Property and estate analysts, as well as stakeholders, have forecast a positive outlook for the Nigerian real estate sector ahead the West Africa Property Investment (WAPI) Summit billed for its commercial capital, Lagos later in September.
The analysts see the sector turning the corner from easing inflationary pressure, improved investment inflows, increased oil production and an improvement of foreign exchange liquidity, which they perceive would contribute to a positive growth outlook for the industry and the country.
“Whilst there have been some short-term headwinds there are encouraging signs of market improvement and the summit will provide a vehicle in driving back prosperity into the local and regional property market,” says Kfir Rusin, Managing Director of API Events.
“With a population of over 185 million people, strong real estate development fundamentals and a +6% contribution of real estate to GDP, we believe in the long-term potential of Nigeria’s real estate sector and are excited to host our conference in Lagos, adds Rusin.
Nigeria has faced strong headwinds in the past two years on currency uncertainty and falling oil price and production, which weighed heavily on consumer confidence. But the militating factors are seen to be giving way.
Once the darling of African real estate, the sentiment for West Africa has been largely negative over the last two years. Aiming to change this narrative, industry stakeholders will gather at the West Africa Property Investment Summit on the 28th and 29th September 2017 at the Eko Hotel in Lagos, Nigeria to discuss ways to overcome current obstacles and uncover the countless opportunities across Nigeria and the broader West African region.
The West Africa Property Investment (WAPI) Summit is a high-calibre two-day real estate focused conference with very specific objectives related to changing the West African narrative.
The conference aims to: Restore global confidence in Nigeria’s real estate sector; identify critical factors for survival and growth in a recession; highlight new funding and building solutions tailored to West Africa’s property market; and uncover emerging and untapped opportunities within the West African market.
It would also define a new agenda for private and public-sector partnership as a bolster for growth in the local and regional property market; outline a sustainable framework for pricing rent and services in West African retail.
Create a platform for dialogue and knowledge sharing between local and international stakeholders; and improve market transparency and efficiency through regulations, data capture, technology and government interventions.
With participation from over 350 delegates and 175 companies the WAPI Summit will offer insights, thought-leadership, and solution-focused tools with an emphasis on driving further development and investment in the local and regional real estate market.
Key focus areas will include debt and lease restructuring in a recession, managing FX risks, uncovering emerging asset classes, navigating the new normal in West African retail, improvements in the ease of doing business and jump-starting the Nigerian housing finance market, among other things.