Is Nigeria the Solution to Dubai's Economy?
Dubai was always seen as the future and had unimaginable developments throughout the emirate. After tough economic times Dubai had temporarily stopped many of its large glamorous projects. Why is it then that Nigeria has invested US$52.2 million into the emirate’s property market in the first six months of this year? Without ever stepping out of Dubai airport Central Bank of Nigeria official, Osita Nwanisobi, was convinced to buy a flat in Dubai. He believes Dubai is a guaranteed return on investment and sees it as a world center.
Previously, Nigerian money was used to buy second homes in European cities like London and Paris, and other global cities that are filled with both social fun and business expansion. Due to security reasons, Nwanisobi said investing in his homeland was not a wise decision and Dubai was the safer bet. Nigeria has invested about US$6 billion into Dubai’s market over the past three years, and they account for 60% of all sales by a property company based in Dubai, The First Group.
Nigerians are buying property left and right and staff within firms is exponentially growing. Some say that Nigerians’ interest in Dubai is the same as everyone else but it is seen as more than others because there are 160 million Nigerians, which is more than most countries. Others say that Nigerians are simply very attracted to Dubai’s property market. Either way, money is still coming into Dubai from Nigeria, which means economy boost. So maybe if the trend continues Dubai will be able to fulfill the dream of creating the future.