Kenya needs sound policies to deliver cheaper houses

President of Biz Solutions 360 (B360) Peter Karenge Ng’ang’a. (Photo: Jenipher Wachie/Standard)

Give us a brief background of Biz Solutions 360 (B360)

B360 is a full service architectural and engineering firm specialising in construction, infrastructure, environment, and energy. I co-founded the firm with Alex Njoroge and today we have more than 100 full time employees and contractors in both the United States and Africa. In Africa, we have projects in Kenya, Rwanda, Botswana, Egypt and Sudan while in the US we are in Maryland, Virginia and headquartered in Washington, DC.

What opportunities do you see back home for Kenyans in the diaspora?

The opportunities are both for Kenyans living in Kenya and for those living abroad. Small businesses have opportunities in consulting, real estate, stock market, transport and logistics. The range of opportunities is as wide as the innovation and breadth of their ambition. There is a high return on investment in Kenya in manufacture of building materials, and investing in real estate.

What is B360’s portfolio?

B360 operates in a range of industries, including financial systems, transportation, logistics, energy, power, water, real estate, oil and gas, private equity, retail, and the public sector. We have ongoing work with the US Government, both at the federal and state levels. In Africa, we have ongoing projects in Kenya, Botswana, Egypt and Sudan in the above-named sectors.

Will the recent capping of interest rates in Kenya increase mortgage uptake?

In a country with just over 24,000 mortgages, it is refreshing to see so much attention on interest rates, which affect real estate financing. Whether it works or not, reining in on the banks is definitely a step in the right direction. This will be great for the middle-class person who has good credit rating and probably has an existing mortgage. However, countries with stronger economies and higher levels of prosperity allow space for a free market where the market regulates itself.

You grew up in Nairobi’s “economically-poor” Eastlands area. How has living and working in the US as an immigrant changed your perspective on the gap between the rich and the poor?

We were born and brought up in Nairobi’s Eastlands and raised by determined and focused parents who believed in hard work, discipline and the importance of education. Growing up in Bahati was fun but it also demanded hard work, control and persistence. I knew the uncertainty of not being sure where my next meal would come from, and even recycled my sister’s shoes. My background in Kenya and exposure in the US makes me to be  good bridge for US-Africa business and focus on innovations that can help alleviate poverty and create employment opportunities in Africa.

Which alternative building technologies have you interacted with that could lead to the provision of affordable housing in Africa?

Solutions to problems facing Africa are right here in Africa. Solutions to reducing housing deficits will mainly include a continuing entrepreneurial drive, better housing policies and fair prices of construction materials such as cement and steel.

As a member of the United States Green Building Council, how does B360 help those who want to be energy-efficient?

B360 has heavily invested in pursuing and providing renewable energy, including solar, wind and hydro. We are also working with initiatives like Power Africa Project launched by President Barack Obama whose goal it is to increase power capacity by 30,000 MW and create 60 million new connections to double electricity access in Africa. B360 is providing advisory, feasibility, finance services, governance and consortium structuring and engineering services on various projects, including the KIPETO II Wind Energy in Kajiado and Embobut Hydro project in Kerio Valley.

You seem passionate to pitch for Africa and change the global worldview of doing business in Africa. What opportunities does Africa have for global US companies and is there enough infrastructure in Africa to ease doing business?

Africa is the next global economic frontier and is a god-send for entrepreneurs from all over the globe. It has a vibrant youth population, affordable labour and a humongous emerging middle-class. Resources are still highly under utilised. B360 as a cross-cultural firm facilitated American companies to participate in trade missions such as Trade Winds Africa business visit organised by the US Department of Commerce which opened new markets on the continent for American firms.

However, global players must avoid a seagull mentality of flying in and out of Africa and be patient enough to learn the socio-cultural and economics of the market they are operating in. We always have to remind them that Africa is a continent consisting of countries, all with different environments.