One of Nigeria’s top real estate players, Palton Morgan Holdings, has canvassed need for adequate provision of quality and affordable housing to tackle lingering shortage in Nigeria.
Adeyinka Adesope, group managing director of the company who spoke at the Africa CEO Forum in Kigali, said the firm was responding to the housing needs- the core of its business focus – by ensuring delivery of affordable houses that comply with standards, eliminating some of the bottlenecks associated with acquiring properties in some parts of the country.
Palton Morgan Holdings comprises of Propertymart, Grenadines Homes, Mcpalton, Mitcherutti contractors and Paltonloitte. Through its various subsidiaries, the company has been delivering housing initiatives across the country with offerings like PropertyMart Fairmont, one of the fairest deals on the Lekki corridor and Grenadines Homes ‘Oceanna’ amongst others.
“Through its member-companies, the group’s strategic focus and policies rest on the development and completion of major projects in Nigeria and across the globe and the synergy of management and staff has grown the group to be one of the largest real estate investment firms in the country,” he said.
While the economy of the nation has been tough on most sectors in the last three years, Adesope said it has been tougher on the real estate sector, stressing it was high time the government woke up to the reality of the impact on the housing sector and the economy as a whole.
Speaking further, the chief executive officers urged the government to reconsider the African Continental Free Trade Agreement (ACFTA) yet to be signed, saying the integration of Africa is one of the ways the continent’s developments can be galvanized. Nigeria’s role and participation in the integration will be critical for its success, which is long overdue as African nations need to work as one; for one continent, one currency and one market, Adesope explained.
He stated that collaboration amongst African countries must also be embraced by major players in the real estate sector of Nigeria to advance the sector.
On the whole, the conference participants urged African governments to take advantage of pension funds to bridge their infrastructure funding shortfall and de-risk pension systems.
One of the proposals by a group of panellists on a session entitled “Infrastructure and local financing: a 1000 billion dollar opportunity” agreed that reforming the pension sector while de-risking and structuring infrastructure projects will help mobilize the highly needed funds.
Africa requires $95 billion every year to cater for its funding needs in energy, roads, ports, railway, and other infrastructure projects. However, it can only raise half of the required amount, which calls to look for more funding alternatives.
Corneille Karekezi, the group managing director and chief executive officer, Africa RE said since investing in infrastructure requires a lot of liquidity, countries must create vehicles that will help accumulate these resources.
The Africa CEO forum allows CEOs to benefit from a networking platform with top decision-makers, identify new business opportunities with the world’s most influential business leaders and also learn from the world-class consultants and experts on how to navigate their various company’s greatest challenges.
Over 1800 participants recommended for more reforms to accelerate Africa’s economic integration.
Temitayo Ayetoto
