..Urges Governors To Provide Incentives As Encouragement For Prospective investors
A real estate entrepreneur, Ambassador (Dr) Babatunde Adeyemo, has called on government, especially the governments of Southwest States to create more enabling environment and incentives to encourage diaspora investments back home.
Adeyemo who appraised the business opportunities inherent in the Southwest, declared that the area is fully ripe for diaspora investments in order to return the region to the path of productivity and prosperity like the past glorious era of the Old Western Nigeria.
He urged the government of the six Southwest States to provide incentives such as tax break, subsidies or other benefits to encourage Nigerians in diaspora, especially those of the yoruba extraction to help create jobs back home by establishing businesses.
The Chief Executive Officer (CEO) of Pelican Valley Nigeria Limited who made the call in Lagos on Tuesday while delivering his keynote address at the sensitization and advocacy programme for promoting diaspora investment potentials, expressed the firm’s readiness and commitment to partnership that would promote Nigeria’s investment potential, particularly real estate investment in Southwest region
The programme was organised by the Nigeria in Diaspora Commission (NIDCOM) in collaboration with Gconsulting International Services Limited.
Speaking on the programme theme: ‘Promoting Diaspora Investment Potentials in Southwest Nigeria,’ the Pelican Estate CEO said the topic aligned perfectly with his passion for harnessing the potentials of Nigerians in diaspora, and urged the governments of the Southwest States to deploy outreach programmes, events and social media to engage with the diaspora communities to raise awareness about investment opportunities in their various states.
He said, “The Southwest region of Nigeria is particularly ripe for investment, with its rich cultural heritage, abundant natural resources, and strategic location. However, I acknowledge the fact that there are still challenges that need to be addressed to create a more conducive investment environment.
“This is where the diaspora community comes in. As ambassadors of Nigeria in their respective countries of residence, they have a critical role to play in promoting Nigeria’s investment potentials and facilitating investments in our country.
“Based on experience, there are several ways Nigeria’s real estate sector can benefit from diaspora remittances. These include investment in property development, acquisition or renovation by Nigerians living abroad; development of modern, high-quality housing units to improve Nigeria’s housing stock and address its housing deficit; creation of jobs for the citizens and stimulation of the nation’s economy.
“In addition, diaspora investment can support infrastructure development such as roads, utilities and amenities, which are essential for real estate development while it can also be used to develop mortgage financing options for Nigerians, making it easier for them to purchase homes. Diaspora investors can equally partner with local developers to develop new real estate projects such as shopping malls, office complexes and residential estates.”
Adeyemo lauded the chairperson of NiDCOM, Hon. Abike Dabiri-Erewa, for her dynamic leadership and efforts in promoting strategic collaboration and engagement between the Federal Government and Nigerians in the diaspora.
According to him, these have been instrumental to harnessing the potential of the diaspora to contribute to Nigeria’s development.
He expressed the readiness and commitment of Pelican Valley to promote Nigeria’s investment potentials and collaborate with relevant stakeholders to drive real estate investments in the Southwest region.
“One thing about the real estate business is that it is collaborative; it requires the efforts of various stakeholders, including developers, investors, architects, engineers, and government agencies, to successfully deliver projects that meet the needs of clients and communities.
“At Pelican Valley, we are committed to partnerships that would promote Nigeria’s investment potential. We believe that by working together, especially with our countrymen and women in the diaspora, we can unlock the vast potential of our nation and create a brighter future for ourselves and for generations to come,” he said.
Also speaking, the Coordinator of NIDCOM Direct Investment Summit(NiDDIS), Bimbo Folayan, expressed the willingness of Nigerians in diaspora to bring their wealth back home for investment but lamented the atmosphere of inadequate support from the government, especially in the Southwest.
Folayan who participated virtually from the United Kingdom, recalled that the organisation initiated many programmes and summits across the country in the past to mobilise the diasporan to invest back home, lamenting that while states such Kaduna, Jigawa and Bayelsa benefited from them, it yielded no appreciable results in the Southwest because the governments of the region failed to do a follow up of such initiatives.
He expressed the confidence that with the initiative NIDCOM on the watch of Hon. Abike Dabiri – Erewa, was championing, the situation would change for better.
He explained that the Nigerians living abroad have funds, grants and business ideas they can invest back home to bring prosperity to the Southwest of Nigeria.
Speaking earlier, the NIDCOM boss, Abike Dabiri – Erewa highlighted some of the steps being taken by the agency to encourage diaspora investment which include building trust, synergy and creating awareness about investible opportunities at home for the diaspora to explore.
She disclosed that NiDCOM was also discussing with the Bank of Industry to assist small and medium enterprises access funds to either start business ideas or expand on the existing ones.
She hailed the Pelican Valley CEO, Babatunde Adeyemo, for making a success story of real estate business in Nigeria, after leaving the journalism profession.
She urged the participants at the programme to learn and adopt his model of business.
