In a strategic move to bridge Nigeria’s housing deficit, Pelican Valley Nigeria Limited is teaming up with Canadian developers to secure a low-interest foreign credit facility, with the aim of strengthening real estate financing in Nigeria.
This collaboration, resulting from the Nigeria-Canada Trade Mission in Ontario this October, is orchestrated by King Wale Adesanya, Chairman of the Nigerian/Canadian Business Networks, and focuses on supporting Pelican’s Ecostay Apartments project in Nigeria and the Kajola development in Canada.
According to Adesanya, the initiative is designed to stimulate growth in the real estate sector, encouraging non-oil foreign investment, FX remittance, and the creation of energy-efficient smart homes.
“Our partnership will also promote the export of artisanal talent to Canada, bolstering both nations’ economies,” Adesanya emphasized.
Presenting the project during a joint press conference at the Pelican Valley Estate in Abeokuta, Ambassador (Dr.) Babatunde Adeyemo, CEO of Pelican Valley, expressed the importance of forging international collaborations at this stage in the company’s growth.
“Having established Pelican Valley as a top player in real estate, it’s time to reach out and partner with experienced foreign investors to elevate our capacity,” he remarked.
Ambassador Adeyemo commended Ogun State’s investor-friendly approach, particularly recent approvals for additional land at Pelican’s Brief and Ecostay Apartments.
“This collaboration provides a platform for Nigerian youth to thrive and contributes to non-oil FX inflows to stabilize our economy and curb inflation,” Adeyemo noted, adding that his focus is not personal gain but creating a supportive environment for the next generation.
Adesanya further highlighted the potential for strengthening economic ties between Nigeria and Canada, leveraging NIDCOM’s support under Hon. Abike Dabiri-Erewa.
He urged Nigerians not to rely solely on government intervention, stressing the need for entrepreneurs to foster growth.
“The role of the government is to create an enabling environment for initiatives like Pelican Valley to thrive domestically and abroad,” he explained.
Canadian developer Dr. Olukunle Ibitoye, who is currently building 1,300 homes in Ottawa, underscored the mutual benefits of the partnership, noting that Canadian lenders are interested in investing in Nigeria’s real estate sector.
“Financing firms in Canada are looking to invest here, but they need reliable partners. I can assure them that Pelican Valley, led by Ambassador Adeyemo, meets that criterion,” he stated.
He emphasized that this initiative is not charity but a sound business opportunity, given Nigeria’s population of over 200 million.
“The market exists here, and if foreign investors come in, they’ll profit while fulfilling local housing needs,” Ibitoye affirmed, adding, “What you’ve accomplished at Pelican Valley is remarkable—this is true visionary leadership.”
Ibitoye however reflected on the collaborative spirit of the initiative, saying, “People often ask why developers from different countries would collaborate instead of compete. But it’s more about collaboration for mutual benefit than competition.”
