from OKORO CHINEDU in Lagos, Nigeria
Nigeria Bureau
LAGOS, (CAJ News) – AMERICAN investors and Nigerian Diaspora stakeholders are concerned at foreign direct investment regulations and property acquisition in Nigeria.
They recently met in Houston, Texas to discuss these prevailing issues in the West African country.
The event was themed, “World Press Conference: Insecurity of Foreign Direct Investment and Property Acquisition in Nigeria.”
Stakeholders explored concerns related to investment security and regulatory transparency in the real estate sector in the West African country.
The discussion highlighted concerns about recent property development issues, including the impact of infrastructure expansion projects on foreign-owned assets.
Contributors emphasised the importance of clear regulatory processes to promote investor confidence and ensure long-term economic growth.
The discussion also underscored the need for engagement between investors and relevant authorities to address uncertainty in property acquisition procedures.
“Investor confidence is essential for sustainable economic development,” said Ifeoma Stella Okengwu, spokesperson for the Diaspora investors.
She is also the Chief Executive Officer of Winhomes Global Estate.
“Open dialogue and well-defined policies will help create a more secure investment climate,” Okengwu said.
Overall, business leaders, investors and representatives from Diaspora organisations advocated for a stable and predictable investment environment.
Real estate now ranks third behind crop production and trade as Nigeria’s third largest Gross domestic product (GDP) contributor, knocking off oil and gas, now at fifth, behind telecommunications.
Conflicting land ownership laws, inefficient land registration processes and land disputes are seen as hindering investment in real estate locally.
– CAJ News