Taf Africa Global, a frontline Pan African real estate development company with presence in about eight, African countries including Nigeria and The Gambia, would be leading a delegation of prominent Nigerian business men to The Gambia next month in its bid to deepen strategic economic cooperation between both countries.
Mustapha Njie, chief executive officer of TAF, revealed in a statement that The Gambia presents a veritable investment destination for highly discerning Nigerian investors, especially in the nascent but increasingly lucrative sectors like Tourism, Hospitality, Telecommunications and Real Estate that define the burgeoning Gambian Economy.
According to him, the country has real GDP growth increasing from 4.6 percent in 2017 to 6.6 percent in 2018, reflecting a strong recovery in tourism, trade, construction and electricity. The growth rate was slightly above the estimated at 6.2 percent driven by the number of tourists rebounding by 36.6 percent in the first 8 months of 2018 relative to the same period in 2017.
Joseph Edgar, co-Founder of Hamilton and George, local financial advisers to TAF, noted that the relative stability witnessed by the enthronement of democracy has seen government policy focused on the development of a strong and competitive private sector that will move The Gambian economy towards higher value-added activities in key sectors, thereby transforming the country into a financial center, a tourist paradise and a trading cum manufacturing outpost for the keen investor looking at broadening its scope.
The construction sector in The Gambia, according to Gbenga Olaniyan, CEO, Estate Links, accounts for 6.1 percent of GDP. Construction sector comprises infrastructure, residential and business structures and, given the small size of the manufacturing sector, most of the equipment needed are imported thereby giving Nigerian investors a lucrative opportunity.
Olaniyan added that capital appreciation for Gambia real estate was 10 percent year-on-year. It is for these reasons and the very wide prospect of closer economic ties between both countries that its president, Adama Barrow, is expected to meet with the delegation upon their arrival, while its vice president, Isatou Touray, is also expected to play host to dinner with cabinet ministers in attendance.
CHUKA UROKO
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