The Chief Executive Officer of Pelican Valley Nigeria Limited, Dr Babatunde Adeyemo, has urged governors of South-West states to make the geopolitical zone the hub of diaspora investment and remittances.
While noting that the region is ripe for improved investments, Adeyemo disclosed that there are still challenges that need to be addressed by the government and stakeholders to create a more conducive investment environment.
Adeyemo stated this while speaking during the sensitisation and advocacy programme for promoting diaspora investment potential, which was organised by the Nigerians in Diaspora Commission (NiDCOM). The theme of this programme was “Promoting Diaspora Investment Potential in South-West Nigeria.”
He noted that the vast resources available in the region provide a great opportunity for positive exploitation, adding that Nigerians in the diaspora have a critical role to play in promoting Nigeria’s investment potential and facilitating investments into their home country.
He also recalled that former Lagos State governor, Mr Babatunde Fashola (SAN), revealed that diaspora remittances during the 2024 “Detty December” festivities contributed a significant four per cent to Nigeria’s Gross Domestic Product (GDP) and stressed the transformative potential of tourism and diaspora remittances to boost Nigeria’s economy, especially during the festive season.
The real estate entrepreneur alluded to the former governor’s comments, adding that “I have come to the conclusion that the Detty December phenomenon presents a unique opportunity for real estate investors and developers to tap into the growing demand for short-term rentals, luxury accommodations, and entertainment-driven properties, thereby diversifying their portfolios and increasing their returns on investments.”
He said further: “As the CEO of Pelican Valley Nigeria Limited, I have had the privilege of working with over 1,000 diaspora investors who have recognised the monumental potential of our great nation and company. Our company has been at the forefront of facilitating investments in various sectors, including real estate, agriculture, infrastructure development, luxury, nature, and hospitality.
“The South-West 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 potential and facilitating investments in our country.
“Through initiatives like this programme organised by NiDCOM in collaboration with Gconsulting International Services Limited, we can sensitise and advocate for the promotion of diaspora investment potentials in the South-Western part of Nigeria. We can create awareness about the opportunities and challenges, and work together to develop strategies for overcoming the challenges and maximising the opportunities.
“Based on my experience, I know that 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.
“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. Government specifically should provide incentives such as tax breaks, subsidies or other benefits to encourage diaspora investment. Through outreach programmes, events and social media, the government can engage with diaspora communities to raise awareness about investment opportunities.”
Speaking earlier, the chairman of NiDCOM, 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 investable opportunities at home for the diaspora to explore.
She disclosed that NiDCOM was also discussing with the Bank of Industry (BoI) to assist small and medium enterprises to access funds to either start business ideas or expand on the existing ones.
She hailed the Pelican Valley CEO for making a success story of the real estate business in Nigeria after leaving the journalism profession, and urged the participants at the programme to learn and adopt his model of business.
Also speaking, the Coordinator of NiDCOM Direct Investment Summit (NiDDIS), Bimbo Folayan, expressed the willingness of Nigerians in the diaspora to bring their wealth back home for investment but lamented the atmosphere of inadequate support from the government, especially in the South-West.
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 as Kaduna, Jigawa and Bayelsa benefited from them, it yielded no appreciable results in the South-West because the governments of the region failed to follow up on such initiatives.
He expressed confidence that with the initiative NiDCOM is championing, the situation would change for the better, saying Nigerians living abroad have funds, grants and business ideas they can invest back home to bring prosperity to the South-West of Nigeria.
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