Real Estate's Potential to Drive Foreign Direct Investment: Unlocking Opportunities
-based real estate
firm, Mshel Homes Limited has urged President Bola Tinubu to transform the real estate
sector by introducing reforms capable of improving local and foreign investors’ participation.
The firm noted that real estate
has the potential to boost Foreign Direct Investment (FDI) and engender socio-economic growth if the enabling environments are provided.
Chief Executive Officer/Group Managing Director of the firm, Mr. Barka Mshelia, said this at the opening of multi-billion-naira Lisa Suites in Asokoro, Abuja
. He observed that numerous opportunities could be harnessed through the sector, especially in Abuja
if needed reforms are introduced.
He said: “I’m anticipating new opportunities in real estate
. The new administration should bring about foreign investments and increase economic activity in Abuja
and Nigeria at large, irrespective of the limitations on ground.”
Mshelia said the group is introducing smart houses in the hospitality industry. “The hospitality industry has a lot of potential; people are looking for places where they can relax. Prices of property and accommodations in Abuja
have surged because there’s scarcity of quality houses,” he added.
On his part, Chairman of the board, Lisa Suite, Dr. Musa Tarimbuka, said the hospitality industry in Nigeria is growing, while the gap in the sector requires improved investment and more projects to meet the demand in the market.
Managing Director of the firm, Hajiya Risikatu Ahmed, who disclosed this in Abuja
, said about 708 houses would be constructed in the first phase. She explained that the project would have amenities such as schools, fire stations, a police station, well-paved roads, green areas and renewable energy sources. Ahmed said funds for the project were already available, adding that construction work will commence soon.