Vice President Prof. Yemi Osinbajo said that despite the challenges facing the Nigerian business environment, the country has continued to move toward becoming one of the top hubs for business, trade, and investment.
This is in response to his call on Nigerians within the country and in the diaspora to embrace the real estate industry for the nation’s future.
The Vice President, who spoke on Thursday in Ibadan, during the commissioning of Phase 1 of Westlink Iconic Estate, a joint venture between Odu’a Investment Company Limited (OICL) and Chapter 4 Estate Management Limited, said the commitment of the administration of President Muhammadu Buhari to improve the ease of doing business led to the inauguration of the Presidential Enabling Business Environment Council (PEBEC), stating that this has helped to catalyse the country’s business environment and also maintain a proper business climate.
He added that the appeal to Nigerians in the diaspora encouraged what he described as Joint Venture project between OICL and Chapter 4 Estates Management Ltd, maintaining that it confirms a huge opportunity in the country for investments in real estate industry.
According to him, “The Nigerian business environment has been colored and polarized with lots of challenges spawning fear as a result of insecurity, uncertainty, political, environmental and cultural disparities
In spite of these challenges, Nigeria is slowly but surely improving its ease of doing business, resulting in the country being one of the top hubs for business, trade, and investment.
“I must commend the effort of the Board and Management of Odu’a Investment Company Limited for initiating this noble project, and ensuring that the First phase of the project is being commissioned today. This clearly demonstrate a blend of private partnership which brings about greater dividends. While the government commits to creating an enabling environment, I will advise that we look to the private sector for investments to galvanize growth. We must indeed, work together to redefine the real estate industry for the future in Nigeria.”
Governor Seyi Makinde of Oyo State, whose deputy, Barrister Adebayo Lawal, represented him, lauded the project as it significantly impacted the human development index, disclosing that the state government wholeheartedly welcomed and supported the idea when it was mooted in 2019.
“This initiative of the Odu’a Investment Company Limited bodes well with the deliberate design of the government of Oyo State to make life more meaningful to the people of the state, open up our economy and enhance the quality of life”, he said.
The governor expressed delight that the estate, which was envisioned at the start of his administration,n was been inaugurated with the first phase.
The Chairman, OICL, Otunba Bimbo Ashiru, in his remarks, said the project demonstrated the resolve and commitment of the group to work with the best partners in the industry to deliver high quality real estate projects, stating that it was conceptualized to improve the lives of residents by providing end-to-end living, recreational and retail experiences and world-class infrastructure.
He said, “The Phase 1 is made up of sixty-seven (67) residential units of 3-bedroom apartments, 4-bedroom duplexes and 5-bedroom duplexes. The apartments are serviced with best-in-class facilities and amenities including street lights, treated high pressure pipe borne water, security and waste management facilities.
“The Phase 2 of the project which will take the number of homes delivered to one hundred and twenty-four (124), and will consolidate on the amenities of Phase 1 with additional facilities such as an indoor swimming pool, other recreational facilities, a multi-purpose commercial complex, a children’s play area, as well as a state-of-the-art community centre, amongst others. The project is a testament to the power of real estate joint ventures and their ability to facilitate the delivery of projects. The project also showcases the resources available for viable and well-planned real estate projects both locally and through the relatively untapped Nigerian diaspora population.
“We expect real estate projects to harness the Nigerian diaspora market better. Overall, our partnership with Chapter 4 Estates Management Ltd has been productive, demonstrating the value of working with partners committed to delivering quality. This is a model that the Odu’a Investment Group believes in, and will continue to pursue for future real estate developments.” The event was anchored by the Group Managing Director, Yes 101.7 Fm, Yemi Sonde and popular film actor and radio presenter, Yemi Shodimu.
