Despite its existence for more than ten years, the Nigerian REITs market is underdeveloped with only three established and with a combined market capitalization of $151 million, or 0.36 per cent of the local stock market.
ToLet.com.ng, Nigeria’s leading online property classifieds portal, has in conjunction with their existing investors, Frontier Digital Ventures, acquired Jumia House Nigeria, a competing property portal, for an undisclosed sum.
Oladunmade Otitoola, an entrepreneur and beneficiary of the Tony Elumelu Entrepreneurship Program in 2016, is founder of RentYourHall, Nigeria. Africa Business Communities poses him some questions on development of the startup.
Notwithstanding the negative growth recorded in 2016, the real estate sector is expected to grow at an average rate of 5.39 per cent between 2017-2020.
Kwara State Government has signed a partnership agreement with the Africa Nations Development Programme (ANDP), to build 5,000 housing units in the state.
The Nigerian Federal Government is set to begin construction of a 156.65km standard gauge rail line from Lagos to Ibadan.
Africa Finance Corporation (AFC), a pan-African multilateral development finance institution and project developer, has this week signed a MoU with Moroccan bank Banque Centrale Populaire (BCP) to increase collaboration on financing vital infrastructure projects in North and Sub-Saharan Africa.
In 2014, Nigeria became Africa’s largest economy, reflecting a decade of sustained economic growth based on a more diverse, service-orientated economy that is less reliant on oil revenue.
Lagos-based real estate classifieds start-up ToLet.com.ng today has raised a $1.2 million Series A round of funding from Frontier Digital Ventures.
Vantage Capital provides $20m expansion funding for Landmark Africa, a leading Nigerian property development company
Vantage Capital, Africa’s largest mezzanine fund manager, announced today that it has provided $20 million (R294 million) of funding to Landmark Africa, one of Nigeria’s leading property developers.