In a move aimed at bridging the nation’s increasing housing deficit, Pelican Valley Nigeria Limited and Canadian developers are working on a mutually-beneficial collaboration to attract business-friendly single-digit interest credit facility from abroad for real estate financing in Nigeria.
The new initiative, which is one of the outcomes of the Nigeria Canada Trade Mission held in Ontario, Canada early October, is being synergised by the Chairman, Nigerian/Canadian Business Networks, King Wale Adesanya, to promote the Pelican’s Ecostay Apartments project in Nigeria and the Kajola development project in Canada.
The collaboration will foster expansion in the real estate business, promote artisanal manpower export to Canada, encourage non-oil foreign investment and FX remittance as well as engender building technology-driven and energy- efficient smart homes among other expected benefits for the countries.
The trio of Adesanya; CEO of Pelican Valley Nigeria Limited, Ambassador (Dr) Babatunde Adeyemo and a Canadian real estate entrepreneur, Dr. Olukunle Ibitoye, disclosed this at The Podium within the Pelican Valley Estate, Laderin, Abeokuta during a joint press conference to announce the collaboration.
Speaking earlier, Ambassador Adeyemo said having taken the Pelican Valley to an enviable height in the real estate sector, it is now the right time to expand by extending a hand of collaboration to other operators and investors abroad in a mutually beneficial way.
According to him, Pelican Valley is looking for tested investors, partners and foreign low single-digit interest funding as it needs to grow and leverage the firm’s capacity, huge goodwill, quality projects already done and adequate space for expansion.
Commending the Ogun State government for being an investor-friendly government, he said the state has really supported the real estate investors to thrive in terms of documentations, citing the latest layout approval for about 600 plots of land for extension at the Pelican Brief and Pelican Ecostay Apartments as one of the reasons.
He explained that the essence is to create an enabling environment for an average Nigerian youth to grow and to foster an atmosphere that will drive non-oil foreign exchange remittance into the country in order to help the economy and reduce the crushing inflation threatening to take away people’s future.
He assured that partners in the collaboration will not be a disappointment.
He said, “We will always urge our governments and leaders to reciprocate this gesture. If things are done the way it is supposed to be, we will not be looking for foreign financing to grow our economy. If it is all about what Dr Babatunde Adeyemo is going to eat, I think I’m contented with what God has done for me but this is all about creating an enabling environment for an average Nigerian youth to grow.
“It is all about looking forward to getting non-oil foreign exchange remittance into Nigeria so as to help our economy to reduce this killing inflation that is about to take away our future.”
Also speaking, the Chairman, Nigerian/Canadian Business Network, Adesanya said the collaboration will explore the networks’ over 600 membership strength both in Nigeria and Canada to forge a synergy, be a bridge builder between Nigeria and Canada and work in partnership with Nigeria in Diaspora Commission (NIDCOM) headed by our able Chairman, Hon. Abike Dabiri Erewa to achieve results.
He explained that it is important for Nigerians, especially business people and entrepreneurs to come together and do something to grow Nigeria’s economy for the benefits of the country and citizens.
Adesanya urged citizens not to continue waiting on the government alone to change things, explaining that what is required of the government is to support good initiative of entrepreneurs, investors and business people like Pelican Valley by creating an enabling environment for them to sprout and thrive locally and internationally.
In his presentation, Dr Olukunle Ibitoye, who is building approximately 1,300 homes on 85 acres of land in a highbrow area of Ottawa, the capital of Canada, identified various opportunities for Nigeria and Canada to mutually benefit from the collaboration on how Nigerians can use direct investment into Canada to secure Permanent Residency.
“Back in Canada, you get about 4 percent interest rate. With that two things happen. It is easy for us to pay the interest on those loans, do our development and then we can cascade those savings to home buyers and it is easy for people to own homes in Canada. That should also be available in Nigeria.
“Many of the financing firms in Canada have a lot of money and they are asking if there are opportunities in Nigeria so that they can lend money to Nigerian firms and help them develop. Of course, not for free, because they are business people but the question is they have the perception that Nigeria is a risky place and they need people like us to tell them, Nigeria is not risky.
“They also need to know if there are trustworthy people or developers in Nigeria that they can partner with and give money to. When I go back, I can definitely tell them that I have seen for myself and I have seen the projects. I can vouch for some couple of developers, especially Pelican Valley CEO, Ambassador Babatunde Adeyemo, who is a man of integrity such that they can bring the fund from abroad and invest in Nigeria.
“Of course they are going to make their money. We are not asking them to do charity for us in Nigeria; the market is here, the projects are here. We have over 200 million Nigerian population. So, if they bring in their money into Nigeria, they are going to definitely make money to also take back home,” he said.
He also added that “I want to commend what you are doing here, it is really marvelous. It takes a lot of vision, visionary leadership, hard work and commitment to do something like the Pelican Valley Estate in this area.
“People usually ask, ‘what are two developers from Nigeria and Canada doing together, are we not supposed to be competitors?’ Fair enough, healthy competition is there but more importantly, we are collaborators.”
