International real estate company, Renaissance Capital, is concluding plans to finance a multi-billion dollar real estate development in Lekki area of Lagos State, Nigeria.
The project which on completion will be Nigeria’s first eco-friendly, mixed-use residential and commercial nodal is expected to cost about $1 billion. This was revealed by the company’s CEO, Stephen Jennings at the group’s 16th Annual Investor Conference held in Moscow.
“We are investing about $1 billion (N162 billion) in a similar project, the Tatu City in Kenya … Nigeria project will be akin to the Kenya project, which is designed to house 62,000 residents on the outskirts of Nairobi, Kenya’s capital city,” he said.
While commenting, the group’s West African CEO, Yvonne Ike described the Lagos project as a part of a broader strategic value addition into the economy.
“It is going to complement what the Lagos State government is already doing by creating employment and re-shifting economic activity, its dynamics, away from the already congested areas, economic activity that will have a life of its own,” he said.
The investment is a reflection of the group’s positive outlook on Nigeria, which it rates second to Russia. The group also recognizes Nigeria’s supportive institutions, credit growth and reform-minded government officials.