FG, LAGOS UNFOLD INCENTIVES FOR MASS HOUSING INVESTORS

More incentives to drive the real estate sector in the country, especially in densely populated Lagos, were unveiled at the weekend by the federal and state governments.

And owing to deficits in the housing sector of the Nigerian economy, construction giants, China Civil Engineering and Construction Corporation (CCECC), has diversified into investment in the property industry of the country.

The incentives were outlined by the Minister of Industry, Trade and Investment, Dr. Olusegun Aganga, and Governor Babatunde Raji Fashola at the commissioning of Emperor Estate in Sangotedo on the Lekki-Epe Expressway, Lagos, developed by CCECC.

Commissioning the project, Aganga urged CCECC and other companies to explore more investment opportunities in Nigeria. 

 According to him, “opportunities abound in the different sectors of the economy; the incentives are good and the case for investing is compelling.”

Aganga, who commended the CCECC team for the project, said the estate was a product of the friendlier investment environment created by the ongoing investment climate reform programme of the current administration. 

He observed that the construction of the estate had impacted positively on the Nigerian economy and lives of the people, not only in its immediate environment, but elsewhere in terms of housing, jobs, furniture and other multiplier effects. 

He went on:  “Nigeria is blessed with a large natural resource base, woven around major areas of proven competitive and comparative advantage, such as oil and gas, agriculture and mining, among others. This country is the seventh largest producer of crude oil, globally, with 37 billion barrels of proven reserves. 

“With its 10th largest oil reserves in the world and 8th largest gas reserves, the nation is a major player in the gas market. (Reserves of about 187 trillion cubic metres). The Geological Survey Agency of Nigeria also records 44 exploitable minerals in commercial quantities, aside from the availability of 84 million hectares of Arable Land, out of which only about 40 per cent is utilised.

“To complement these is the presence of a large market and strong work force.  Right now, Nigeria has a population of about 167 million people, and it is projected that by 2050, it will be the 6th largest country in the world with an estimated population of 287 million.  

“This large population and the nation’s broad raw materials base are the key factors (market and raw materials) to consider in making a good investment decision. Like I always explain, capital and technology (the two other factors needed to complete an investment equation) can be moved into a country from surplus areas. But ‘market and raw materials’ cannot be moved, which makes investing in Nigeria exciting.” 

In addition to creating a friendlier business environment, Aganga said further that his ministry had started the implementation of the Nigerian industrial revolution plan which is reliably the nation’s first strategic, holistic, comprehensive and integrated road-map to industrialisation. 

He added: “The NIRP is strategic in prioritising the sectors which deliver the greatest positive impact in terms of employment, contribution to gross domestic product and import displacement in the short term. It is comprehensive in terms of the coherent framework for Nigeria’s critical industrial sectors, which include the enablers and barriers to growth. 

“It is holistic adopting a cluster concept to ensure completeness and providing all elements for specific industries to thrive and excel in Nigeria. It is integrated in the sense that it evaluates the entire value-chain, linking Nigeria’s industry with the investment and export strategy. More importantly, it will enhance institutions to continue driving industrialisation in Nigeria during the immediate period, and into the distant future.

“In this regard, I commend the CCECC for this wise investment decision.  What we are commissioning today is indeed a landmark project in the housing sector and it is my hope that more of such projects will be commissioned in the months to come. The Federal Government of Nigeria is ever ready to partner with and provide all the necessary support and encouragement for genuine investors,” he said 

CCECC’s plan is “to provide Nigerian people with good living, office environment and promote a completely new lifestyle and living experience,” according to its vice president, Mr. Cao Baogang.

Managing Director of the firm, Shi Hongbing, said while real estate industry was a powerful booster to the social and economic development of a country, Nigeria, as at today, has residential and office buildings, especially high quality residence and commercial office buildings in short supply.

He said: “It is my view of this fact that CCECC decided to invest in Nigeria’s real estate industry. It is our aim to provide to the Nigerian people with good living and office environment.

“Today is a good day, not only because it witnesses the grand opening ceremony of Emperor Estate, but also because it marks CCECC’s debut appearance in the investment area of Nigeria. In the next few years, we will gradually increase our investment size, speed up the development of residential and commercial office buildings in Lagos and other regions, and make greater contribution to the real estate market and economic growth of Nigeria.” 

He, however, pledged CCECC’s commitment to its traditional field of infrastructure construction and civil engineering, adding that the company “will continue to adhere to and improve our standards and deliver even better works to the people of Lagos and Nigeria.”

The Emperor Estate, being the first real estate project developed by CCECC in Nigeria, is a state-of-the-art 70,260 square metres residential estate located along Lekki-Epe Expressway. 

It has 70 stylish homes, including 20 units terrace, four units semi-detached and 46 units detached houses. It is expected to be completed in 18 months.