Economy Foreign News Politics

Expo 2021: Kenya woes Nigerian investors

Expo 2021: Kenya woes Nigerian investors
Written by Maritime First

Kenya on Friday called on Nigerian business investors to harness its economic development opportunities, to deepen Kenya-Nigeria relations.

Dr Wilfred Machage, the High Commissioner of Kenya to Nigeria, said this at the “5th Real Estate and Construction Expo-2021″.

“Expo-2021” which started on Feb. 17, would end on Feb. 20, in Abuja.

The event, themed: “Revamping the economy through investment in real estate and infrastructure”, was organised by the Abuja Chamber of Commerce.

According to him, real estate remains the real asset of choice when it comes to investment, saying it essential to playing major role in the economic performance of any country.

Machage said: “As far as the real estate sector is concerned, for the past two decades, Kenyan real estate market has grown exponentially, save for the challenging context last year.

“I am glad to report that one of the major Kenyan-based real estate developers ‘Unity Homes’ has expanded its footprint in Nigeria, as it seeks to tap the wider West African market.

“Unity Homes which is currently developing 1,200 units in Ruiru’s Tatu City In Kenya, will be developing 576-unit apartment complex in the Lekki Free Zone, in Lagos, Nigeria.

“These are the real success stories that are worth emulating and the government of Kenya is committed to deliver series of ambitious programme in this regard.

“To promote long-term development through its affordable housing agenda, namely: enhancing manufacturing, food security and nutrition, and universal health coverage agenda.”

Sen. Rochas Okorocha underscored the need for the Federal Government to prioritise investment in real estate, construction and housing sector, to boost economic growth in the country.

Okorocha, Chairman of Culture and Tourism Committee in the 9th Senate, stressed that Nigeria should look into such area, if the country must improve its economy.

Also read:  Osinbajo presides over 1st physical NEC meeting since COVID-19 lockdown

“What happened in Dubai with just land and desert, and their land is not even as good as ours; 20 years ago, Dubai people came to Nigeria seeking loan, which they could not get.

“Today, they have turned their whole nation into a world-class that most nations envy from nothing and what happens in Dubai is nothing but real estate, construction and housing.

“If Dubai can do it, Nigeria can do it, which is why we must begin to treat land as wealth set aside, for production of further wealth, not looking at the cash we have.”

He urged dealers in land, real estate and construction industry to always make it accessible, saying anyone that hoards the land of a nation, hoards the economy of that nation.

Meanwhile, the FCT Minister, Malam Muhammad Bello, described the event as apt, saying it can stimulate the interest of foreign investors and deepen partnership.

According to him, the construction and real estate sector has proven to be more than whole pricing unit for any nation’s economic stability, through the attraction of Direct Foreign Investment.

“This expo will help to promote investment in housing and infrastructure, and invariably boost economic development, especially for us here in the FCT.

“Abuja is still lacking in giant construction sector, considering there is housing, utility and infrastructure needs is still a problem to meet increase in the demands.

“Housing and provision of maintenance are the teething problem of construction, we must device effective and efficient ways of providing sewage disposal, recycling water treatment, roads and affordable quality housing,” Bello said.

High point of the event was the visitation of exhibition booths, product presentation, as well as buyers and sellers forum.


About the author

Maritime First