In the tranquil suburbs of Odenton, Maryland, Lanre Famodu, a 45-year-old civil engineer, is living what he calls the “Nigerian Dream.”
Born in the U.S. but raised in Nigeria until his teenage years, Famodu has spent decades building a thriving real estate portfolio in his ancestral homeland. Today, he owns four properties in Nigeria—a hostel, an Airbnb, a private home, and a rental property—all while maintaining a life in America.
“I’ve always felt like a second-class citizen here, despite being born in the U.S.,” he told The Informer. “But I had a vision early in life to invest in Africa, and that vision has become my reality.”
Famodu is not alone.
Across the African Diaspora, a powerful movement is gaining momentum: individuals who have spent decades in Western nations are increasingly turning their gaze back to the continent, not merely as a nostalgic homeland but as a dynamic investment frontier. Real estate has emerged as the vehicle of choice for this growing wave of investors.
Famodu’s story is emblematic of this movement. His first foray into Nigerian real estate came at just 18 years old, when he purchased land to build a hostel for university students. That decision proved prescient: in 2023, he sold the land for 10 times its original value.
“I don’t think I spend much of my earnings on real estate in Nigeria,” Famodu said. “Less than one-third of my American earnings goes into my investment. If I make $100,000 I put in $10,000.”
According to the UN Trade and Development Report and the Review of Black Political Economy, in 2021 alone, remittances to Nigeria totaled $23.8 billion—nearly 10 times the country’s foreign direct investment—and a significant portion of this capital is flowing into property.
“We [Africans in the diaspora] are working twice as hard—paying remittances, building property in the USA, and investing back home in Nigeria/Africa,” Famodu continued. “It’s a lot to balance. Be informed and avoid cutting corners. Don’t invest in something that you don’t know.”
Blaxit, Investing in Africa
The trend of owning land and doing business in Africa extends beyond those with direct family ties to the continent.
The “Blaxit” movement—popularized by African Americans seeking to reconnect with their ancestral roots—has sparked a surge of interest in real estate markets across Ghana, Senegal, and Tanzania. Ghana’s “Year of Return” in 2019, which commemorated 400 years since the first enslaved Africans arrived in Jamestown, Virginia, drew over 1.5 million visitors and generated nearly $1.9 billion in revenue, Minister of Tourism Barbara Oteng Gyasi told BBC in January 2020.
Since then, a growing number of African Americans have sought to establish roots in the region, purchasing homes, businesses, and land.
“People are buying short-term rental properties and seeing returns of 15% to 20%,” said Daniel Bloch, founder of Seso Global, a company facilitating real estate investments in Africa. “Rental investments in America simply don’t offer those kinds of returns. Imagine using dollars to buy an apartment priced in naira and then renting it out in dollars. The potential is enormous.”
Bloch, who is of non-African descent, moved to Ghana in 2016 after identifying a critical gap in the African real estate market: land ownership verification.
What began as a blockchain research project funded by the Bill and Melinda Gates Foundation has since evolved into a private company that verifies property titles, offers financing, and connects buyers with trusted developers across Ghana, Nigeria, and South Africa.
“The real estate sector has the most potential to drive economic growth, but it’s held back by issues like fraud and unclear land titles,” Bloch explained.
Seso, which he calls the ‘Zillow of Africa,’ uses blockchain technology to create secure, verifiable land registries. The company also offers a unique mortgage solution, allowing diaspora investors to leverage their U.S. or U.K. credit scores to finance property purchases in Africa.
“A lot of Americans and Europeans want to invest, but they fear being scammed. Our goal is to provide transparency and build trust,” he said.
Facing and Avoiding Investment Challenges
Despite the opportunities, the path to successful investment is not without its pitfalls.
Dare Jaiyesimi, a finance professional based in Maryland, learned this the hard way.
In his late 20s, he made his first property purchase in Lagos, hoping to capitalize on the city’s booming population and a housing deficit that grows by an estimated two million units each year. However, Jaiyesimi fell victim to a fraudulent deal, purchasing land that, unbeknownst to him, belonged to the Nigerian military.
Jaiyesimi’s experience is far from unique.
Stories abound of buyers across the African Diaspora sending money to relatives to construct homes, only to find empty plots—or worse, discovering their land has been sold multiple times. These challenges underscore the importance of due diligence and working with reputable partners.
For some, like Mr. Eze Okwodu, the dream of investing in Africa remains on the back burner—for now.
“For me there’s no real incentive to rush because we already have property there [in Africa],” Okwodu told The Informer.
Born in Brooklyn, Okwodu’s family relocated to Nigeria when he was a child, and he lived there until returning to the U.S. at 18. By 25, he had purchased his first two-bedroom condo in Hyattsville, Maryland. Within five years, he owned five more condos.
“I spend a lot of time in the African community, and everybody talks about home buying,” he said. “It’s ingrained in you: go to school, graduate, get married, buy a home. That was the natural progression.”
Now a full-time real estate agent and investor, Okwodu has built a popular brand in the DMV area, helping those in the African Diaspora become American homeowners.
“African immigrants are not the target. Some of them haven’t even bought a house in America, and you want them to go back? I help them understand the American system and how to use it to their advantage,” he explains.
Though has no immediate plans to purchase property in Africa, he stays connected with developers there and advises clients on opportunities abroad.
According to an AirBnB Growth market data report the demand for short-term rentals is particularly strong, with Airbnb bookings in Ghana, Nigeria, and Liberia growing by 30%, 17%, and 19%, respectively, between 2022 and 2023.
“If you do it, do it smart,” he advised. “Find a reputable company, and focus on income-generating properties like luxury Airbnbs.”
The sustainability of this trend will depend on addressing systemic challenges like fraud, improving infrastructure, and fostering transparency.
According to Bloch, “the laws already were quite strong for foreign investments.”
“I think it was more of the information being delivered. There are some nuances for instance in Nigeria. In Nigeria, it is not clear even till today in the constitution if foreigners can buy land or not,” he said. “But, if you talk to a lawyer they’ll tell you that what that really means is that you should set up a company in Nigeria that you own and that company buys the property or the land.”
Giving Back
For those in the African Diaspora, investing in Africa is also a way to give back.
Bloch of Seso Global said investments in Africa represent more than just financial returns—they are a means to drive sustainable development on the continent.
His company is involved in projects ranging from affordable housing to schools for low-income communities.
“We support people who are trying to do these impactful projects and help them make sure they can realize the project. Things can really go wrong. For example, there was a floating school in Makoko, Nigeria that collapsed a couple years ago. We are helping the person who will be rebuilding that school, another small school project in Makoko,” Bloch said. “We also want to make mortages more affordable for locals and the diaspora. We just launched our first mortgage product in Liberia and we will be launching it soon in Nigeria and Ghana.”
Famodu’s company, Seeds Accommodations Ltd., employs locals and integrates best practices from the U.S. workforce, such as fair wages and work-life balance.
“Our mission should be to create jobs for locals and give back to the community,” he emphasizes.
As global economic conditions shift and generational wealth strategies evolve, it remains to be seen whether the next wave of diaspora Africans—Gen Z and Generation Alpha—will continue to invest in the continent or shift their priorities elsewhere.
For now, however, the African real estate boom shows no signs of slowing.
In Famodu’s words: “If you’re from Africa, you will need Africa. Stay connected—you never know when you’ll need that relationship.”
Source: Published without changes from Washington Informer Newspaper
