Lagos, Date 2017: The
Nigerian real estate sector is turning the corner as the country’s economy
appears to be emerging from recession. 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.
Once the darling of African
real estate, the sentiment for West Africa has been largely negative over the
last two years. Aiming to change this narrative, industry stakeholders will
gather at the West Africa Property Investment Summit on the 28th and 29th
November 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, Managing Director of API Events.
“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.
The West Africa Property
Investment (WAPI) Summit is a high-calibre two-day real estate focused
conference with very specific objectives related to changing the West African
Narrative. The conference aims to:
· Restore global confidence in Nigeria’s
real estate sector.
· Identify critical factors for survival
and growth in a recession.
· Highlight new funding and building
solutions tailored to West Africa’s property market.
· Uncover emerging and untapped
opportunities within the West African market.
· Define a new agenda for private and
public-sector partnership as a bolster for growth in the local and regional
property market.
· Outline a sustainable framework for
pricing rent and services in West African retail.
· Create a platform for dialogue and
knowledge sharing between local and international stakeholders.
· Improve market transparency and
efficiency through regulations, data capture, technology and government
interventions.
With participation from
over 350 delegates and 175 companies the WAPI Summit will offer insights,
thought-leadership and solution-focused tools with an emphasis on driving
further development and investment in the local and regional real estate
market. Key focus areas will include
debt and lease restructuring in a recession, managing FX risks, uncovering
emerging asset classes, navigating the new normal in West African retail,
improvements in the ease of doing business and jumpstarting the Nigerian
housing finance market, among other things.
More broadly, The WAPI
Summit will provide the perfect platform for initiating a dialogue between West
Africa’s private and public sectors. Specifically the co-ordination of public
infrastructure development with local and global real estate investment. “This
presents Nigeria and the West African region with an opportunity to
re-invigorate the country’s commercial and residential real estate sectors, and
once again position itself as the number one investment destination for local
and global capital,” notes Rusin.
Key government stakeholders
from the Federal Ministry of Power, Works and Housing, Ministry for Industry,
Trade and Investment, Lagos State Ministry of Physical Planning and Urban
Development as well as the Nigeria Investment Promotion Centre are expected to
attend and share insights on government projects relevant to the real estate
sector.
Key sponsors at this year’s
event include: Broll Property Group, Landmark Africa, Stanbic IBTC, Cushman
Wakefield Excellerate, JLL, UPDC, Rendeavour, EMC-RE, Trollope Property
Services, Fahrenheit Hospitality Limited, Profica and Crystal Lagoons.
Industry Partners will
include: Northcourts, Detail Solicitors, Latitude Five, Cube Square Concepts
Projects Ltd, ESTATE INTEL, RELAN, FIABCI, RICS and AUHF
Interested delegates can
register on; www.wapisummit.com
About API Events
The West Africa Property
Investment Summit (WAPI) is hosted by well-established API Events, Africa’s
leading real estate conferencing company. WAPI is one of four annual
conferences hosted by API Events, including; East Africa Property Summit
(Kenya), Africa Property Investment Summit and Expo (South Africa) and ZamReal
Property Forum (Zambia).
The company also hosts the
API Awards – these prestigious awards provide a platform for distinguished
developers, suppliers and owners in the African real estate industry, to showcase
their best projects and services. Other services provided by API Events include
training programmes and the recently launched Skyline Magazine.
For more information, you
can visit: www.apievents.com
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