While Nigeria’s economic downturn created adverse conditions for international companies operating in the country, leading construction and property solutions company, Profica, adopted a business approach that enabled them to survive. Now the company is positioned to take advantage of Nigeria’s anticipated economic recovery.
Profica entered Nigeria five years ago, and has since had a dedicated team on the ground in the country, offering project management, tenant coordination, development management and construction management services.
Profica had previously successfully managed projects in Rwanda, Angola, South Africa and the United Kingdom. Chris Titmas, Profica’s MD for West Africa, said: “We recognised exciting opportunities in Nigeria, but were aware of the unique challenges. Many South African companies had attempted to make their mark here, and failed. We took a long-term view and were committed to investing extensive time and effort to support this view.”
Profica’s Country Manager in Nigeria, Malcolm Matanda, comments: “At Profica, we knew that to succeed we would have to demonstrate cultural sensitivity, and the most effective way would be to develop a truly Nigerian business comprised of local teams that understood the environment.”
Offices in Lagos were followed by a team on the ground in Port Harcourt and Abuja. Due to a strategy that included building a customer base of both local and international investment, Profica Nigeria was able to weather the economic downturn and exit of international investment that the country experienced two years ago.
Currently, a slow recovery of Nigeria’s economy is anticipated mainly due to oil production and the gradual availability of Forex.
Profica Nigeria is already taking advantage of this. Following completion of two shopping complexes late in 2016, this year has kicked off with key projects that include work on a 7-floor healthcare facility and a 15-storey office development.
Profica Nigeria has also recently been appointed by First Development Investment Company to project manage a mixed-use development in Ilubirin on Lagos Island. The Ilubirin development is part of a major drive, initiated by Lagos State Government, to develop the area into a prime residential, leisure, recreation, and tourism destination. This current activity clearly signals a new wave of opportunity in Nigeria.
In addition, Profica Nigeria is looking at diversification into road infrastructure projects, industrial and logistics plants, and the healthcare sector – where Profica has tried and tested global expertise.
