OVER the years, subnational governments have had various investment interests in good old real estate, telecoms, oil exploration assets and lately agricultural production
The more savvy the leadership the better the structure and eventual outcomes down the line. Particularly, across the capital cities of Lagos and Abuja exists a portfolio of assets developed by Governments as store of value and expansion of sovereign wealth of their states over the years
Akwa Ibom from inception had blocks of flats in Ebute Metta, old governors lodge and liaison office complex with adjoining guest suites on Bishop Aboyade Cole and Ajose Adeogun respectively among other strategic investments inherited post State creation
In Abuja various investment in flats and other prime properties are held by the AKSG. In the current economic reality it makes perfect sense to convert, develop or remodel existing assets to derive excellent returns rather than allow them to fallow or deteriorate further.
The optimization of our state’s real estate across these cities is long overdue and the financial model to raise capital as well as increase yield should be the conversation not the narrow attacks on if real estate should be optimized or not.
Various state governments like Edo, Jigawa, Adamawa, Bayelsa to mention a few have since converted various lodges and assets to better yielding office facilities, residential apartments, shopping arcades etc thereby increasing the value of their investment as well as sweating them for bumper returns in this economy
Without holding brief I would solicit support to open these assets up for investment by way of shares to individuals, corporates and some retained by the State Government so we can all enjoy the accruing windfall of returns when they crystallize
This indeed is some forward thinking initiative whose time has come!
