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Invest More in Housing Delivery, NSE Tells FG

Published

6 years ago

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Housing - Investors King
  • Invest More in Housing Delivery, NSE Tells FG

The President, Nigerian Society of Engineers, Mr. Kunle Mokuolu, has called on the Federal Government to provide a proper framework to ensure better housing delivery for Nigerians.

Mokuolu, while assessing infrastructure growth under President Muhammadu Buhari’s administration in the last three years, scored the government high in road infrastructure and power, but expressed reservations about the housing sector.

He said the Federal Government would succeed better in its mass housing drive if more private sector participants were allowed.

According to him, housing delivery in advanced countries is better organised because it is run by the private sector.

“Housing should be off the hands of government; housing should be totally privatised and the government should provide the policy and laws that would back housing delivery,” Mokuolu told the News Agency of Nigeria.

He said the government should concern itself with social housing for those who could not pay rent, because they were either out of job or had other financial problems.

Mokuolu also advised that social housing should be restricted to the local government level and that when such economically disadvantaged citizens found their financial footing, they could start to pay rent or buy homes.

“The Federal Government is to provide the framework to ease the delivery of housing. I am not really satisfied with the housing delivery; some things must be in place to achieve this. We must begin to produce our steel ourselves and that is why the Ajaokuta Steel Rolling Mill is too important. Whatever it takes to produce steel in this country, the government should just do it,” he added.

He said the steel component was important in building high rise structures as the nation’s population was growing geometrically to accommodate more people in less spaces or land.

Mokuolu stated that Ajaokuta Steel Rolling Mill could substantially reduce the housing deficit, as steel accounted for about 25 per cent of the cost of construction of houses.

He also expressed satisfaction with the delivery of road infrastructure but appealed to the government to give local engineers more opportunities to enhance their capacities to take over and revolutionise the nation’s economy.

He added, “I am satisfied with the level of road infrastructure delivery, but I want the government to pay more attention to Nigerian content in the delivery of this infrastructure. If we are spending our Sovereign Wealth Fund, then we should be spending it for the sole benefit of Nigerians and for building of intellectual capacity.

“The most important thing is the intellectual capacity of those projects and not the physical ones that somebody can carry one bag of cement. Although we need people to carry the cement, we also need people to design the different infrastructure that will be for our domestic use.”

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

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Investment

Baker Hughes Set to Boost Nigerian Energy Landscape with Refinery Investments and Oil Field Bid Participation

Published

2 days ago

on

December 4, 2023

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Global oil and gas giant Baker Hughes has expressed its commitment to invest in Nigerian refineries and actively participate in the upcoming bid round for marginal oil fields, according to an announcement by the Federal Government on Sunday.

The announcement followed a meeting between Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and Baker Hughes Chairman/President Lorenzo Simonelli at the 28th United Nations Climate Change Conference in the United Arab Emirates.

During the meeting, Baker Hughes expressed its eagerness to sustain and enhance its investments in Nigeria’s oil and gas industry, particularly showcasing interest in contributing to the country’s refinery sector.

Simonelli emphasized the company’s commitment to supporting Nigeria’s energy transformation agenda.

“Nigeria is a blessed nation with vast potentials and great opportunities in diverse sectors. As a partner with the Federal Government over the years, we are inspired to direct investment in the refinery domain of oil and gas,” said Simonelli.

In response, Minister Lokpobiri welcomed Baker Hughes’ move, highlighting the pivotal role Nigeria plays in the global energy landscape.

He expressed optimism about deepening collaboration and assured the company of the Federal Government’s commitment to creating an enabling environment for investments in the refinery sector.

“I am very happy that you have joined other companies in identifying the great opportunities and government’s favourable policies in our oil and gas sector,” Lokpobiri stated.

Additionally, the Minister’s media aide confirmed Baker Hughes’ interest in participating in Nigeria’s forthcoming marginal oil fields bid round, signaling a broader engagement in the nation’s energy sector.

This move aligns with Nigeria’s efforts to revitalize its oil and gas industry, with ongoing rehabilitation works at the country’s three refineries and the anticipation of increased investments under the new Petroleum Industry Act (PIA).

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Investment

Nigeria Export-Import Bank Highlights Lucrative Investment Environment with Mexico

Published

1 week ago

on

November 27, 2023

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NEXIM

In a meeting with the Mexican Ambassador to Nigeria, Alfredo Miranda, the Nigeria Export-Import Bank (NEXIM) revealed that investors in Nigeria are enjoying robust returns on their investments, even up to 30 percent.

Stella Okotete, the Executive Director of Business Development at NEXIM, highlighted the immense potential for collaboration between Nigeria and Mexico, emphasizing the benefits of expanding access to Nigerian goods in the Mexican market.

Okotete urged for a strategic partnership between the two nations, emphasizing that collaboration could enhance Nigeria’s foreign exchange earnings, attract investment opportunities, and foster prosperity for citizens in both countries.

She showcased Nigerian-made export goods financed by NEXIM, while underscoring other investment opportunities available in Nigeria.

She stated, “In terms of return on investments, this is the best place you can invest,” indicating the favorable investment climate in Nigeria, especially in the non-oil export sector.

Okotete also highlighted the untapped potential in Nigeria’s mining sector, expressing readiness to collaborate with Mexico to develop this sector for export.

The visit by the Mexican delegation is seen as a significant step toward strengthening economic ties between the two nations, exploring mutual benefits, fostering economic growth, and identifying investment opportunities.

Ambassador Miranda acknowledged Nigeria’s potential and initiatives by NEXIM to promote non-oil exports.

He stressed the need to identify business opportunities that could enhance trade, attract investment, and facilitate the development of both countries through their trade policies.

The meeting reflects a positive stride towards enhancing economic cooperation and fostering a strong economic partnership between Nigeria and Mexico.

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Investment

Mexican Investors Explore Solid Minerals Opportunities in Nigeria

Published

1 week ago

on

November 27, 2023

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mining sector

The Minister of Solid Minerals Development, Dele Alake, welcomed a delegation of investors from the Republic of Mexico who are exploring investment opportunities in Nigeria’s solid minerals sector.

Minister Alake commended this initiative and underscored the commitment of President Bola Tinubu’s administration to facilitating a conducive business environment for investors in the industry.

The minister highlighted several incentives aimed at attracting investments, including zero-duty on equipment for solid minerals extraction, seamless repatriation of profits to the investors’ home countries, and tax holidays.

To ensure responsible and sustainable practices, Alake emphasized the importance of investors signing Community Development Agreements with local communities in mining areas to promote socio-economic development.

The ongoing efforts to sanitize the mining industry were also discussed, citing recent actions such as the revocation of titles failing to comply with annual service fee regulations.

Nigeria’s outgoing Ambassador to Mexico, Adejare Bello, vouched for the credibility of the visiting investors, affirming that their genuine and serious interest in business aligns with Nigeria’s economic objectives.

President of Seccion Internacional Para Africa, Dr. Heriberto Cortes, speaking on behalf of the investors, expressed gratitude for the constructive discussions with Minister Alake.

Cortes emphasized Nigeria as their African home and conveyed confidence in the safety and profitability of their investments in the country.

The visit signifies a positive stride towards strengthening economic ties between Nigeria and Mexico.

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