• Thursday, July 18, 2024
businessday logo


Developer plans US-Nigeria collaboration in fresh effort to tackle housing deficit


A US-based Nigerian real estate development and investment firm is perfecting plans to foster a US-Nigeria Real Estate Collaboration Conference and Exhibition in a fresh effort to tackle the country’s (Nigeria’s) housing deficit.

The firm, known as Peniel Investment and Development LLC, is worried that Nigeria currently grapples with a staggering housing deficit which is about 28 million units, requiring about N21 trillion to bridge, according to experts’ estimates.

Ibukunoluwa Otinwa, the firm’s founder, recognises that the solution to the deficit is beyond governmental capacity, hence this initiative which, according to him, aims to empower citizens both at home and abroad to actively engage in resolving this critical issue.

The five-day conference, exhibition, and business dinner is slated for the third quarter of 2024. It promises to unite real estate investors, private investors, real estate developers, brokers, realtors, individuals, celebrities, and government dignitaries from both nations.

Read also: The Address Homes solves social problem, lifts families out of housing market

Otinwa’s expectation is that the event will generate about $500 million in transactions and investments that will serve as catalyst for transformative change.

This immersive experience will include a comprehensive programme featuring a conference with distinguished speakers from the US and Nigeria, three exhibitions, an engaging business dinner, and illuminating site tours.

“The US-Nigeria Real Estate Collaboration Conference and Exhibition 2024 represents a beacon of hope in addressing Nigeria’s housing crisis through international cooperation and shared commitment,” Otinwa said, shedding light on the status of his organisation.

“Our mission statement at Peniel Investment and Development LLC is to provide good real estate investment and development to every human being with respect to their social and ethnic backgrounds,” he said.

He added that their vision statement was to be a world-class real estate investment and development company by creating exclusive comfortable lifestyles for human beings, animals, and plants.

“In terms of our core values, we see customers’ satisfaction as our happiness; we focus on solutions; we believe in teamwork; and we target greatness through continuous improvement,” he said.