BRICKS AND MORTAR NIGERIA;$124 MILLION DOLLARS TO BE INVESTED IN RETAIL SECTOR

The Persianas Group, the developers of the Palms Shopping Mall in Lagos State,the Polo Park Mall in Enugu State and two further malls currently under development in Kwara State and Oyo State, are to receive $124 million or N20 billion from the IFC, a member of the World Bank Group, to tackle the underdeveloped but rapidly expanding retail and commercial property market in Nigeria. 

The Persianas Group's aim is to build a portfolio of internationally specified purpose built malls which will have several positive impacts for the nation including rollout of 'modern' food retailing, direct and indirect employment which of course is much needed in Nigeria, development of business infrastructure which will attract further foreign investment and payment of tax revenues that will accrue to the government (lets hope the money is  actually pumped back into redevelopment of the country rather than to individuals pockets...)

Mr Adetayo Amusan, Chairman of Persianas Group, said “IFC’s investment in Persianas demonstrates a commitment to supporting Nigerian entrepreneurs and is critical to preparing Persianas for our next phase of growth. This investment will help real estate development contribute to more jobs in businesses offering safe and healthy consumer products and services.”

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