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Construction Industry Struggling to Survive – Experts

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U.S. Housing Starts Fell 9% in September - investorsking.com
  • Construction Industry Struggling to Survive

Financial and construction experts have lamented that the bad economic situation in the country is affecting the growth of the construction industry.

The experts discussed ‘Foreign exchange problems, prospects and solutions in Nigeria: Construction industry perspectives’, at the 9th Annual Distinguished Lecture of the Nigerian Institute of Quantity Surveyors, Lagos Chapter.

Experts, who spoke at the event, said the government needed to make funds accessible to players in the construction industry to prevent further damage.

The Managing Director, Allied Technol System Limited, Mr. Henry Boyo, expressed concerns about the government’s approach to managing inflation.

He explained that the failure of the Central Bank of Nigeria to properly manage excess liquidity was causing hardship.

Boyo stated, “There are critical contradictions in the Nigeria economy. The management of inflation is so important but the government seems to be taking it for granted. It affects as much as terrorism.

“The government’s financial institutions should address excess liquidity and funding should not be made more expensive.”

A past President, NIQS, Mr. Olusegun Ajanlekoko, said Nigerians should engage more in local production of goods in order to reduce the near total dependence on importation.

The Director, Property Development, UACN Property Development Company Plc, Mr. Yemi Ejidiran, advised the experts to consider the current situation as a challenge and adopt survival strategies, adding that the demand for residential properties had dropped drastically.

“Commercial real estate has suffered most. There are also weaker supplies. It is important for the industry to be formalised and the challenge of foreign exchange needs to be addressed. As professionals, we need to adopt survival strategies, avoid overhead costs, outsource where necessary, and avoid budget errors,” he said.

According to the President, Nigerian Institution of Estate Surveyors and Valuers, Dr. Bolarinde Patunola-Ajayi, professionals in the building industry should desist from borrowing to complete projects, adding that huge debts might result in losses.

The Chairman, NIQS, Lagos Chapter, Mr. Bamidele Mafimidiwo, urged the government to consider experts as major stakeholders in the development of the country.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others

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Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.

Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.

For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.

 

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Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director

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Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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FG Reopens Osubi Airport Warri for Daylight Operations

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FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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