Renaissance Group says it is interested in financing of a real estate project in the Lekki area of Lagos State to create the first eco-friendly, mixed-use residential and commercial nodal in the country. No deal has yet been signed.
The Nigeria project, will follow similar large scale urban developments in Ghana, Democratic Republic of Congo and the Zambia by Renaissance, the first and only financial group to specialize in delivering financial, investment and management expertise to the world’s leading emerging and frontier markets.
“This is part of broader strategic value addition into the economy,” says Yvonne Ike, CEO, West Africa, Renaissance Capital who was in Moscow for the conference. “It is going to complement what the Lagos state government is already doing by creating employment and re-shifting economic activity, its dynamics, away from the already congested areas, economic activity that will have a life of its own.”
Yvonne who also re-iterated Renaissance Groups’s focus on working with ‘locals’ to add value into the economy they play in said; “We are not just looking for transactions. We always look for ways to work with the people and add value to the economy.”
The investment underlines Renaissance Group’s bullish outlook on Nigeria which it rates as its second pick after Russia, for its supportive institutions for a construction boom, its boom in credit growth and a very strong line-up of reform minded government officials, the drastic cut in the time required to process construction permit from 303 days to just 85, quicker than Germany and the doubling of per capita GDP.
The Renaissance Capital conference, billed as the largest independent investor event in Russia and the CIS was attended by over 1000 investors and 100 companies. The two day conference covered a wide range of issues related to the economic potential of the emerging markets.