Entrepreneurship And Innovation
Conclusion and Recommendations
In conclusion, Nigeria is clearly an attractive nation in which to develop prime real estate. Numerous different facts and figures point to the fact that there are large rewards to be gained from creating residencies. The fact that Malaysia is a developing nation in which numerous desirable properties exist means that Malaysian-style construction techniques and designs could be implemented in Abuja in order to cater to the expanding demand for prime real estate within the nation. The fact that an attempt has already been made to do this in the form of the Malaysian Gardens project and the positive reaction that the plans for this project received indicate that the public would be receptive to the idea.
However, there are a number of different road blocks that could hamper the success of this project. Firstly, there is the issue of funding. It could be difficult to secure the necessary budget that is required in order to pay for this project, given the failure of Malaysian Gardens. Although the point could be stressed that the failures of this project would be built upon and put right, it is still doubtful that many sources of funding would be willing to provide money for a second attempt at creating Malaysian-style residencies in Abuja.
There is also the fact that the relationship between Malaysian construction specialists and Nigeria has been soured by the Malaysian Gardens project. As previously stated, this is not conducive to making it easy to gain the cooperation of Malaysians who would be willing to impart advice and utilise their skills. This could make it difficult to gain staff who possess the necessary levels of expertise.
It is also possible that some of the obstacles that prevented the Malaysian Gardens project from being successful might effect this project, for example the legal issues. Even with a highly paid legal team on board, the possibility exists that politicians such as Mohammed would block the success of this project. This means that this is a high-risk venture. Whilst it is true that it also has a high chance of producing substantial rewards, it is clear that it is extremely risky.
Now that all of these points have been taken into consideration, a number of different recommendations can be made. The first recommendation is that it might be more appropriate to use construction techniques and designs that are associated with a nation other than Malaysia. The fact that a similar project has been attempted using Malaysian designers might have eroded public faith in a project of this nature. It will also make it considerably more difficult to source appropriate staff and gain funding.
There are numerous other developing nations that have managed to produce high-quality prime residencies. The focus of this project could be changed so that rather than going over old ground and attempting to create residencies based upon those within Malaysia for a second time, the focus could be upon emulating construction styles and techniques of a different nation. The successes and failures of the Malaysian Gardens project could still be built upon. The only difference would be that the obstacles that were created by this project would be less severe, for example the connection between the proposed projects and the previous failed project would not be as strong within the mind of investors and financial institution staff.
The location of the project could also be changed. The fact that politicians have caused obstacles in Abuja means that it might not be a suitable location. If these recommendations were implemented then the project would have a far greater chance of success.