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“Nigeria still has a growing economy and a positive gross domestic product (GDP)”

November 24, 2015 4:08 PM

The Managing Director of MCO Real Estate is predicting a productive 2016.

MCO Real Estate (‘MCORE’)

The Managing Director of MCO Real Estate (MCORE),Munachi Okoye, is predicting a productive 2016 for Nigeria.

In an interview with CNBC Africa, he said was optimistic that the real estate sector will do well in 2016, despite the 2015 challenges.

“Nigeria still has the huge demographic base of consumers coupled with the growing economy and a positive gross domestic product (GDP). There are a lot of opportunities waiting to be plugged; we are still seeing very good returns. There is a very strong demand for residential market."

READ: 3 challenges of the real estate sector in Nigeria

Mr Okoye also spoke on the challenges faced by the Nigerian market in the hospitality sector.

"We believe so, expect so and hope so that the hospitality market will pick next year. The hospitality has been through a challenging cycle due to Boko Haram, Ebola and political change.”

He based his optimism on a pipeline of projects coming next year combined with an influx of international investors.

Do you agree that the Nigerian real estate sector will improve in 2016?

Inemesit Udodiong Inem Udodiong is the Entertainment Editor. A movie buff, film critic with a core interest in African cinema, and wellness. Reach her via inem.udodiong@pulse.ng

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