Nigeria- Japan Trade Mission: Goals and Objectives of the Sub-Committee on Real Estate and Infrastructural Development in Nigeria on the Forthcoming Event

 

After series of meeting on how to grow  the real estate sector in Nigeria amid the upcoming Nigeria-Japan Economic and Investment Forum 2021 (Trade Mission), the sub-committee on Real Estate and Infrastructural Development pointed the fact that construction is an important pillar in the Japanese economy, it account for around 5.7 percent of their national GDP in 2018. It was opined that the Japanese has a well-designed economic structure when it comes to architectural, alternate construction, composites and other high tech innovations that real estate sector need to emancipate.

Looking into the Japanese well-structured real estate sector and how it has aided the growth of their economy, the sub-committee on national real estate has categorized their objectives/aspirations in the forthcoming Nigeria-Japan economic and Investment Forum 2021 as follows:

 

IMMEDIATE OBJECTIVES

1. Opportunity to meet and seal deals with the Diaspora Nigerians in Japan, who have been yearning for the real estate investment in Nigeria

This may come in the form of Direct Investment, Angel Investment, Joint Venture, Build Operate and Transfer, Partnership and what have you.

2. Opportunity to source for the best and affordable building inputs

 It’s undeniable fact that Japan has been providing solutions to several global challenges including the housing deficit. As a result of this, a lot of aesthetic and yet affordable building inputs has been introducing into their market, which can be borrowed by the Nigerian real estate practitioners. Leveraging on their expanded building material market, will not only reduce the cost of home delivery but will also increase its durability and aesthetic appearance.

3. Opportunity to learn the best building technology

The sophisticated technological advancement in Japan has been assisting the world’s second-largest developed economy (Japan) to grow in all ramifications, housing development inclusive. Some of their modern designs are not just structurally sound, they are aesthetically pleasing and community oriented as well. Our fundamental focus in this area is to learn the combination of their sustainable building technology and cost-efficiency with cutting-edge designs. Our areas of interest a. Pre-Fabricated Homes b. Architectural Masterpiece c. Other Alternative Construction Composites d. Waste to Energy System, Alternative Affordable Building Techniques

SHORT TIME OBJECTIVES

 4. Opportunity to collaborate with Japanese and other Foreign Investors in the following areas.

 a. Funding/Financing/Investment Support

 b. Technological Support

c. Infrastructural Support The economic mission will create the enabling avenue to sign business agreement with our Japanese counterparts and other foreign investors, who are ready to invest in the Nigerian real estate industry. Such collaboration will lead to the needed technical and financial support to grow the industry and make the sector very promising in the coming years.

5. Opportunity for Nigerian Investors to explore Japanese real estate market for possible investment

 

LONG TIME OBJECTIVES

6. Opportunity to invite Japanese investors to fix our infrastructural gaps

 a.  Japan has been known for its multidimensional energy sources, such as natural gas, Coal, Nuclear, Solar Power, Wind Power, Waste and Biomass, Geothermal and Hydro among others. Inviting Japanese investors to establish businesses that will be focusing on the provision of alternative power generating systems/products in Nigeria will create a lot of boost to the real estate business and every other sector of the country's economy.

 b.  Investment in the affordable alternative road construction business. With reference to the high level of innovation and technological advancement in Japan, sourcing for the investors, who can invest in affordable alternative road construction system will not only assist in reducing the cost of fixing road infrastructure in our private developed estate but will also help other private individuals and government at all levels to leverage on such opportunity to fix our bad roads.

7. Opportunity to import Japanese government housing policy and influence its implementation in Nigeria

 As far as real estate is concerned in Japan, both the government and realty stakeholders are trying to leverage the technology to expand the property market and maximize its reach. There is no doubt that Japan has one of the most flexible housing policies in the world, which has been guaranteeing the supply of an average of about 360,000 additional houses every year. For example, Tokyo has added roughly 62,000 homes a year since 2013, compared to 30-40,000 a year in London over the same period. Considering the above Japanese success stories in the real estate sector, there is a lot that can be borrowed from their housing policy. Although, we can’t overlook their culture of short-lived construction practice, which has been widely criticized. Rather than consider buildings as things that can last generations, their houses are typically torn down after a few decades and made anew.

8. Opportunity to facilitate investment in the manufacturing of affordable building materials in Nigeria

a. To reduce the balance of trade deficit, it’s very important to encourage Japanese investors to establish manufacturing industries in Nigeria, to serve our local demands in the area of building materials instead of importing them from Japan.

b. Such investment will also generate employment opportunities for our teeming unemployed youths and provide easy access to building inputs at more affordable prices (no foreign exchange, no shipping cost and other importation expenses).