Lagos — Financial services group Novare Holdings has announced plans to expand its Nigerian business and enter the Angolan market to benefit from economic and political reforms that seek to accelerate growth in the sub-Saharan African countries.
Novare Equity Partners, the company’s investment arm focused on real estate, is set to bolster its presence in Nigeria by implementing a series of initiatives aimed at enhancing its existing business operations. The expansion plan includes the installation of solar panels across its malls and other properties, as well as leveraging its infrastructure for data centers and healthcare facilities.
With three malls in Abuja and the renowned Novare Lekki mall in Lagos, Novare Equity Partners is well-positioned to contribute significantly to Nigeria’s commercial landscape according to Derrick Roper, the division’s Managing Director.
“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,”
“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 recognizes 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,” said Roper.
Angola Entry
Novare Equity Partners, leveraging its expertise in investment management and property development, is eyeing retail properties for shopping malls, logistics facilities, and potential manufacturing sites for the agricultural sector in Angola, with a concentration of investments expected in Luanda, likely to be concluded in the first quarter of next year.
“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. The economy will also get a boost from expanding a 1,300km 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,” explained Roper.
“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.” concluded Roper.
Novare Holdings
· Novare Holdings provides investment solutions to institutional investors across Africa, spanning real estate, impact investing funds, multi-managed funds, and consulting.
· As a Level 1 BBBEE contributor, Novare Holdings actively participates in Black economic empowerment and the general empowerment of women and the communities in which it operates.
· After being founded in 2000, the company expanded into the rest of sub-Saharan Africa in 2006 by starting Novare Private Equity. Novare was also one of the first firms to create an institutional fund of hedge funds that invests only in domestic institutions.
· Novare Equity Partners invests exclusively in sub-Saharan Africa outside of South Africa. As a real estate advisor with a specific mandate to invest in the real estate sector, both retail and commercial, Novare Equity Partners’ strategy is to leverage the growing population, rapid urbanisation, and the expansion of international companies in the rest of Africa.
· Novare Investments won the HedgeNews Africa Awards 2020’s Fund of Hedge Funds category for its flagship Mayibentsha Moderate Qualified FoHF. Mayibentsha means “let it be new.”
