Interview with Ruth Obih, CEO of 3Invest, Nigeria
How promising is real estate’s potential in Nigeria? What contribution can it make to the nation’s economy? The figure for housing deficit in Nigeria presently stands at 18 million. This means 11.25 percent of the population presently lacks basic living facility. To understand the potential of the sector, you have to imagine a ready-made market of 18 million potential consumers of a product which you have to offer. The importance of Real Estate to the future of Nigeria’s economy cannot be overemphasized especially when one takes into consideration the role it has played in the improvement of economies of countries like China, Brazil, Russia, India, South Africa, and so on. So there is a future for the sector despite the fact that it currently contributes less than 5 percent to Nigeria’s gross domestic earning. What strategies do you think can pull in the elusive FDI to reduce the estimated 18 million housing deficit? Sadly, there is little the private sector can do besides paying taxes when due hoping the government utilize them effectively. However, when discussing prospective investments with foreign clients, I always put any fear to rest by including detailed insurance policies that cover security issues that may arise and threaten the resources of the investor. The guarantee of a refund of resources invested into my projects thus gives the investor the confidence to proceed. Thankfully, the insurance sector has been revamped by way of the recapitalization effort and the re-engineering of ethics and practices which the central bank has made mandatory for companies in the sector. Overall, real estate still remains a lucrative sector in Nigeria. How viable would you say it is? Real Estate is one of the most lucrative ventures anywhere in the world. So Nigeria cannot be a different case. So long as shelter; in whatever form, is still a basic need of man real estate will continue to be a lucrative sector. Nigeria’s Real Estate Sector is one of the most lucrative in the world. An incredible expanse of land, a growing middle class, and a whopping population of 160 million people! All we need is to get the sector right and Real Estate will become another black gold of sort. Source:Ventures
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