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Thanks to a robust economy and a range of investment options, Nigeria is gradually attracting international investment interest, according to Knight Frank’s newly-published Africa Hotspots Research Bulletin 2.

Nigeria’s growth, led by Lagos and Abuja, is driven by strong population trends, a diversifying economy and an evolving urban environment.

MENA Researcher Diaa Noufal, says, “The Lagos residential market is showing signs of increased activity, even at the top end of the luxury market, which is characterised by apartments in Ikoyi priced in excess of US$1 million.

“Concurrently, the mid-market is also performing positively, with well-priced and well-located estates selling quickly off-plan.

“Nigeria, South Africa, Kenya and Uganda, are the top destination for GCC investments in Africa’s Sub-Saharan countries thanks to healthy economic performance and strong investment opportunities.”

Nigeria’s agriculture, industrial, communication and financial services sectors play a prominent role in attracting Gulf investment interest. Nigeria has also been targeted by investors from other Gulf countries, especially Saudi Arabia over the last few years.

“A large segment of investors are looking to invest in the residential market with a strong population growth and a steady rise in income levels. The scarcity of land and the severe lack of luxury properties have been the impetus for developing major projects such as Eko Atlantic, which is expected to attract more international investment.”

Peter Welborn, Head of Africa at Knight Frank, believes the market has plenty of room for growth “Foreign investment in the Nigerian property sector is still modest considering the size of opportunities.

“International investors are more and more positively weighing the improving investment scene in the country.

“Investing in the Nigerian property sector provides comparatively high yields, coupled with increasing capital values across all property asset classes, whether offices, industrial, residential or retail.”

Nigeria has the biggest economy in Africa with Gross Domestic Product of US$594.3million and Africa’s economy is estimated to grow 7% over the next four years.

It also has the biggest population in Africa, with Lagos and Abuja among eight cities with populations over one million. In fact, by most estimates, Lagos has already overtaken Cairo as Africa’s biggest city and its population may be close to 40million by 2050.

Prime office rents in Lagos are among the highest in Africa, with only a handful of buildings able to provide high quality space.

Land reclamation is underway for the vast Eko Atlantic project, which will create a new city district off Victoria Island, Lagos. Construction has begun, with the first residential tower expected to be completed in 2016. Eventually, it is envisaged that Eko Atlantic will be home to around 400,000 residents.

Abuja is a modern planned capital city which is seeing increased development activity, including the huge WTC Abuja scheme, which includes prime Tower One Residences.

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Patunola-Ajayi spoke at the public presentation of the books: ‘Code of Professional Conduct for Estate Surveyors and Valuers & its explanatory notes’, ‘The Valuation Reporting Template’ and ‘Competency Framework for Registered Estate Surveyors and Valuers’, written by the Estate Surveyors and Valuers Registration Board of Nigeria.

He said there was a need for competency framework and code of conduct that would guide professional surveyors and valuers in the discharge of their responsibilities with best global practices, urging the practitioners to comply with the contents of the books.

The Chairman, ESVARBON, Mr. Williams Odudu, said as a way of conforming to international valuation standards, all the financial institutions in the country and allied agencies of government should adopt the ‘Valuation Reporting Template’ as their guide in valuation matters.

He said, “These books are regulatory nuggets from the stable of ESVARBON to promote ethical conduct, competency and global best practices in the practice of estate surveying and valuation in the country.

“The pitiable gap hitherto provided by the absence of a code of ethics, rules and regulations in the conduct of estate surveying and valuation services has unwittingly offered a channel for quackery and sharp practices to rear their ugly heads in the practice of estate surveying and valuation in Nigeria.”

Odudu said that valuation was a highly distinctive aspect of the profession, and that it was imperative that conformity to international valuation standards be maintained and sustained.

“The ‘Valuation Reporting Template’ is written to fill this need. We are bolstering up efforts at making sure that all financial institutions and other allied agencies of government in the country adopt and put in place the framework as the minimum reporting format for their valuations,” he said.

According to him, estate surveying and valuation services require the exercise of technical skills, appropriate professional knowledge and experience.

“The decision to publish these books, especially the one entitled: ‘Competency Framework for Registered Estate Surveyors and Valuers’, is to curb the activities of quacks in the industry and to widen public understanding of the attributes of estate surveyors and valuers,” he said.

PUNCH.

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