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Lagos bourse, financial experts seek development of REIT in Nigeria
Nigerian financial sector players seek to unlock the potentials in the Real Estate Investment Trusts (REITs) market to finance mass housing and infrastructural development in Nigeria.
Mr. Oscar Onyeama, NSE CEO, Jalo Waziri- Executive Director (Capital Market) and other dignitaries at the REIT Conference in Lagos
The Lagos bourse's CEO, Mr Oscar Onyeama during his welcome address noted that the holds the maiden REIT conference is aimed at facilitating the development of a workable framework for REITs based investments in Nigeria.
Mr Onyeama also noted that Nigeria needs to stay at peer with other emerging countries like Australia, Singapore and South Africa that are exploring the capital flow of REITs for infrastructural development and catering mortgage needs for their citizens.
“The stock market would be adopting a change in REITs reporting and valuations while the process of reclassification of REITs on the bourse is currently on-going.”
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The Total REITs market in Africa is estimated at $29 billion while there are only 3 REITs currently in Nigeria when compared with 27 in South Africa.
Other speakers at the Conference which include the Minister of Power, Works and Housing, Mr Babatunde Fashola (represented), Mr Taiwo Oyedele, West Africa Tax Leader at PwC and Mr Chris Godman of International Standard Advisory, London noted that one of the most viable solutions to the housing problem in Nigeria is through the development of REITs.
Mr Godman specifically stressed that potential foreign investors in REIT are more concern with the availability of a transparent investment framework and ease of exit.
These two criteria were adjudged absent in Nigeria, and the Federal Government was implored to ensure enactments of REITs based laws in the country.
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