In the face of deficit and incessant building collapse, the managing director of UACN Property Development Company (UPDC), in this interview said that Nigeria needs foreign investors in its housing sector to bridge the gap and ensure standards.
Although the data on the deficit in Nigeria’s housing sector is unknown, there can be no gain saying the fact that millions of Nigerians need befitting shelter.
The participation of foreign investors in Nigeria’s housing sector will be beneficial not only because they would bring capital, but also because they bring expertise.
Foreign investors don’t only bring the right kind of capital in terms of cost and tenure, but they also bring best practices.
They ensure that they help the parties they are dealing with to structure those transactions in line with best practices, and they often strengthen governance because a lot of the donors insist on a certain level of governance.
Foreign investors also bring sustainability as a core requirement. All around the world, people want to attract foreign investors because they bring more than just capital.
There was a time when those investors were here doing different things; but how can we bring them back? The first solution is to ensure that there is a stable political environment.
There has to be a stable political and economic environment where businesses can thrive, and it’s our collective responsibility as players in the economy to ensure that whatever we do in our own little sphere of influence we encourage stability.
We don’t want to overheat the system and we want to ensure that there is long-term stability in this economy. Stability goes beyond political affiliation.
We’re talking about security, consistency of our laws, strengthening of our institutions. As a country, we need to improve the ease of business.