• Thursday, February 29, 2024
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Why Nigeria is target of major investment decisions in Africa- Gambian developer

Real estate business in The Gambia

Nigeria’s strength arising from its large population and relative strong economic disposition are not lost on most African countries who see the country as the continent’s big brother.

This view was reflected in the submissions of Mustapha Njie, a Gambian real estate developer, who spoke in an interview with BusinessDay in Banjul, the Gambian capital, at the weekend.
Njie, a frontline businessman in The Gambia with strong bias in real estate investment and development, disclosed to BusinesDay that Nigeria was always the centre piece and target of their investment decisions whether in The Gambia or Nigeria where he has made considerable investments.

He explained that Nigeria’s population which is about 50 percent of the population of the entire West African countries put together is a huge market which any investor could not gloss over.
“I have always identified Nigeri as the big boy of Africa. This is reflected in the country’s GDP and its population which is about 50 percent of the entire West Africa. So, it makes sense that anything you are doing, investment wise, you must target the country and its people,” he explained.

Njie’s company, Taf Africa Global, is registered in eight African countries with strong footprints in Nigeria and The Gambia.

According to the developer, the company has invested close to a billion dollars in their ambitious housing and mixed use real estate projects scattered in various parts of the two countries.
Over the weekend, a Nigeria trade delegation comprising investors from diverse sectors of the economy was in The Gambia at the instance of Taf Africa Global to explore investment opportunities in the country.

Isatou Touray, the country’s vice president, assured the visiting investors of not only the safety of their investment but also that the country was now ready and open to business after the dark days of dictatorial leadership in the country.

They were offered tax incentives and hassle-free access to land for investment in real estate, manufacturing, energy, tourism and agriculture.

Njie told the investors that a new project in the country, GIETAF, which is a joint venture between Taf Africa Global and the Gambian government, offered immense opportunities for investment in various sectors of the country’s economy.

He hailed the Africa Continental free trade area (ACFTA) agreement which Nigeria signed at the weekend, saying that it has given Africa the biggest economic bloc in the world because the continent was now borderless and anybody could move from one county to another to do business freely.

He noted that his country, The Gambia, was a small one which was why they needed ‘big brothers’ from Nigeria to come and invest, not only to help the country and its economy to grow, but also to empower its citizens by creating jobs for them.

“I want to liken The Gambia to Dubai, which like us, has no natural resources but is a success story. Much of the investment you see in Dubai are owned by foreigners. We want to replicate that here. We want The Gambia to be the Dubai or Singapore of West Africa and we want Nigeria to play a leadership role here,” he pleaded.

 

Chuka Uroko