- Developer Takes Home Ownership to The Grassroots
Amid growing concern of stakeholders on the lingering housing in the country, some industry players have seized the bull by the horns to ensure that Nigerians do not become homeless. And while most developers are concentrating on highbrow areas for estate development, a young and upwardly mobile developer is gradually taking homes to the majority of Nigerians who truly need a home.
The firm of realtors and investment firm, Pertinence Nigeria Limited, promoters of the ABC and VIP Gardens Estate, said it is gradually achieving its objectives by building houses for Nigerians through the purchase of large expanses of land at places people had thought could not be developed. In this regard, the firm said it is contributing its quota by reversing the housing shortage in the land.
The Founders and Executive directors of the firm, Sunday Olorunseyi and Wisdom Ezekiel explained that Nigerians have come to realise that owning a house is a personal responsibility, such that waiting for government to help them in this regard would mean waiting till eternity given its huge responsibilities and cash constraints.
According to the duo, Pertinence is assisting Nigerians by reducing the costs associated with home ownership, some of which are things that the firm has taken off a prospective house owner. For instance, Ezekiel explained that owing to financial constraint, his firm has been able to acquire large expanse of land which are then divided into plots and sold at reduced prices.
Besides, he explained that Nigerians have decided to solve their own housing problems by themselves; hence, they get involved in monthly savings to acquire land- an option his firm readily provides a platform for.
“This is an indication that the market is yet to attain its potential, but in a place like Lagos State, for instance, the deficit is gradually closing up, because people now realise that you can start building a house with N50,000, and that is now being entrenched in other parts of the country,” Olorunseyi said.
The executive directors of the Lagos-based firm, who spoke at the super promo launch organised by their company last weekend in Egbeda area of Lagos State, said it is in realisation of this desire and to ease life for Nigerians that the firm put together the promo so as to put smiles on the faces of some prospective home owners. In the promo, six plots of lands were given out in a raffle draw to lucky winners.
The super promo launch, they explained, is their own little corporate social responsibility to the society.
“This is our own way of appreciating our teeming customers for believing in us since we started business about five years ago. We are giving out six plots of land in any of our estates and all expense-paid return ticket to Dubai to winners today. We are doing this to help people to become home owners. We have done this for about five times now”, the co-founders stated.
Oil Prices Recover Slightly Amidst Demand Concerns in U.S. and China
Oil Prices Continue Slide as Market Skepticism Grows Over OPEC+ Cuts
Global oil markets witnessed a continued decline on Wednesday as investors assessed the impact of extended OPEC+ cuts against a backdrop of diminishing demand prospects in China.
Brent crude oil, the international benchmark for Nigerian crude oil, declined by 63 cents to $76.57 a barrel while U.S. WTI crude oil lost 58 cents to $71.74 a barrel.
Last week, the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, agreed to maintain voluntary output cuts of approximately 2.2 million barrels per day through the first quarter of 2024.
Despite this effort to tighten supply, market sentiment remains unresponsive.
“The decision to further reduce output from January failed to stimulate the market, and the recent, seemingly coordinated, assurances from Saudi Arabia and Russia to extend the constraints beyond 1Q 2024 or even deepen the cuts if needed have also fallen to deaf ears,” noted PVM analyst Tamas Varga.
Adding to the unease, Saudi Arabia’s decision to cut its official selling price (OSP) for flagship Arab Light to Asia in January for the first time in seven months raises concerns about the struggling demand for oil.
Amid the market turmoil, concerns over China’s economic health cast a shadow, potentially limiting fuel demand in the world’s second-largest oil consumer.
Moody’s recent decision to lower China’s A1 rating outlook from stable to negative further contributes to the apprehension.
Analysts will closely watch China’s preliminary trade data, including crude oil import figures, set to be released on Thursday.
The outcome will provide insights into the trajectory of China’s refinery runs, with expectations leaning towards a decline in November.
Russian President Vladimir Putin’s diplomatic visit to the United Arab Emirates and Saudi Arabia has added an extra layer of complexity to the oil market dynamics.
Discussions centered around the cooperation between Russia, the UAE, and OPEC+ in major oil and gas projects, highlighting the intricate geopolitical factors influencing oil prices.
U.S. Crude Production Hits Another Record, Posing Challenges for OPEC
U.S. crude oil production reached a new record in September, surging by 224,000 barrels per day to 13.24 million barrels per day.
The U.S. Energy Information Administration reported a consecutive monthly increase, adding 342,000 barrels per day over the previous three months, marking an annualized growth rate of 11%.
The surge in domestic production has led to a buildup of crude inventories and a softening of prices, challenging OPEC⁺ efforts to stabilize the market.
Despite a decrease in the number of active drilling rigs over the past year, U.S. production continues to rise.
This growth is attributed to enhanced drilling efficiency, with producers focusing on promising sites and drilling longer horizontal well sections to maximize contact with oil-bearing rock.
While OPEC⁺ production cuts have stabilized prices at relatively high levels, U.S. producers are benefiting from this stability.
The current strategy seems to embrace non-OPEC non-shale (NONS) producers, similar to how North Sea producers did in the 1980s.
Saudi Arabia, along with its OPEC⁺ partners, is resuming its role as a swing producer, balancing the market by adjusting its output.
Despite OPEC’s inability to formally collaborate with U.S. shale producers due to antitrust laws, efforts are made to include other NONS producers like Brazil in the coordination system.
This outreach aligns with the historical pattern of embracing rival producers to maintain control over a significant share of global production.
In contrast, U.S. gas production hit a seasonal record high in September, reaching 3,126 billion cubic feet.
However, unlike crude, there are signs that gas production growth is slowing due to very low prices and the absence of a swing producer.
Gas production increased by only 1.8% in September 2023 compared to the same month the previous year.
While the gas market is in the process of rebalancing, excess inventories may persist, keeping prices low.
The impact of a strengthening El Niño in the central and eastern Pacific Ocean could further influence temperatures and reduce nationwide heating demand, impacting gas prices in the coming months.
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