In a strategic move aimed at tackling Nigeria’s growing housing deficit, Pelican Valley Nigeria Limited has teamed up with Canadian developers to explore a collaboration that seeks to attract a business-friendly single-digit interest credit facility for real estate financing in Nigeria.
This partnership is one of the key outcomes of the recent Nigeria-Canada Trade Mission held in Ontario, Canada, according to a statement released by Pelican Valley. The collaboration is expected to stimulate growth in the real estate sector, facilitate the export of artisanal manpower to Canada, encourage non-oil foreign investment, and promote the building of technology-driven, energy-efficient smart homes. Additionally, the collaboration is anticipated to boost foreign exchange remittances and foster stronger ties between the two nations.
Babatunde Adeyemo, the Chief Executive Officer of Pelican Valley Nigeria Limited, highlighted that the time had come to expand the company’s reach by collaborating with international investors and operators in a mutually beneficial manner. Adeyemo stressed that Pelican Valley was actively seeking tested investors, partners, and low-interest foreign funding to leverage the firm’s strong reputation, successful past projects, and ample expansion capacity.
“We are committed to forging partnerships that will not disappoint,” Adeyemo said. “Our goal is to create an environment where Nigerian youth can thrive and to reduce the crippling inflation that threatens our future.”
He also expressed the belief that Nigeria’s growth could be further accelerated if the government creates an enabling environment for businesses to flourish, reducing the need for foreign financing to drive economic growth. “It’s all about encouraging non-oil foreign exchange remittances to support Nigeria’s economy,” he added.
Wale Adesanya, Chairman of the Nigerian/Canadian Business Network, emphasized that the collaboration would leverage the network’s over 600 members in both Nigeria and Canada. The partnership will also work alongside the Nigeria Diaspora Commission, led by Chairperson Abike Dabiri-Erewa, to ensure successful outcomes for both nations.
Adesanya called on Nigerian business leaders and entrepreneurs to unite in efforts that would drive economic growth, creating benefits for the country and its citizens.
Olukunle Ibitoye, a developer, presented further opportunities for Nigeria and Canada to benefit mutually from the collaboration, particularly in terms of how Nigerians could use direct investments into Canada to secure Permanent Residency. He explained that in Canada, developers enjoy low-interest rates of around 4 percent, which makes it easier to pay off loans and pass on savings to homebuyers. “We believe this model should also be available in Nigeria,” Ibitoye stated.
He further noted that many Canadian financing firms are seeking opportunities in Nigeria but have concerns about perceived risks. “These firms need reassurance that Nigeria is not a risky place to invest,” Ibitoye remarked. “They are looking for trustworthy developers in Nigeria to partner with. I can personally attest to the potential I’ve seen in Nigerian projects and the opportunities for collaboration.”
