- Invest in Real Estate Now, Firm Urges Nigerians
The recession presents an ample opportunity for Nigerians to invest in real estate. This is because in every adversity, there is an opportunity. This is the submission of the Managing Director of Richlife Estate and Gardens, Mr. Bankole Oluwaseyi.
Oluwaseyi said during the sixth Richlife Mega Promo and Empowerment Summit in Lagos at the weekend, that investing in real estate had gone beyond building and living in one’s personal home. This, he said, was why his firm is encouraging people to real estate like acquiring land for long term dividend.
“Every individual should endeavour to own a property and invest in real estate; there is no need to wait on government because housing for all cannot be guaranteed by government. Such investment guarantees an assured return in no time,” Oluwaseyi said.
The firm’s Executive Director, Administration, Mr. Sunday Ezekiel, explained that aim of the empowerment initiative of the company is to open the eyes of Nigerians to the opportunities in real estate. For him, Nigerians need to take the bull by the horn and secure their future through investment in the real estate sector.
“The moment you do this, then you are assured of a definite return on investment. If you buy an iPhone 7 today, the value has depreciated immediately you take it out of the store; but for real estate, the value can only go up,” Ezekiel said.
This thinking, Ezekiel said, informed the intervention of the firm to proffer solutions for Nigerians desirous of owning their own homes.
Ezekiel explained that one of the ways the firm is doing this intervention is by going into places where people don’t think can be developed and buying large expanse of land, cutting into several plots and start developing. These plots, he emphasised, are then sold at reduced price. “Somebody has to decide that he wants to solve his own housing problem by saving money monthly or contacting us to work out a flexible payment option,” he explained.
Executive Director, Marketing, Mr. Oladunni Adeyemi, explained that the firm is able to assist Nigerians by simply reducing the costs that is associated with house ownership. Some of these costs, he said, are things that the firm has looked for a way to average it. For instance, to process the documentation of a land is undertaken by the firm. Equally, the problem of land grabbers (known as Omo onile) has been taken care of by Richlife; hence, a prospective buyer has nothing to lose sleep over.
Adeyemi said Richlife offers the cheaper land in the country ranging from N100, 000 to N10 million. Besides, he said its flexible payment system is unbeatable anywhere in the country. “We are very flexible with our payment structure. When there is a default on the part of our customer, we still try to restructure the payment for them,” he explained, adding that empowering the people to own properties is the focus of their operation, including providing solution to housing deficit challenges, having known that the land mass is not increasing but population of people is increasing. The properties, which are basically in Lagos and Ogun states, are located in Ibeju-Lekki, Atan, Abeokuta.
At the end of the summit, two people won a plot of land each. The winners commended the organisers of the event.
Afreximbank, AAAM to Drive Automotive Investment
Afreximbank, AAAM to Drive Automotive Investment
The African Export-Import Bank (Afreximbank) and the African Association of Automotive Manufacturers (AAAM) have entered into a Memorandum of Understanding (MoU) for the financing and promotion of the automotive industry in Africa.
President of Afreximbank, Prof. Benedict Oramah and President of AAAM/Managing Director of Nissan Africa, Mike Whitfield, signed the MoU in early February, according to a statement yesterday.
The deal formalised the basis for a partnership aimed at boosting regional automotive value chains and financing for the automotive industry while supporting the development of enabling policies, technical assistance, and capacity building initiatives.
Oramah, said, “the strategic partnership with AAAM will facilitate the implementation of the Bank’s Automotive programme which aims to catalyze the development of the automotive industry in Africa as the continent commences trade under the African Continental Free Trade Area (AfCFTA).”
Under the terms of the MoU, Afreximbank and AAAM will work together to foster the emergence of regional value chains with a focus on value-added manufacturing created through partnerships between global Original Equipment Manufacturers (OEM), suppliers, and local partners.
The two organisations plan to undertake comprehensive studies to map potential regional automotive value chains on the continent in regional economic clusters, in order to enable the manufacture of automotive components for supply to hub assemblers.
“To support the emergence of the African automotive industry, they will collaborate to provide financing to industry players along the whole automotive value chain. The potential interventions include lines of credit, direct financing, project financing, supply chain financing, guarantees, and equity financing, amongst others.
“The MoU also provides for them to support, in conjunction with the African Union Commission and the AfCFTA Secretariat, the development of coherent national, regional and continental automotive policies, and strategies.
“With an integrated market under the AfCFTA, abundant and cheap labour, natural resource wealth, and a growing middle class, African countries are increasingly turning their attention to support the emergence of their automotive industries.
“Therefore, the collaboration between Afreximbank and AAAM will be an opportunity to empower the aspirations of African countries towards re-focusing their economies on industrialisation and export manufacturing and fostering the emergence of regional value chains,” the statement added.
“The signing of the MoU with Afreximbank is an exciting milestone for the development of the automotive industry in Africa. At the 2020 digital Africa Auto Forum, the lack of affordable financing available for the automotive sector was identified as one of the key inhibiters for the growth and development of the automotive industry in Africa and having Afreximbank on board is a game changer and a hugely positive development,” CEO of AAAM, David Coffey said.
“It is wonderful to have a partner that is as committed as the AAAM to driving the development and growth of our sector on the continent; this collaboration will ensure genuine progress for our industry in Africa,” Coffey added.
Other areas covered by the MoU include working with the African Union and the African Organisation for Standardisation to harmonise automotive standards across the continent and developing an automotive focused training program for both the public and private sector.
FG Warns Foreign Investors Against Enslaving Nigerians
The Federal Government on Monday warned foreign investors against subjecting Nigerians working in their companies to industrial slavery.
The government said the warning became necessary following several complaints against foreign companies maltreating some of their staff.
The Chief Commissioner, Public Complaints Commission, Chile Igbawua, issued the warning during a courtesy call on him by a delegation of Pan Africa United Youth Developments Network who came to lay complaint against some foreign companies allegedly maltreating Nigerians working under them.
The PCC said that it would not allow only its state commissioners to handle the issues due to their magnitude as there had been so many complaints about the ways some of the foreign companies were treating their staff.
At the event, the leader of the delegation, Habib Muhammed, expressed concern over alleged injustice and irregularities perpetrated by some company on Nigeria youths whom they engaged as factory workers.
He called on the Federal Government to look into the alleged slavery and injustice meted on Nigerian youths.
While calling on the foreigners to obey the labour laws of Nigeria, Igbawua said, “Our resources cannot be used to enslave us again.”
He said, “We have labour laws in Nigeria for goodness sake and we also have industrial standards; people working in various industries are entitled to good working conditions and minimum conditions of service.”
He added that the law was clear on the issue of casualisation and should be implemented.
Foreign Direct Investments into China Shot Up by 9% in 2020 to $163 Billion Against 49% US Decline
China had the highest inflow of Foreign Direct Investments (FDI) globally in 2020, surpassing the US which took the lead in 2019.
According to the research data analyzed and published by Comprar Acciones, China’s inflow shot up by 9% to $163 billion up from $140 billion the previous year. Meanwhile, the US had a 49% drop from $251 billion in 2019 to $134 billion.
Based on data from the National Bureau of Statistics, China reported a 2.3% growth in GDP in 2020. It was the only major economy to record a positive growth rate during the year.
Chinese Stock Market Saw 18 Million New Investors in 2020
Global FDI took a hit in 2020, falling by 42% year-over-year (YoY) from $1.49 trillion in 2019 to $859 billion. The figure was 30% lower than the one reported during the 2009 financial crisis.
Developed countries saw the worst performance, sinking by a cumulative 69% YoY to $229 billion. For developing economies, there was a 12% decline of $616 billion. By the end of 2020, developing countries accounted for a 72% share of global FDI, the highest on record. India had the highest growth among top-rated economies, shooting up by 13%.
China bore the brunt of the pandemic much better than its peers, posting a 6.5% GDP growth in Q4 2020. During the year, there were 18.02 million new investors in its mainland stock market, raising the total to 177.77 million. Driving the surge in interest was the stellar performance of Chinese stocks in 2020.
The Shenzen Component grew by 38.7% in 2020, and the CSI 300 increased by 27.2%, compared to the S&P 500’s 16.26% growth. IPO activity also soared, with China and Hong Kong accounting for 40% of global IPO volume in 2020 according to Ernst & Young.
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