Affordable housing in Nigeria as Italian firm partners local investors

Local investors can stay optimistic as Extra –Vega, a leading multinational architectural fabrication and design company in Milan, Italy, said it has concluded plans to lead a team of investors from Europe that are willing to partner with local investors in real estate and infrastructure development in the country.

The move is aimed at providing affordable housing for Nigerians who are in the low and medium income group. The team of investors who are expected to come into the country in August will offer support in areas of finance and technical assistance to local real estate developers who have genuine projects that need assistance.


Speaking to Vanguard on the development, the Official Representative, Extra-Vega, Mr. Okechukwu Francis Ameachi, said the company in its bid to extend their business network to Africa, considered Nigeria as the most promising market with huge opportunities. He explained that the purpose is not restricted to improving on the level of infrastructures or exporting the western know- how to the country. “It will also be a platform where jobs are created and the workforce are being tutored under a framework of training and re-training which will help build the country’s human capacity. On the sideline of the investment, between 5,000 and 10,000 Nigerians would be empowered by our investment.

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“Giving that we are leading a host of other investors in the construction sector itself and not just Extra-Vega, it will go a long way to accommodate huge percentage and support other viable partnership, thereby boosting the country’s economy away from current realities. Our visit for the first time is for fact finding and business meetings with stakeholders in the sector to invest on.”


Also speaking, an associate partner and CEO, Business Builders Limited, Mr. Emmanuel Ogbeide, call on Nigerians with viable projects that has to do with real estate to come up with a proposition that can enable the investors buy into their project.  He stressed that the foreign investors are interested in projects such as shopping malls, hostels, and residential accommodations. According to, the huge population of Nigerians who belong to the middle class create a viable opportunity for investors who are willing to offer affordable housing projects.

Ogbeide noted that the partnership with the Italian investors is borne out of the need to boost the housing deficit in Nigeria.  His words: “There are Nigerians who have great ideas as well as property that require development but do not have the technical know-how or funds to do so; the expected investors will be willing to partner with such investors.”

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Source: Vanguard News.




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