By Gabriel Olawale
The Lagos State government has in the last several months demonstrated a commitment to improving transportation and access within the state.
In light of this, the state would commence construction of metro train stations and lines in Lagos mainland. This development will have a positive impact on the socioeconomic landscape of the region and entrepreneurs can already see this.
For Tunde, an apprentice at Mile II, it meant that he would be able to go to his boss’ shop easily without having to be burnt out before and after work hours.
“I’ll get to work earlier. That’s just my happiness”. Says Anita, a young banker.
There are many
Anita’s and Tunde’s who will benefit from this made development projects but then, there’s another class of people who will leverage this: entrepreneurs and investors.
Not long ago, the Sir Chigozie Chukwudi Okafor led Dynatech Group announced plans to go full speed in the real estate industry in 2022 with audacious projects. Given that there are about 200+ million Nigerians with around 20 million of them in Lagos alone; coupled with the ongoing traffic decongestion schemes, it all makes sense now.
Perhaps the highlight for Dynatech Group of companies is its adventures in the real estate realm through its flagship brand Dynatech Homes.
Following a year of global economic depression, fear, uncertainty and doubts, Sir Okafor did quickly activate strategic plans for a relevance in the industry.
In 2021, the team somehow executed a project which turned out interesting enough to attract the attention of Lagosians and eagle-eyed Chinese investors from far away East Asia.
However, It is common knowledge that the economic situation of the nation isn’t exactly the best in the country’s history, no thanks to cost of materials, food items, petrol and more.
These challenges notwithstanding, Lagosians are going after opportunities every day. In the words of the company’s MD “The developmental projects lined up for the state present many opportunities for just about every businessperson in Lagos”.
He would go on to add “For instance, we started and completed a number of projects such as: The Trio, which is three units of standard 5-bedroom duplexes; The White House, which is three units of 5-bedroom contemporary duplex on three floors; and the Corporation Estate, which is four units of 5-bedroom contemporary duplex, all in Amuwo-Odofin GRA Lagos. Our 2022 project is a 10-unit estate of contemporary 5-bedroom duplexes in three floors ”.
But they’re not alone. Several other players in the real estate scene are looking to leverage this opportunity too.
Recall that the Nigerian real estate industry grew by 3.85% in Q2 of 2021; a figure which represents the highest growth in the last half-dozen years. In 2022, experts believe the industry will experience around 2.9% growth overall.
The sheer magnitude of small, medium and big-time developers getting to work nationwide suggests that this year may well be one of the best for the industry in recent times.
In fact, Femi Oyedele, a member of the board at Housing Development Advocacy Network (HDAN), believes that the industry will perform greatly as politicians will generally “find solutions” to many challenges in the nation; a move that will attract diasporan and foreign investors.
But there is yet more light at the end of the tunnel. A light not so obvious but one which foreign investors would very likely appreciate.
As the general elections hover in the horizon, it is common knowledge that most politicians would ideally channel their resources towards campaign efforts.
Enyi Ben-Eboh, the President of Nigerian Institute of Architects (NIA), confirmed this a few months ago when he predicted a huge shift from political class to private investors when it comes to real estate.
No doubt this year’s adventures will be more interesting. Beyond Lagos mainland, realtors on the island as well as adjoining regions such as Ibadan are pretty likely going to experience an overflow of value following a ripple effect of the Infrastructural improvements in Lagos this year.
Disclaimer
Comments expressed here do not reflect the opinions of Vanguard newspapers or any employee thereof.