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Real Estate Sector In Nigeria Grows as Nation Rises From Recession

Lagos Home & Property Festival

With the Nigerian economy emerging from recession, the real estate sector in Nigeria seems to be turning the corner.

The easing of inflationary pressure, improved investment inflows, increased oil production and an improvement of foreign exchange liquidity, have all contributed to a positive growth outlook for the country.

Nigeria has faced strong headwinds in the past two years, however, the currency uncertainty and falling oil price and production that have weighed heavily on consumer confidence are giving way.

The World Bank predicted an exit from recession this year and economic growth of 1%, which was later reviewed to 1.2% by mid-year.

The trend towards recovery is permeating throughout West Africa with the Ivory Coast and Senegal showing continued growth and Ghana’s peaceful elections cementing the country’s political and democratic maturity. This bodes well for business in Ghana as the International Monetary Fund has pegged the country’s GDP growth at around 6% for the year.

Industry stakeholders will gather at the West Africa Property Investment Summit 28 and 29 September 2017 at the Eko Hotel in Lagos, Nigeria to discuss ways to overcome current obstacles and uncover the countless opportunities across Nigeria and the broader West African region.

“With a population of over 185 million people, strong real estate development fundamentals and a +6% contribution of real estate to GDP, we believe in the long-term potential of Nigeria’s real estate sector and are excited to host our conference in Lagos, says Kfir Rusin, API Events Managing Director.

“Whilst there have been some short-term headwinds there are encouraging signs of market improvement and the summit will provide a vehicle in driving back prosperity into the local and regional property market,” he adds.

Source: BizNis Africa

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Jemimah Abimbola

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