Elumelu Advocates Private Sector Investment To Transform Nigeria

The chairman of Heirs Holdings, Tony Elumelu, has stressed the importance of the private sector in transforming Nigeria’s economy and the need for meaningful partnerships, which, he said, would unleash the potential of the country.

In his keynote address at the groundbreaking ceremony for the new Falomo Towers development in Ikoyi, Lagos, Elumelu said, growth of the NIgeiran economy can be delivered by the private sector with the help of public sector leaders.

“We believe that the growth of our economy, will be delivered by the private sector, but for the private sector to do well, our public sector leaders must create the right environment. The partnership we are celebrating today is a model, not just for Nigeria, but for Africa.  I salute all those who have contributed to this exciting venture, not least His Excellency, whose vision we are delivering,” he stated.

The Falomo Towers project is being developed by joint venture partners, Afriland Properties Plc, investee company of the Heirs Holdings Group, and the Lagos State Development and Property Corporation (LSDPC), a step which Elumelu described as a demonstration of the governor’s commitment to private sector growth in Lagos state and the country.

On his part, the governor of Lagos, Babajide Sanwo-Olu, in his address, commended the JV partners for their commitment to the Nigerian real estate sector and their vision in redeveloping the iconic Lagos landmark. He praised both companies for what he believed would be an exemplary delivery of a public-private partnership.

Governor Sanwo-Olu stated that the new Falomo Towers will become a highly sought-after destination for work, life, and play. “The JV is delivering an environment that offers contemporary work and living spaces, that will further catalyse Lagos’ economic renaissance. I am delighted that Afriland Properties, one of the country’s leading institutional real estate investors, is able to partner with Lagos State, to deliver excellence,” he stressed.

The managing director and chief executive, Afriland Properties, Uzo Oshogwe, stated: “this mixed-use development will drive sustainability, creativity, and innovation. It reinforces our promise to beautify and enhance the Lagos skyline. We are implementing our firm commitment to Africapitalism, that through our long-term investment in real estate, we will create employment, economic prosperity, and social wealth, that will transform Ikoyi, Lagos, Nigeria, and the African continent.”

The managing director, LSDPC, Hon. Ayodeji Joseph stated that the partnership with Afriland Properties Plc will provide additional residential apartments, that would increase the housing stock in Lagos and provide affordable housing for the middle-class citizens and millennials, who form the core of the 21st century workforce.

Falomo Towers is a contemporary mixed used development, focused on sustainability and sustainable building practices, designed to deliver a greener environment.

Afriland Properties Plc is a property management, investment, and development company, offering end-to-end services along the real estate value chain, from management to joint-venture investments.