Estate Intel…Divulged Nigeria on 2nd Position in Planned New Coty Developments Across Africa Continent
By Abdul Rahman Bangura-
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone– The news disclosed that the West Africa nation catalogs for 17.9% of private developers, while administrations of the landmass are supporting over two billion square meters of land reclamation and new city projects, amounting to over $514 billion in developing urban centers.
Authorized, ‘Africa’s New Cities 2023 Factsheet’, it stated that there are virtually two billion square meters of new city projects in Africa with North Africa indexed as the prominent region reckoning for 88% of recommended new city developments, ensued by West Africa at 5.5% and East Africa at 3%.
This breathed associated to boosted administration allegiances to assure excellence living and infrastructure in the expression of soaring urban populations. In terms of the top five nations in new city developments, Egypt arose the governing nation reckoning for 33%, pursued by Nigeria (17.9%), Mauritius (8.9%), Ghana (7.1%) and Kenya (5.4%).
Senior Analyst at Estate Intel – Dapo Runsewe, announced the development of these new cities is due to rapid urbanization, overcrowded cities, straining infrastructure and accessible reserves without sufficient accessible housing alternatives amidst increasing poverty statuses.
He let out, these cities give a chance for developers and the administration to establish more comfortable and related cities with better infrastructure. Need for planned cities is high across the mainland, with at least one abstract city being introduced in 10 African nations. For example, cities such as the new administrative capital in Egypt, Konza city in Kenya and Diamniadio city in Senegal are anticipated to illustrate a new face of African cities that is more bearable, smart and productive.
The cities are virtually equally funded in the ratio between administration and private sector with the administration allotment calculation for roughly 48% of the funding, while the private sector funding accounted for 46%.
Runsewe noted: “New city developments in Africa hold great promise for promoting economic growth, improving living standards and addressing the continent’s urbanization challenges.
“Successful development of new cities in Africa will require a collaborative and coordinated, effort among governments, private sector actors, civil society organizations and local communities. With the right policies and frameworks in place, new city developments in Africa have the potential to be a key driver of economic growth, and social development.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent