Financial services group Novare Holdings plans to enter Angola and expand its Nigerian business to benefit from economic and political reforms that seek to accelerate growth in the sub-Saharan African countries.
“It goes to show what positive changes can happen from an investment perspective when there is an improvement in government policy,” Roper said.Novare Equity Partners intends to concentrate its investments in Luanda, leveraging its investment management, property development, and facilities management expertise.
The expansion of Novare Equity Partners’ existing business in Nigeria will include the installation of solar panels at its malls and other buildings. While international investors have welcomed initiatives such as relaxed currency controls and the elimination of fuel subsidies, Nigeria faces challenges such as the naira’s record low and inflation reaching its highest point in nearly 30 years.
The completion of the $20 billion Dangote oil refinery in Lagos, the largest in Africa, is expected to be a key driver of growth, transforming Nigeria into a fuel exporter and reducing dependence on imports.
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