By Victor Okoye
Abuja, Aug. 7, 2023 (NAN) Pan African housing development financier, Landlur, is targeting the African Diaspora to enhance affordable housing delivery across the continent.
Speaking to newsmen at a press conference on Monday in Abuja, where he shared insights on innovative solutions for addressing Africa’s housing deficit, the CEO & Founder of Landlur, Mr. Dipo Adesina, said over 170 million people of African descent that live all over the world present a formidable resource pool for the continent’s infrastructure development, including housing.
Mr. Adesina said that the idea of Landlur was birthed from seeing Africans in the diaspora wanting to invest back home but not having a trusted source to work with especially since many have been relied on family members and have been disappointed on many occasion.
“Landlur’s goal is to bridge the gap between those in Diapora and the opportunities back home, and real estate is one of the avenues to do that.
“Landlur is Africa’s 1st real estate platform that is focused on connecting Africans in Diaspora with profitable real estate opportunities in Africa as a means to boost the housing deficit of Africa, while building wealth at the same time.
“African diaspora populations are growing, as are their savings and the scale of resources available to reinvest in their countries of origin.
“The World Bank estimates Africans in the diaspora save about $53 billion per year and, in 2021, recorded remittances reached over $95.6 billion sent to and within Africa,” he said.
NAN reports that the Top 10 highest recipients of remittance inflows in Africa in 2021 include Nigeria ($19.2 billion), Ghana ($4.5 billion), Kenya ($3.7 billion), Senegal ($2.7 billion), Zimbabwe ($2.0 billion), Democratic Republic of Congo ($1.3 billion), Uganda ($1.1 billion), Mali ($1.1 billion), South Africa ($900 million), and Togo ($700 million).
Africa’s top remittance recipients as a proportion of their economies are South Sudan, Lesotho and Gambia with 35%, 21% and 15% of GDP respectively coming from remittances, according to World Bank statistics.
“We are considering tapping into the diaspora to enhance affordable housing delivery by setting up diaspora bonds for affordable housing and infrastructure development, skills transfer, and leveraging on their networks and outreach,” Mr. Adesina noted.
NAN also reports that since 2000, five countries including Kenya, Nigeria, Ethiopia, Ghana, and Rwanda – with an estimated total diaspora population of four million individuals, or 12 percent of total African migrants, have issued diaspora bonds.
Africa is considered the continent with one of the most rapidly growing urban populations, with over 60% of the urban population in sub-Saharan Africa (SSA) estimated to live in areas categorised as slums and informal settlements.
According to the UN, it is projected that the number of Africa’s urban residents will increase to 1.5 billion by 2050, and that Africa will pass the tipping point of 50% urban population around 2035.
Currently, Africa has a housing deficit which accounts for at least 56 million units.
“This housing deficit is a significant indicator of Africa’s growing infrastructure gap, which can be attributed to lack of sufficient capital to finance the delivery of affordable housing projects, lack of bankable projects, and inefficient risk allocation mechanisms.
“This is why it’s important to incorporate the diaspora into the affordable housing financing mix.
“The African Development Bank estimates that Africa’s infrastructure needs amount to $130-170 billion a year, with a financing gap in the range of $68-$108 billion.
“To date, less than half of this amount is being mobilised, leaving a financing gap in the range $68-$108 billion,” Mr. Adesina said.
He explained that all Landlur’s
estates were strategically located in areas where schools, hospitals, airports etc. are within reach.
“Our lands are thoroughly vetted to ensure that they are free from any government acquisition.
“For more information, you can visit our website on www.http://Landlur.com,” he said. (NAN)
