Novare, a provider of investment solutions to institutional investors across Africa, has announced plans to expand its Nigerian business into the Angolan market
The company has indicated that it is taking advantage of economic and political reforms to accomplish this step. As such, the company’s investment arm focused on real estate, Novare Equity Partners, is looking at retail properties for shopping malls, logistics facilities, and potential manufacturing sites for the agricultural sector in Angola. Investments are expected to be finalised in the first quarter of 2025 and will be concentrated in Luanda.
“President Joao Lourenco's anti-corruption measures, initiated after Jose Eduardo dos Santos's 38-year rule ended in 2017, have significantly improved Angola's investment environment,” remarked Derrick Roper, the division's managing director. “The economy will also get a boost from expanding a 1,300 km railway line connecting the port town of Lobito to the Democratic Republic of Congo and the Zambian Copperbelt. It goes to show what positive changes can happen from an investment perspective when there is an improvement in government policy.
“Earlier plans to expand into Angola were scuppered by the onset of the Covid-19 pandemic in 2020. Over the past five years since Lourenco took office, Novare has since seen a considerable change, highlighting improved infrastructure, reduced traffic congestion, enhanced restaurants, and the elimination of visa requirements for South Africans, creating a more welcoming atmosphere.”
Growth in Nigeria
Alongside this, Novare Equity Partners also indicated that it will be bolstering its presence in Nigeria through the implementation of initiatives aimed at enhancing existing business operations. This includes the installation of solar panels across its malls and other properties and to leverage its infrastructure for data centres and healthcare facilities.
“Nigeria’s economic and policy environment is much more attractive now, President Bola Tinubu's proactive reforms since assuming office have created an enabling environment for economic growth, attracting international investors' attention,” commented Roper.
“While Nigeria faces challenges such as the naira's record low and inflation reaching its highest point in nearly 30 years, initiatives such as relaxed currency controls, the elimination of fuel subsidies and corruption controls make it an attractive investment destination. Novare Holdings recognises Nigeria's potential as sub-Saharan Africa's most populous nation and a key player in regional economic dynamics. With projected economic growth of 3% this year, Nigeria remains a compelling market for investment.”
Roper concluded, “The economic and policy environment in these countries is increasingly conducive to investment, Novare Holdings is committed to driving economic growth and fostering sustainable development across the continent. Our expansion into Nigeria and Angola underscores our commitment to unlocking the full potential of Africa's emerging markets.”
In other news, BII has sought to strengthen economic resilience across Africa and UBA has reaffirmed its commitment to driving economic growth.
