It was in 2013 when Ernst and Young predicted that the Sub Sahara Africa Foreign Direct Investment projects focused in real estate, its hospitality as well as construction industry will grow by 63 per cent. With this growth, the real estate market is more attractive giving it the fifth spot with regards to investment as well as returns for those who are willing to invest. In that same year, FDI entering Nigeria was around $7.3 billion and it has been estimated to grow and become $9.6 billion come 2015. According to an estimate provided by the Nigerian Investment Promotion Commission, Nigeria will require an investment amounting to $100 billion in the coming 6 years in order to cover for various projects such as roads, railways, electricity, oil, gas and housing.
As the funds are entering the country and is more focused into infrastructure, there is now a new focus which is the real estate market. Because of this, the real estate industry has grown and is now ready for the challenges ahead compared to the previous years. The Nigerian government is acknowledging the fact that the continued improvement and development of the real estate has greatly impacted the growth of the country’s economy. The market has evolved and there is tremendous growth that has been indicated in spite of the continued devaluation of their currency Naira, the decrease in the price of oil as well as the decline shown in the stock market. The main reason for this is that the housing is still the most basic and one of the most important needs of a human being.
The real estate industry is now playing a big role in driving the economy of Nigeria because it has gained a lot from its continued growth which has opened up other opportunities such as an increase in the need for labour which helps in the problem of unemployment. There are also the investment potentials, and the guaranteed returns that is expected from the market. This is only a number of few things that the real estate has given to the country.
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