New City Development Group CEO David Adekunle Ogunnaike on real estate in Nigeria
David, how are you?
'Many thanks for asking, I am fine and Nigeria especially Lagos, is improving daily.'
Can you introduce New City Development Group?
'New City Development group, is a Real Estate Developing company based in Los Angles California, consist of Seven Main Partners, and eleven Associate Partners. A group of our partners are architects, Engineers, City Planners, and Business men. We have done extensive development in California and our guys who are Nigerians, are major players in the Development of Rancho Cucamonga California, one of our partners, was a part of a project called the Martin Luther King Monument in L.A. Because of this experiences, we decided to bring our group of experts to Nigeria, and develop a part of Ogun-State and Lekki.'
How is the development of real estate in Nigeria?
'Development in Nigeria is growing at a rapid rate, especially in Lagos and Abuja. Commercial Real Estate is on the rise, and residential Real Estate, is somewhat slow due to the economy. Banks are not lending as much, Mortgages, are not been structured properly, most residential purchases, are cash and carry, interest rates needs reviewing, and restructured. Rates in my view are still very high, and an average citizen, will find it difficult to own their own home in a short period of time.'
How do you see investment opportunities in Nigeria for now and the years to come?
'Investment in Nigeria especially Real Estate is on the rise, categorically, I would not vouch for any other investment in Nigeria as I am not an expert in the Nigerian Market, but because of the economy melt down, I will look before leaping. Over all, the investment market in Nigeria, is looking up.'
What is the latest news?
'The latest News, is that Nigeria is celebrating Nigeria at 50 and several billions of dollars had been allocated for this celebration. What exactly are we celebrating? We are backwards today, than we were 30 years ago, we are spending this money in celebration and yet our Nation cannot provide basic needs for its citizen. Can you imagine if a fraction of the money budgeted for this celebration is used to purchase appropriate power generating equipment, and power alone, is supplied throughout Nigeria, would that not call for celebration? I can tell you many things that will be restored just because power in Nigeria, is restored, and constant. Our industries and commerce, will return, Employment rate will sky rocket, production of goods and services, will quadruplet, pollution rate will reduce, there will be more money in circulation, foreign investors, will be encouraged to come and invest, because of increase in employment, security will be restored, the evil elements of our society, will refrain, and get a life, and a job, the entire society, will begin to notice a peaceful happier change. Our government, need to start by doing what government should do, we all need to role our sleeves, cry out loud "Enough is enough" and put people of substance in government, we need to encourage those in diaspora to join and help effect change in Nigeria especially in our government and private sector. More importantly, we all need to take back our beloved country Nigeria.'
Visit the profile page of David Adekunle Ogunnaike
This article was originally published on Nigeria Business Communities