Entrepreneurship and Innovation: Research and Evidence
The following research and evidence is used to provide background information and justify the case study that this paper focuses upon. This case study will be examined in the context of the role of operations director. This role entails duties that widely vary from business to business. It usually involves direct budget planning, reviewing financial statements, taking steps to maximise efficiency and implementing measures aimed at increasing profitability. Operations directors are also frequently required to oversee company procedures as they undergo expansion.
Nigeria is currently a high-reward market for prime real estate on account of the intense desire of its residents to have an improved standard of living. It is an emerging market, meaning that there is a great deal of demand. Earlier this year, African real estate expert Thomas Reilly stated that it topped the list of African nations in terms of its potential for rewarding real-estate investors. It has also been predicted to have an impressive growth trajectory throughout the course of the next decade, with the real growth of the construction industry averaging twelve percent. The real estate sector is currently amongst the top three drivers of the nation’s GDP.
In an effort to accommodate the rising demand for prime residencies within Nigeria, Prime Apartment and Homes proposes emulating the style of residential buildings that are used in Malaysia in order to create homes that are suitable for businesspeople, high-class workers and the middle classes. The plan for these homes included condos, bungalows and semi-detached houses.
The equivalent of a billion U.S. dollars has previously been spent on a project known as the Malaysian Gardens in Abuja that aimed to bring state of the art Malaysian construction styles and techniques to Nigeria. The idea behind it was that Malaysian technology and management systems would be combined with indigenous Nigerian products and resources. The Malaysian Gardens were intended to encompass a total of fourteen thousand and eighty-five housing units. They were supposed to feature four residential precincts, along with fire stations, a five-star hotel, an underground shopping complex, and a commercial centre. In the initial plans, there was a strong emphasis upon providing functional amenities for the residents.
This project was initiated with the specific purpose of attracting overseas investors. It was predicted to be one of the highest quality housing developments in Africa. The housing was designed by Malaysian architects in collaboration with Nigerian talent.
Unfortunately, the attempt to introduce Malaysian-style high-class residencies to Abuja encountered a number of different obstacles. It has been alleged that in 2012, Federal Capital Territory Minister Bala Mohammed stated that he would take the land for the project back from the developers who had been charged with the task of creating the housing development if they did not agree to give him four hundred hectares, which constitutes eighty percent of the total land area. The allegations are that Mohammed failed to approve the engineering drawings for the project and has not registered the housing project. This has created a major roadblock, as it means that if the housing units are handed over by the developer, they will not be sellable or able to be occupied because they lack certificates of occupation.
In late 2012, the Nigerian contracting company Global Formwork Nigeria, which is involved in the construction of the Malaysian Gardens, initiated legal proceedings against the Ministry of Federal Capital Territory for blocking the progress of the project. There are now doubts as to whether the project will go ahead. However, when it was initially proposed, it had a great deal of support and was a major talking point. This indicates that the fact that it was never implemented represents a substantial opportunity for Prime Apartment and Homes. The fact that Malaysian-style residencies have the potential to be popular in Nigeria has been established by the response to the Malaysian Gardens project. Prime Apartment and Homes can capitalise upon this, along with the growing market for prime real estate within Nigeria and the gap that has been left by the failure to complete the Malaysian Gardens, and provide prime accommodation that emulates the style of that which exists in Malaysia.
Malaysia is a country that contains extensive quantities of design-led real estate that appeals to individuals with an interest in high-class accommodation. It attracts those from other countries, meaning that it boosts the nation’s business prospects. It is therefore an appropriate model to use for Abuja in order to capitalise upon the demand for prime real estate within the city.