- How Recession Revolutionalises Office Rental Business in Nigeria
Notwithstanding the effect of the nation’s economic downturn on investments in the real estate industry, the rental market has remained vibrant with the emergence of co-working space stations for businesses and entrepreneurs.
Before now, co-working space stations were considered alien to the Nigerian business landscape but experts said about 80 percent of Nigeria entrepreneurs and investors are now adopting the model in their rental needs.
With the recession, where both small and large -scale businesses are finding it difficult to find office spaces that could fulfill their needs without necessarily borrowing, the model is expected to become the new face of office rentals in Nigeria for decades ahead.
In some cases, the office spaces range between 15 square metres to about 21 square metres, while there is also one-man office, two-man office and four-man office.
Apart from its affordability and low cost, the model comes with payment flexibility and provision of some basic office facilities in a serene environment.
According to experts, more businesses are expected to adopt the model because of the several unique selling points it provides.
The Group Managing Director of Fusion Group Facilities Management, Ikeja, Mrs. Oluwatoyin Edun, said workspace station is a new innovation in Nigeria, which is quite popular in developed countries.
The concept, she said is based on the concept of shared services, cost reduction, enhanced efficiency.
According to her, the concept also allows clients to have offices whereby they own space dedicated to their company and a virtual services which avail companies to have operators address as their office address, get a dedicated phone line for their company and use the operator business lounge like an airport lounge with a professional environment to hold meetings with clients.
For the Chief Operating Officer of Workbay Co-working Space Station, Maryland, Mr. Oseni Olanrewaju, clients have the opportunity to get what is called the virtual office service that goes for as low as between N10, 000, N25, 000, N35, 000, with a virtual address to their business, reception support services but limited access to operators facilities and permit to come in when they only have a client.
“Once you are coming in, you have a dedicated seat and desk for yourself.
Our clients are also allowed to bring in their staff, but we emphasise to them that this is a co-working environment which requires serenity,” he added.
He pointed out that the business environment in the country is not supportive in terms of the basic infrastructure; constant power supply, high taxation, unwillingness of banks to grant loans to fund the business which requires close to N20, 000,000 to start, bad roads, low acceptance culture amongst Nigerians and to some operators it could be security in terms of location.
According to him, the recession in the country has badly impacted on the business as client’s patronage has declined.
“Clients who were supposed to pay for their rents complain of low patronage.
“A strategy for the business is that the more people for us, the merrier. The real secret to the business is to make it as affordable as possible, to drive in more patronage particularly in this type of economy.” He added.
Olanrewaju expressed confidence that the future of the business is bright as his company targets about 8,000 clients in the next five years. He noted that with the call for diversification of the economy, people are realising that the jobs are no longer there and so the need to create the job adding that co-working station which was considered alien, is a good platform to operationalise business idea by Nigerian entrepreneurs and foreign investors.
To the Founder and Chief Executive Officer of Capital Square Workspace Solution Limited, Lekki, Mrs. Modupe Odunyemi the whole model is based on flexibility unlike the culture of rent where you pay annually or for more than a year.
She explained that clients could pay monthly or even daily sometimes.
“People are now seeing the need for flexible model; to rent just what they need and for the time suitable for them. With the recession, some larger companies are scaling down, more people are working remotely and have smaller spaces”, she stated.
Farmforte, Others Signs MoU To Strengthen and Sustain Growth in Agricultural Sector
Farmforte Limited has signed a strategic Memorandum of Understanding with the Agricultural Fresh Produce Growers and Exporters Association of Nigeria; HYBR, a pan-African innovation firm; and ALTS, a consulting and strategy development firm.
The firm said in a statement on Sunday that the partnership would strengthen common interest cooperation and stimulate inclusive and sustainable growth within the agricultural sector, by capitalising on the synergy and comparative advantage offered by each organisation.
Speaking during the signing ceremony, Farmforte Co-Chief Executive Officer, Osazuwa Osayi, said, “Our mid to long-term strategic goals are further reaffirmed, as this partnership will facilitate the sharing of knowledge, ideas, and expertise across the agricultural sector.
“We will collectively address initiatives and approaches concerning agricultural investments, food security, and the overall robustness of the value chain.”
He said the collaboration would also unlock the full potential of the sector and place it on a renewed path for success, especially within a post-pandemic economy.
The President of AFGEAN, Tajuddeen Dantata, said, “By creating dialogue and fostering investment in the horticulture sector, this partnership will endeavor to support Farmforte in its exporting efforts by improving operational efficacy and cost-savings, while ultimately driving socio-economic growth in the country.”
The Chief Executive Officer, HYBR, Charles Ojei, said to drive inclusion, sustainability, job creation, and Nigeria’s overall economic growth, the optimisation of the agriculture value chain was critical.
“This collaboration is a fusion of the complementary capabilities of all partners to move a bigger agenda forward.”
The Managing Partner, ALTS, Akintunde Sawyerr, said, “The goal of this partnership is to support Farmforte’s vision of becoming the largest agribusiness by 2035 via scalable and world-class innovation across its enterprise.”
OctaFX Launches Dual Life Campaign
International Forex broker, OctaFX has launched a socially conscious marketing campaign called Dual Life aimed at simplifying forex trading and helping Nigerians create wealth.
A statement by the organisation on Monday said that the marketing campaign would celebrate the superpowers of Nigerians who committed their time and efforts to two or more jobs and were successful at each one of them.
It stated that the #DualLifewithOctaFX campaign had influencers in the Nigerian lifestyle and entertainment space such as Toke Makinwa, Bovi, Denola Grey, Timini Egbuson, and others at the core of the engagements, establishing the other sides of the celebrities and influencers as entrepreneurs.
While speaking about the campaign, the Marketing Manager, EMEA, OctaFX, Ali Nwadike said, “We wanted to position forex trading as that activity young Nigerians and everyone else, can engage in, even while focusing on their careers.
“From findings, most young Nigerians today work two or more jobs to pay the bills and attain financial freedom. But, we don’t get to talk about this often or appreciate the efforts, hence the #DualLifewithOctaFX campaign.
“While some see their jobs as a burden, we want people to see it as an achievement; and promote the school of thought that says one, two, many jobs is not bad especially when you are trying to create wealth.”
Nwadike added that more Nigerians would be exposed to the beauty of keeping their regular jobs and careers while making more money from forex trading with the OctaFX Trading App.
The statement also affirmed that OctaFX had made necessary arrangements from assembling forex experts and compiling training guides in the simplest and relatable form.
AfDB Appoints Dr. Beth Dunford as Vice President
The African Development Bank Group (AfDB) has announced the appointment of Dr. Beth Dunford as its Vice President, Agriculture, Human and Social Development. The appointment becomes effective from July 1, 2021.
A statement explained that Dunford, a national of the United States of America, brings extensive experience to this role. She has held senior-level leadership positions in the US government, where she managed large and complex programs, working with the private sector, civil society, and multilateral and bilateral institutions, as well as with African governments, to deliver agricultural, social and human development impact at scale.
Prior to her appointment, Dunford worked as the Assistant to the Administrator in the U.S. Agency for International Development’s (USAID’s) Bureau for Resilience and Food Security, as well as the Deputy Coordinator for Development for Feed the Future, the U.S. government’s global hunger and food security initiative.
“In this dual role, she coordinated Feed the Future across multiple U.S. government agencies, oversaw a $1 billion annual budget and leveraged millions of direct private sector investment annually. In this capacity, she also coordinated a $2.3 billion Feed the Future presidential initiative across 11 US government agencies and forged partnerships within the private sector and civil society targeted at reducing hunger and poverty.
“She also led USAID’s technical and regional expertise focused on improving agriculture-led growth, resilience, nutrition and water security, sanitation and hygiene,” the statement added.
President of the African Development Bank, Dr. Akinwumi Adesina said he was delighted to appoint Dunford as Vice President to lead the Bank’s work on Agriculture, Human and Social Development.
“Beth is a strategic and effective leader with deep knowledge and impressive track record in designing and delivering highly impactful large-scale programs that have helped in lifting 27 million people out of poverty in 36 countries,” he added.
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