TAF Leads Delegation to Explore Gambian Investment Opportunities

TAF Africa Global, one of the leading pan-African real estate development companies with presence in about eight African countries including Nigeria and the Gambia will be leading a delegation of prominent Nigerian business men to the Gambia this July in its bid to better deepen strategic economic cooperation between both countries.

The Chief Executive Officer of TAF, Mr. Mustapha Njie, in a statement, explained that The Gambia presents a veritable investment destination for highly discerning Nigerian investors especially in the nascent but increasingly lucrative sectors like tourism, hospitality, telecommunications and real estate that define the burgeoning Gambian Economy.

He explained The Gambia’s real gross domestic product (GDP) increased from 4.6 per cent in 2017 to 6.6 per cent in 2018, reflecting a strong recovery in tourism, trade, construction and electricity.

The growth rate, he said, was slightly above the estimated at 6.2 per cent driven by the number of tourists rebounding by 36.6 per cent in the first eight months of 2018 relative to the same period in 2017.

Also commenting, Co-Founder of Hamilton and George Local Financial Advisers to TAF, Joseph Edgar, averred that the relative stability witnessed by the enthronement of democracy has seen government policy focused on the development of a strong and competitive private sector that will move the Gambian economy towards higher value added activities in key sectors thereby transforming The Gambia into a financial Centre, a tourist paradise and a trading cum manufacturing outpost for the keen investor looking at broadening its scope.

The Construction Sector in the Gambia, according to Mr. Gbenga Olaniyan of Estate Links, accounts for 6.1 per cent of GDP.

“Construction sector comprises infrastructure, residential and business structures and given the small size of the manufacturing sector most of the equipment needed are imported thereby giving Nigerian investors a lucrative opportunity. Furthermore,” he said, adding that capital appreciation for Gambia real estate is 10 per cent year on year.

“It is for these reasons and the very wide prospect of closer economic ties between both countries that its President His Excellency Mr. Adama Barrow is expected to meet with the delegation upon their arrival, while its Vice President Her Excellency Isatou Touray is also expected to play host to dinner with cabinet ministers in attendance,” the statement disclosed.