Connect with us

News

Real Estate: Experts advocate incentives to drive growth potentials

Published

on

Some stakeholders in the real estate sector have emphasised the need for government to provide incentives to players within the ecosystem.

According to them, this will boost wealth and job creation, therefore  leading to economic prosperity.

They spoke at the Nigerian British Chamber of Commerce (NBCC) and the International Real Estate Federation (FIABCI) Real Estate Outlook 2023 on Wednesday in Lagos.

The event has the theme; “Pitching Your Tent Post 2023 Elections.”

Dr Biodun Adedipe, Chief Consultant, B. Adedipe Associates Ltd., highlighting the nexus between the real estate sector and the economy, said a 0.79 correlation growth rate existed between the country’s Gross Domestic Product (GDP) and the sector.

According to him, a focused government will give proper attention to the property market, availing as many incentives for the entire real estate ecosystem.

“The real estate sector is among the big six sectors that drive economic growth and while the sector has showed strong growth. Its contribution to GDP appears to be trending downwards.

“This means there’s room for investments to get the kind of impact we need to improve GDP seeing that real estate is systemic to every modern economy if given the right push.

“The 2030 projections for increasing population pegged at 8.5 billion people means the real estate must be properly positioned to create the value across all strata as its expected to be,” he said.

Mrs Jumoke Akinwunmi, Managing Director, Alitheia, said there was need for the execution of affordable housing to bridge the housing deficits in the country.

She, however, said its success was hinged on the partnership between the private and public sectors.

Akinwunmi urged government to provide more levers to make affordable housing a reality.

“There’s also the need to create institutions that would serve as middlemen between the government and private sector for easy accessibility and to achieve the success it deserves,” she said.

Dr Solomon Aigbavboa, Chief Executive Officer (CEO), Sonedis Logistics, pointed out the opportunities for logistics,  particularly warehousing within the real estate ecosystem.

He noted that the warehousing market size, which had an annual growth rate of 11 per cent, would be worth $170 million by end of 2023.

He stated that its major drivers included increasing population, rising demands for e-commerce and the demand for refrigerated warehousing.

“For the increasing demands of logistics of agro products, fast moving consumer goods and emerging specialised markets, such as cold chain facilities in pharmaceuticals, there is a greater corresponding amount of returns.

“This means that the logistics arm of real estate is an area for government and private sector to look into and invest in, to send a clear signal to the real estate sector,” he said.

Mr Frank Okosun, CEO, Frank Knight Nigeria, said that post 2023 elections and following a transitioning to a new democratic regime, the property market might see a pent up demand.

“Thus, investible long-term capital would seek expression through the market.

“In the office market, vacancy rate is expected to rise slowly, due to downsizings and delayed lease renewal.

“Key areas of interest to watch out for in real estate include students housing, healthcare, warehouse, logistics and Information as well as Communication Technology (ICT)- Data Centres,” he said.

In her remarks, Ms Toke Benson-Awoyinka, Special Adviser to Lagos State Governor on Housing, reiterated that the real estate sector remained a focal point of the Governor Babajide Sanwo-Olu’s administration.

She said that Lagos would continue to explore data gathering, create policies and regulations to spur investments and address housing deficits within the state.

Benson-Awoyinka, however, sent warnings to real estate players engaging in fraudulent activities and taking advantage of innocent people to desist from such or face the consequences.

“We must sanitise the industry and stop the activities of those that would not allow Lagos to be the real estate capital of the world as it is poised to be.

“At state level, we are seeking partnership with the private sector on training of artisans across the real estate value chain, to take back their jobs that outsiders had hitherto hijacked. This is to reduce the unemployment situation we have and create wealth.

“We also are going to key into the housing data that would be gathered form the forthcoming national population census, so that we are better abreast of the housing situation in the state,” she said.

News

Banex Plaza: Army breaks silence, condemns attack on soldiers

Published

on

The Nigerian Army has condemned the attack on its personnel over the weekend at Banex Plaza, Abuja.

This was contained in a statement by the Director, Army Public Relations, Maj-Gen Onyema Nwachukwu, on Tuesday in Abuja.

The Nigerian Army shut down Banex Plaza, a shopping complex located in the Wuse 2 area of the Federal Capital Territory, following an attack on some of its personnel over the weekend.

According to the statement, a swift intervention by soldiers and policemen on internal security duties salvaged the situation and rescued the attacked personnel from being lynched by the hoodlums.

Nwachukwu noted that the soldiers attacked were unarmed, did not engage in any form of aggression, and posed no threat to anyone, adding that the cruel treatment meted out to them was entirely unwarranted and unjustifiable.

The army spokesman said a meeting was convened with the management of Banex Plaza to identify and apprehend the perpetrators of this heinous act by temporarily shutting down activities in the plaza to ensure that the hoodlums who have been using the Banex neighborhood as a sanctuary to pose a security threat to the Federal Capital Territory were apprehended.

He said the development calls for an extensive investigation to determine both the immediate and underlying causes of the incident.

Nwachukwu added that the investigation ultimately aims at ensuring the security of the Federal Capital Territory and preventing such unwarranted attacks on its personnel and other security operatives, as has been observed in other areas, such as the unfortunate attack in Okuama.

“These acts of violence against personnel are not only condemnable, but could degenerate into a breakdown of law and order, orchestrating threats to national security.

“The Nigerian Army enjoins members of the public to exercise caution and restraint in dealing with military personnel and other security operatives, especially when they are in uniform.

“There are established channels through which grievances or misconduct by personnel could be reported to the appropriate authorities. It is imperative that these channels are utilized to maintain order and respect for those who serve and protect our nation,” he said.

Continue Reading

News

Labour rejects FG’s N54,000 new minimum wage offer, talks adjourned till Wednesday

Published

on

The ongoing negotiations on new minimum wage has been adjourned till Wednesday after the organised labour rejected the new N54,000 minimum wage proposal by the Federal Government, a highly reliable source who attended the meeting told our correspondent on Wednesday.

The Federal Government upped its offer from its earlier proposed N48,000 to N54,000.

Tuesday’s meeting came as a result of the walkout staged by members of the organised labour following the proposal of N48,000 as minimum wage by the Federal Government during last week’s meeting.

During that meeting, the OPS had also proposed N54,000 while labour insisted on its N615,000 living wage demand.

Sources who attended the follow-up meeting on Tuesday learnt that the Federal Government upped its offer from N48,000 to N54,000.

“Well, during the meeting, the government increased its offer from N48,000 to N54,000. However, labour rejected that offer and the meeting has been adjourned till Wednesday,” a source who asked not to be named said.

When asked if the government’s side was showing any sign of seriousness, the labour leader said, “No seriousness at all. Even state governors did not show up. Those who represented them, like Bauchi and Niger states, did not have the mandates to speak on their behalf.

“As regards the private sector, we did not get to them before the meeting was adjourned but we hope they also increase their initial offer.”

Organised labour on Monday reiterated its May 31, 2024 deadline for the implementation of the new minimum wage.

The National President of the Nigeria Labour Congress, Joe Ajaero, insisted on N615,000 minimum wage, arguing that the amount was arrived at after an analysis of the current economic situation and the needs of an average Nigerian family of six.

He blamed the government and the OPS for the breakdown in negotiation, saying, “Despite earnest efforts to reach an equitable agreement, the less than reasonable action of the Government and the Organised Private Sector has led to a breakdown in negotiations.”

In a statement released at the end of the jointly held NEC meeting by the NLC and TUC which was signed by Joe Ajaero, NLC president and Festus Osifo, TUC president, the unions said they acknowledge the ongoing negotiations between the NLC/TUC, the Organised Private Sector and the Federal Government regarding the new national minimum wage.

While appreciating what they described as the efforts made thus far, the NLC and TUC emphasized the urgency of reaching a fair and equitable agreement that reflects the true value of Nigerian workers’ contributions to the nation’s development and the current crisis of survival facing Nigerians as a result of government’s policies.

They also affirmed commitment to ensuring that the interests and welfare of workers are adequately protected in the negotiation process.

President Bola Tinubu through Vice President Kashim Shettima, on January 30, 2024, inaugurated the 37-member Tripartite Committee on Minimum Wage to come up with a new minimum wage ahead of the expiration of the current N30,000 wage on April 18.

With its membership cutting across federal and state governments, the private sector and organised labour, the panel is to recommend a new national minimum wage for the country.

During the inauguration of the panel, Shettima urged the members to “speedily” arrive at a resolution and submit their reports early.

“This timely submission is crucial to ensure the emergence of a new minimum wage,” Shettima said.

In furtherance of its assignment, a zonal public hearing was held simultaneously on March 7 in Lagos, Kano, Enugu, Akwa Ibom, Adamawa, and Abuja.

The NLC and the TUC in different states proposed various figures as a living wage, referencing the current economic crunch and the high costs of living.

In their different proposals on the minimum wage, the NLC members in the South-West states demanded N794,000 as the TUC suggested N447,000.

 

Continue Reading

News

Retired police officers storm National Assembly, protest against unpaid pensions

Published

on

Retired Police Officers of Nigeria under the contributory pension scheme stormed the National Assembly in the Federal Capital Territory, Abuja, to protest several months of unpaid pensions.

The retirees on Tuesday representing various state chapters lamented the severe hardships faced due to the failure of the National Pension Commission to pay their entitlements.

The retired police officers are urging the Federal Government to remove them from the contributory pension scheme.

Protest by retired police officers have have been recurrent, particularly on grievances over their entitlements.

In September 2021, retired officers from 27 states had also stormed the National Assembly in the Federal Capital Territory, Abuja, demanding their pension payments.

Continue Reading

Trending