today, confirms that there is a huge opportunity in Nigeria for investments in real estate industry. While government commits to creating an enabling environment, I will advise that we look to the private sector for investments to galvanize growth in the sector.
“We must, indeed, work together to redefine the real estate industry for the future in Nigeria.”
He urged stakeholders to see the achievement as the beginning of what is possible with the blend of private partnership.
Earlier in his address, the Chairman, Odu’a Investment Company Limited, Otunba Bimbo Ashiru, noted that the real estate industry in Nigeria experienced steady growth in the last two decades, saying that with advancement in technology, “The next couple of years will be very exciting for the real estate sector, especially with the emergence of a new generation of potential home owners and renters who are technologically savvy and prioritise comfort.
“One component of the Nigeria property market’s evolution which I believe can make the market more vibrant is an efficient Mortgage Sector. With the amount of pent-up demand for property in the local market, if the right mortgage terms are available, I believe that originating 100,000 residential mortgages per annum is very possible.
“We at Odu’a Investment Group are bullish about the immediate future of the Nigeria Real Estate Industry. As one of the largest holders of real estate assets in the country, we see first-hand the immense opportunities across the residential, commercial and industrial segments of the sector.
“We plan to develop new, and build on existing partnerships to help meet the growing demand for modern and first-class properties and living environments. Over the last four years, the Odu’a Investment Group has leveraged partnerships with developers such as Chapter 4 Estates Management Limited, Address Homes and many others to envision world class projects such as the Westlink Iconic Villa, Alakia, and the Ikoyi Crescent JV development between Wemabod and The Address Homes Limited. There are a lot of other projects in the pipeline in cities like Lagos, Ibadan, Ado-Ekiti, etc.”
Oyeniyi Raimi, Director of Finance and Resources, Chapter Four Estate Management Limited, said in an interview with journalists that rather than just wish for the Nigeria of their dream, he and his partners who were based in the United Kingdom, took the bull by the horn by coming to Nigeria to realize the vision of building quality and affordable shelters for the people.
Raimi said that “Government alone cannot do it. Some people have to work in collaboration with government. When we came to Nigeria, the primary product we had in mind was to provide affordable homes. We wanted an average Nigerian with average salary to be able to buy home which can be paid for over a period of time. We have the template but you can hardly have affordable homes without government playing a role.
“No market for affordable blocks, there is market for affordable roofing sheets and affordable reinforcement; we buy from the same market. But, there are things that government can do without spending money to make homes affordable for Nigerians and that is what actually brought us to Nigeria. We hope that we would be able to work with government to create homes that are affordable.”
Governors Seyi Makinde of Oyo State, Dapo Abiodun of Ogun State, Ademola Adeleke of Osun, Abiodun Oyebanji of Ekiti State, Governor Babajide Sanwolu of Lagos State, and their Ondo State counterpart, Arakunrin Oluwarotimi Akeredolu, (SAN), were represented on the occasion.
Among the important dignitaries that were present on the occasion are Chief Onikepo Akande (CON), a leading industrialist; Titi Oseni, Oluyemi Ejidiran, Chairman Wemaboard; Oloye Lekan Alabi, Prince Fasua, Peter Oyeleye, Seyi Oduntan, Seye Oyeleye, Director General, DAWN Commission; Chief Oluwaropo Adesanya, Waheed Ekun, and Leye Oyebade.
