Connect with us

News

Construction industry `ll drive Nigeria’s Economic Growth in 2021- Expert

Published

on

A construction expert, Mr Temitope Runsewe, says construction industry will be a significant growth driver for the Nigeria’s economy in 2021.

Runsewe, Managing Director, Dutum Construction Company Ltd., made the assertion on Thursday at the “2021 Nigeria Real Estate Market Outlook” meeting in Lagos.

He said that with the over N3.85 trillion budgeted for capital expenditure by the Federal Government in 2021, spending on infrastructure would help to drive economic growth.

Runsewe said that though, the Coronavirus pandemic had affected economies and businesses globally, the medium to long term outlook for the industry remained positive.

He said this was because the construction industry increased its contribution to Nigeria’s GDP to N572.9 billion from N513.6 billion in Q2 2020.

Runsewe said the National Bureau of Statistics had projected the construction industry to record a Compound Annual Growth Rate of 16.6 per cent to reach an all-time high of N13.2 trillion by 2024.

According to him, this makes it imperative for players in the real estate and construction industry to exploit the attendant opportunities for growth that will be presented.

He shared the plan for one year of his firm to grow the sector in 2021.

“With the positive outlook of the construction industry for 2021 and the forecasted growth in the industry, Dutum construction intends to participate and contribute toward the development of various industry segments,” he said.

Dutum is a Nigerian company with interests in public and private industry construction that has delivered projects in the education, energy, aviation, hospitality and social sectors.

Also, Mr Ayo Ibaru, Chief Operating Officer, NorthCourt Real Estate, listed opportunities being presented to stakeholders in the industry as demand for real estate increases.

Ibaru said Nigeria was at a great risk of losing Foreign Direct Investment (FDI) to less volatile neighbouring economies, if it failed to adapt to economic realities or continue with the trend of policy inconsistencies.

He added that the situation would present an opportunity for local investment in the construction industry to thrive.

The chief operating officer pointed out the role technology and innovation would play for the future of the industry.

According to him, the adoption of virtual viewings of properties and other property technology offerings are increasing despite cultural concerns.

Other speakers at the event took turns to share their thoughts on measures to grow the construction industry.

The speakers included Mr Tayo Odunsi, Chief Executive Officer, NorthCourt Real Estate; Mrs Sandra Momah, Assistant Director Ernest & Young; Mr Olaide Agboola, Chief Executive Officer, Purple and Mrs Funke Okunbadejo, Director Actis.

The Real Estate Market Outlook 2021 event was organised by NorthCourt Real Estate, in partnership with Dutum Construction Company Ltd., to provide insight into the Nigerian real estate market.

The annual event brings together experts and stakeholders in the Nigerian real estate and construction industry to share industry projections, trends, opportunities and insight into what to expect for the year.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Double taxation: Ogun govt. moves to harmonise taxes, levies

Published

on

Ogun Government says it is working round the clock to ensure harmonisation of taxes and levies to reduce incidence of double taxation that may affect the revenue base of businesses in the state.

Commissioner for Industry, Trade and Investment, Mr Adebola Sofela, said this during a visit to the Managing Director of Nestle Nigeria, Mr Wassim Elhusseini, on Friday.

Sofela said that his visit was occasioned by the need to boost the existing relationship between the state government and its various stakeholders and to further collaborate and share ideas on areas of common interest.

He expressed the Gov. Dapo Abiodun-led administration’s commitment to capacity building at all levels.

As a practical demonstration of this, the commissioner said that that technical schools across the state were being upgraded to ensure companies that did not have any gap in power to fill the technical needs.

Sofela, who was accompanied by top management staff members of the ministry, stated that the present administration had improved land administration system to enable investors get title documents without delay in order to leverage for financing.

He said that government had been creating new industrial clusters to take care of the new influx of investors and prepare for the future.

The commissioner appealed to the various companies across the three senatorial districts to consider the qualified residents of the state for employment, as part of efforts to promote their relationship with host communities.

“We are working to ensure harmonisation of taxes and levies to reduce the incidence of double taxation.

“The governor is particularly interested in creating an enabling environment for business to thrive, considering government’s huge investments in security and infrastructure,” he said.

In his remarks, the Managing Director of the firm, said that 80 per cent of his company’s investments were domiciled in Ogun.

According to Elhusseini, the state government is in the right direction with its business-friendly policies.

Continue Reading

News

Reps committee to probes appointments of NASRDA, RMRDC DGs

Published

on

The House of Representatives on Friday unveiled plans to investigate the appointments of Director General of the Raw Materials Research and Development Council (RMRDC), Prof. Martins Ike-Muonso.

The committee will also investigate the appointment of the Director-General of National Space Research and Development Agency (NASRDA) Dr Mathew Adepoju.

This is contained in a statement issued by the Chairman of the committee, Rep. Olaide .

The committee chairman said that a six-member panel headed by Rep. Abiodun Akinlade had been inaugurated to carry out the probe.

He said both DGs were recently appointed by the Minister of Innovation Science and Technology, Chief Uche Nnanji.

“The panel is to look at the procedure of the appointments qualification and the compliance with the relevant laws and regulations that established both agencies.

“The panel is to invite the Minister of Innovation Science and Technology, the Secretary to the Federal Government, Head of Service and both DGs amongst others.

“The panel has two weeks to within which to submit its report,” he said.

The chairman promised that the assignment will be free and fair saying that the aim is not to witch hunt anyone but to put the records straight.

Continue Reading

News

Tinubu to observe Eid-el-Kabir in Lagos

Published

on

President Bola Tinubu will depart Abuja for Lagos state on Friday ahead of the Eid-el-Kabir celebration.

This is contained in a statement by Chief Ajuri Ngelale, Special Adviser to the President, Media and Publicity, in Abuja.

The statement said the President would observe Eid-el-Kabir in Lagos, where he would also spend the Sallah holidays.

“The President will mark the occasion in prayers and reflection on advancing the transformation of Nigeria in line with his Renewed Hope Agenda,” said the statement.

Continue Reading

Trending