Structured agro-real estate can stimulate rural economies as a development catalyst – Assogba

As inflationary pressures reshape investment decisions across emerging markets and food security climbs higher on policy changes, structured agricultural investment is gradually gaining attention. In this interview, David Assogba, CEO of Reftop Homes Limited, who is repositioning farmlands from rural assets into financial infrastructure. He outlines why he believes agro-real estate could become one of Africa’s most compelling long-term investment vehicles. Excerpts by JOHN SALAU:

You describe agro-real estate as ‘financial infrastructure’. That’s a strong phrase. What do you mean by it?

The narrative is changing. When we talk about infrastructure, we often think of roads, bridges, and power plants — assets that support economic productivity. I see structured farmland in the same way. Agriculture is not just a social sector; it is an economic engine. When farmland is properly titled, professionally managed, insured, and integrated into supply chains, it becomes an income-generating asset class. That is financial infrastructure. In Nigeria and across Africa, we have millions of hectares of underutilised land. If we structure that land for productivity, we are not just farming; we are building wealth platforms that can support families, institutions, and even pension-backed investment frameworks in the future.

How does Reftop’s agro-real estate model differ from speculative land banking, which has been common in the property market?

Speculative land banking focuses on appreciation; you buy and wait. Agro-real estate like PalmCrest adds productivity to appreciation. In our model, investors acquire titled farmland within organised estates. The land is cultivated, managed professionally, and integrated into commercial agricultural cycles. That means there is potential for periodic yield in addition to long-term capital appreciation. This approach reduces idle capital. Instead of land sitting fallow for years, it becomes economically active from the outset.

Nigeria imports significant volumes of agricultural commodities, including palm oil. How does that influence your strategy?

One of our drives for excellence thrives on the current gap in the domestic production and supply of palm products to the demand and import of palm products as a palm-producing country. Import substitution is both an economic necessity and an opportunity. Nigeria consumes more palm oil than it produces, and that gap represents market demand. When you invest in commercially viable crops with established demand, such as oil palm, for which we have dedicated PalmCrest Estates in thousands of hectares, for your participation in an ecosystem that already has buyers. Our focus is to align farmland development with high-demand value chains rather than subsistence crops. That strategic alignment matters. Agriculture must be commercially structured to attract serious capital.

Investors are increasingly cautious, especially after high-profile investment failures in various sectors.

How do you address risk perception?

Risk in agriculture is real: weather, price volatility or operational execution. The key is mitigation, not denial. At Reftop, we emphasise clear title documentation, estate planning, professional farm management, and insurance coverage. While we encourage investors to conduct due diligence and visit project sites, we are also guided by a standard of operations, and this is revealed in our already fruiting palm estate. Transparency is essential. It’s also important to communicate that agro-investment is medium to long-term. This is not speculative crypto trading. It is patient capital deployed into real assets.

Beyond returns, what macroeconomic impact can agro-real estate deliver?

Structured agro-real estate can stimulate rural economies. It creates employment across planting, maintenance, logistics, and processing. It also promotes formalisation in a sector that is often informal. If scaled properly, agro-real estate would definitely reduce food imports, improve foreign exchange retention, and strengthen supply chains for local manufacturing industries that rely on agricultural inputs. In other words, it is not just an investment play; it’s a development catalyst.

There’s growing interest from diaspora investors in tangible African assets. Is this part of your target market?

Diaspora investors are looking for credible, structured vehicles to invest back home. They want assets they can verify, legally own, and monitor remotely. Agro-real estate like PalmCrest provides that bridge. It offers tangible ownership backed by documentation, while professional management ensures operational continuity even if the investor is abroad. Trust and reporting systems are critical in serving that segment effectively.

How scalable is this model beyond Nigeria?

My principle of scalability asks the questions. Is the product/idea convincing enough, first to me? ⁠Is it duplicable within another business economy environment? Trust me; the answer is a yes, yes. The fundamentals are continental. Many African countries share similar characteristics — arable land, growing populations, and food deficits in certain commodities. However, expansion must be strategic. Each jurisdiction has different land laws and regulatory frameworks. Our focus is to perfect our systems domestically before scaling regionally. Leadership in Africa’s agro-real estate space will not come from rapid expansion alone; it will come from consistency, governance, and execution.

What is your long-term vision for Reftop Homes?

Our ambition is to position Reftop as Africa’s most trusted agro-real estate investment brand — a company known for structure, transparency, and sustainable growth. We want to demonstrate that land in Africa can be both emotionally valuable and economically powerful. If we can change that mindset — from land as passive security to land as active capital — we will have achieved something significant.

What impact has Reftop had on the sector so far?

Truthfully, this is inexhaustible. Reftop, as a brand within our real estate and agriculture operations, has not just given people homes or fed people; we have empowered communities. Having sold out over 17 Estates in 5years, made over 1000 persons landowners, employed over 50 persons on our payroll system, consistently increasing the earnings of over 1000 realtors in Nigeria. We could go on and on. We pride ourselves in commitment to service delivery, as little as it is and as big as it should be, and where we are right now and the status of our Agro-project, which is currently the fastest-selling in the Agro-real estate ecosystem, is a testament to our commitment to value and contribution to the nation’s economic prosperity.

Finally, what message do you have for policymakers observing this emerging investment category?

Policy stability is key. Clear land documentation systems, supportive agricultural policies, and infrastructure development will strengthen investor confidence. Public-private collaboration is also important. The private sector can mobilise capital and innovation, but policy frameworks must provide clarity and protection. If Africa aligns its policy with structured investment models, agro-real estate could become a cornerstone of economic diversification. The bigger picture is, in an investment landscape increasingly shaped by volatility, agro-real estate offers a counter-narrative — tangible assets tied to essential commodities and long-term demographic demand. Through structured farmland estates and a focus on commercial agriculture, Reftop Homes Limited is seeking to reposition land as more than a speculative holding. For David Assogba, the mission is clear: convert Africa’s agricultural potential into organised, investable platforms capable of delivering both returns and resilience. As capital searches for sustainable opportunities in frontier markets, the soil beneath Africa’s feet may yet prove to be one of its strongest financial foundations.