Abuja housing market will become a major competitor with Lagos in 5 years – Festus Adebayo, CEO, Africa International Housing Show

16e The African International Housing Show, formerly known as Abuja Housing Show, was held at the Abuja International Conference Center from 25e at 28e of July 2022, showcasing plans and insights from industry stakeholders.

The show is the largest housing show on the continent which aims to bring together stakeholders in the Nigerian housing and construction market in a neutral venue to talk about housing in Africa’s largest economy.

In an interview with Nairametrics, the CEO, Festus Adebayo, said that the Abuja property market will be a major competitor to the Lagos housing market in 5 years. It also reveals what the show has achieved since its inception.

What is the All you need to know about the International Home Show in Africa?

The idea behind the exhibition is to create a great platform for experts, stakeholders and professionals to meet in a neutral platform of international standard, without any bias, with strong objectivity, to update the development of housing and construction industry in Nigeria. and Africa.

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This project started 16 years ago. We were honored by the presence of Ministers from African countries including Kenya, Ghana, Morocco and Egypt also featured the Vice President of the Federal Republic of Nigeria, Yemi Osinbajo in 2019.

This year, the current Minister of Public Works and Housing, Babatunde Fashola, and ministers in that capacity participated in the Abuja International Housing Fair, now the Africa International Housing Fair.

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Why the name change?

The new name should allow the platform to repeat similar programs in other countries, including Rwanda, which we plan to do in February 2023, and also in Lagos, which we are already planning with the state government of Lagos later this year in October.

What contributions to the development of the housing industry has the project made so far?

The Platform has through dialogues assisted governments in developing policies on land information systems. We have come up with ideas that have enabled the creation of organizations relevant to land and housing development today, including the Family Home Fund to which we have been instrumental.

The conference also made numerous contributions to the Nigeria Mortgage Refinance Company (NMRC), and continues to contribute to housing development in Nigeria. As you can see, the speakers are all available on the ground.

What does this year’s edition of the show hope to accomplish?

The Abuja International Show has been seen as the main platform that parades leading brands and credible practitioners in the industry. We have speakers here from all over Africa and some from Europe to exchange ideas and showcase the latest industry trends.

For example, we have the Dangote Cement day in the show, which will highlight the innovations they are making in the housing and construction space, including unveiling their housing plans for the future.

Dangote Cement is a serious player due to the need for cement, and beyond that we have seen Lafarge and another serious brand in the housing and construction sector. They spoke on their paper which was fantastic. Last year they were there too and talked about 3D modeling in housing. We also saw the International Finance Corporation, IFC, in a session on green housing, climate change and affordable housing.

The platform has also turned its spotlight on alternative housing finance, as we believe. that the Federal Mortgage Bank of Nigeria, The Family Homes Fund, needs to be assisted by other financing mechanisms that can enable Nigerians to buy homes. We also had a session on how capital markets can help as Oscar Onyema, CEO of the Nigerian Exchange Group was present offering solutions on how capital markets can enable affordable housing finance in Nigeria .

The African International Housing Show champions new innovations for capital markets and interest-free financing for capital markets, for the development of affordable markets, as housing costs have exceeded the level of affordability, and thinking about the path to follow.

Where do you see the Abuja real estate market in 5 years?

The real estate market of Abuja in 5 years will be a major competitor to the real estate market of Lagos, due to the status of the Federal Capital Territory, as many people come here and the sector sees huge investments.

Additionally, major construction companies in Nigeria are moving their headquarters to Abuja, where they can easily access federal ministries. This will have a positive effect on local property markets as they will be large and strong over the next five years. The return on investment from the Abuja property market over the next 5 years will be excellent.