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180,000 Free Houses for The Poor Nigerians



  • 180,000 Free Houses for The Poor Nigerians

More than 180,000 modern houses are to be provided free in all the 36 states of the country, according to an NGO — Africa National Development Programme (ANDP).

The two-bedroom houses to be situated in an estate or scattered in different locations will have facilities such as schools, police stations, markets and hospitals.

The ANDP, a subsidiary of World National Development Initiative, said the houses mainly for the poor would be given out free.

The Africa Director of ANDP, Dr Samson Omojuyigbe, told the News Agency of Nigeria (NAN) that the project would cost N2.8 trillion.

Omojuyigbe said the 180,000 houses would be distributed equitably at 5,000 houses per state at a cost of N78 billion.

He noted that because of the economic situation in the country many people were incapacitated in getting shelter and lack basic necessities of life.

“ANDP as an NGO is investing huge amount of resources to provide the facilities free of charge to citizens of Africa because of the economic situation.

“We believe we should provide houses free for the less privileged instead of providing relief materials to displaced persons as is in vogue and end it there.

“We are constructing 5, 000 units of modern two-bedroom houses in each state of the federation.

“The plight of the poor and the grinding poverty they face daily are the innate concerns of the ANDP,’’ Omojuyigbe said.

The director-general noted that it was obvious that the various governments at all levels in Africa could not provide everything, including shelter for the people.

He said: “Based on the circumstances they have found themselves and the less and less resources available to governments at all levels, it is obvious they cannot provide everything for the people.

“Good-spirited individuals and organisations with the right heart must come to the rescue of the people if we must secure the future and provide a decent lifestyle for the coming generations.

“The project is a sole initiative of ANDP and will not cost the state governments any fund beyond moral support and the provision of an enabling environment conducive to the successful implementation of this effort.

“Our organisation is interested in alleviating poverty on the African soil’’.

Omojuyigbe described poverty as a complex phenomenon indicative of man’s inability to feed, provide shelter for the family and himself and function effectively in a given economic environment.

He, however, allayed the fear that distribution of the houses might be influenced in some quarters, saying “the consideration of beneficiaries will be devoid of bureaucratic bottleneck.

“It will be on the basis of scientifically-proven method of distribution to the rightful members of the society who deserve to own a house free of charge.

“No interference of any sort will be accommodated as the sponsors expect that this be done with the fear of God and the acceptance of all right thinking members of the society.’’

Omojuyigbe also disclosed that two states in the South-East – Enugu and Ebonyi – and two other states in South-South — Akwa Ibom and Cross-River had provided land for the project.

The director-general said the ground breaking for the project had been performed at Ikpa Nkanya in Cross River on a 250-hectare land provided by the government.

He said Kaduna, Kano, Jigawa and Adamawa had promised to provide land in scattered locations for the project.

“Some states are trying to perfect the Certificate of Occupancy (Cof O) of the land,’’ Omojuyigbe said, urging the media to partner with ANDP in monitoring and reporting stages of work at the various sites.

ANDP, headquartered in Abuja, is currently working in 50 countries in Africa.

It works with the less-privileged, indigent and excluded people in Africa, promoting values and commitment to civil society, institutions and governments with the aim of achieving structural changes to eradicate injustice and poverty.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Federal Government Set to Seal $3.8bn Brass Methanol Project Deal in May 2024




The Federal Government of Nigeria is on the brink of achieving a significant milestone as it prepares to finalize the Gas Supply and Purchase Agreement (GSPA) for the $3.8 billion Brass Methanol Project.

The agreement to be signed in May 2024 marks a pivotal step in the country’s journey toward industrialization and self-sufficiency in methanol production.

The Brass Methanol Project, located in Bayelsa State, is a flagship industrial endeavor aimed at harnessing Nigeria’s abundant natural gas resources to produce methanol, a vital chemical used in various industrial processes.

With Nigeria currently reliant on imported methanol, this project holds immense promise for reducing dependency on foreign supplies and stimulating economic growth.

Upon completion, the Brass Methanol Project is expected to have a daily production capacity of 10,000 tonnes of methanol, positioning Nigeria as a major player in the global methanol market.

Furthermore, the project is projected to create up to 15,000 jobs during its construction phase, providing a significant boost to employment opportunities in the country.

The successful execution of the GSPA is essential to ensuring uninterrupted gas supply to the Brass Methanol Project.

Key stakeholders, including the Nigerian National Petroleum Company Limited and the Nigerian Content Development & Monitoring Board, are working closely to finalize the agreement and pave the way for the project’s advancement.

Speaking on the significance of the project, Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, emphasized President Bola Tinubu’s keen interest in expediting the Brass Methanol Project.

Ekpo reaffirmed the government’s commitment to facilitating the project’s success and harnessing its potential to attract foreign direct investment and drive economic development.

The Brass Methanol Project represents a major stride toward achieving Nigeria’s industrialization goals and unlocking the full potential of its natural resources.

As the country prepares to seal the deal in May 2024, anticipation grows for the transformative impact that this landmark project will have on Nigeria’s economy and industrial landscape.

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IMF Report: Nigeria’s Inflation to Dip to 26.3% in 2024, Growth Expected at 3.3%



IMF global - Investors King

Nigeria’s economic outlook for 2024 appears cautiously optimistic with projections indicating a potential decrease in the country’s inflation rate alongside moderate economic growth.

The IMF’s revised Global Economic Outlook for 2024 highlights key forecasts for Nigeria’s economic landscape and gave insights into both inflationary trends and GDP expansion.

According to the IMF report, Nigeria’s inflation rate is projected to decline to 26.3% by the end of 2024.

This projection aligns with expectations of a gradual easing of inflationary pressures within the country, although challenges such as fuel subsidy removal and exchange rate fluctuations continue to pose significant hurdles to price stability.

In tandem with the inflation forecast, the IMF also predicts a modest economic growth rate of 3.3% for Nigeria in 2024.

This growth projection reflects a cautious optimism regarding the country’s economic recovery and resilience in the face of various internal and external challenges.

Despite the ongoing efforts to stabilize the foreign exchange market and address macroeconomic imbalances, the IMF underscores the need for continued policy reforms and prudent fiscal management to sustain growth momentum.

The IMF report provides valuable insights into Nigeria’s economic trajectory, offering policymakers, investors, and stakeholders a comprehensive understanding of the country’s macroeconomic dynamics.

While the projected decline in inflation and modest growth outlook offer reasons for cautious optimism, it remains essential for Nigerian authorities to remain vigilant and proactive in addressing underlying structural vulnerabilities and promoting inclusive economic development.

As the country navigates through a challenging economic landscape, concerted efforts towards policy coordination, investment promotion, and structural reforms will be crucial in unlocking Nigeria’s full growth potential and fostering long-term prosperity.

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South Africa’s March Inflation Hits Two-Month Low Amid Economic Uncertainty



South Africa's economy - Investors King

South Africa’s inflation rate declined to a two-month low, according to data released by Statistics South Africa.

Consumer prices rose by 5.3% year-on-year, down from 5.6% in February. While this decline may initially suggest a positive trend, analysts caution against premature optimism due to various economic factors at play.

The weakening of the South African rand against the dollar, coupled with drought conditions affecting staple crops like white corn and geopolitical tensions in the Middle East leading to rising oil prices, poses significant challenges.

These factors are expected to keep inflation relatively high and stubborn in the coming months, making policymakers hesitant to adjust borrowing costs.

Lesetja Kganyago, Governor of the South African Reserve Bank, reiterated the bank’s cautious stance on inflation pressures.

Despite the recent easing, inflation has consistently remained above the midpoint of the central bank’s target range of 3-6% since May 2021. Consequently, the bank has maintained the benchmark interest rate at 8.25% for nearly a year, aiming to anchor inflation expectations.

While some traders speculate on potential interest rate hikes, forward-rate agreements indicate a low likelihood of such a move at the upcoming monetary policy committee meeting.

The yield on 10-year bonds also saw a marginal decline following the release of the inflation data.

March’s inflation decline was mainly attributed to lower prices in miscellaneous goods and services, education, health, and housing and utilities.

However, core inflation, which excludes volatile food and energy costs, remained relatively steady at 4.9%.

Overall, South Africa’s inflation trajectory underscores the delicate balance between economic recovery and inflation containment amid ongoing global uncertainties.

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