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FG Urged to Overhaul Housing Finance System



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  • FG Urged to Overhaul Housing Finance System

The Federal Government has been urged to overhaul the country’s mortgage system to make it easier for Nigerians to own homes.

The Managing Director, Opinior Engineering Company Limited, Mr Muftau Salawu, said this in Abuja during the handing over of keys of two and three-bedroom apartments to officials of the Nigerian Security and Civil Defence Corps.

He advised the Federal Government to put in place measures that would help to drive demand for houses built under the Public-Private Partnership arrangement.

Salawu pointed out that except this was done, the objective of the government to reduce the housing deficit in the country would be defeated.

The 300-unit Open Freedom Estate, according to him, was built to decongest the city centre and open up economic activities at the satellite towns.

He explained that under the PPP housing arrangement, the Federal Government provided the land, while developers from the private sector sourced for the funds for the construction of estates.

Salawu said with the country having about 20 million units of housing deficit, there was a need for the government to urgently address some of the financing constraints to the housing sector.

He said the constraints created by equity contribution requirements by mortgage finance institutions had left the housing industry less attractive to investors.

According to him, if some of these issues can be addressed, it will assist in providing more houses for Nigerians and create jobs across the entire housing value chain.

Salawu stated, “Open Freedom Estate has over 200 units of three and two-bedroom bungalows at various levels of completion and over 100 units are occupied.

“While we rejoice with you on this achievement, we also want to use this medium to plead with the Federal Government through the Federal Government Staff Housing Loan Boards to assist other civil servants and para-militaries that are dying to own houses of theirs by making the process more accessible for those who want to own houses.

“The Federal Government can help us the developers by buying-off these houses and give them out to civil servants on mortgage and relief us from debt, which has put us in the state of bankruptcy.”

He said the idea behind the project was not for profit, but to provide affordable houses to Nigerians within the nation’s capital.

“We hope that the Federal Government and relevant agencies will rescue us from this situation because we have over N1bn tied down for four years. It is very sad and not encouraging at all, but we have confidence in the system that things will get better,” Salawu added.

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


Nigeria’s Presidential CNG Initiative Allocates N100bn for CNG Buses and EV Adoption




The Presidential Compressed Natural Gas (CNG) Initiative has allocated N100 billion to expedite the deployment of CNG buses nationwide, according to a statement released on Wednesday.

The initiative, designed to catalyze an Auto-gas and Electric Vehicle (EV) revolution in mass transit and transportation, aims to enhance sustainability and cost-effectiveness.

The statement revealed that the fund would be instrumental in supporting the adoption of auto-gas and electric vehicles, signaling a commitment to a more sustainable and economical future in the transportation sector.

The Presidential CNG Initiative plans to leverage over 11,500 CNG and electric-fueled vehicles, along with the deployment of 55,000 conversion kits.

This strategic approach is intended to reduce transportation costs for Nigerians and mitigate the challenges posed by the rising cost of living.

Under the Renewed Hope Agenda, the Presidential CNG Initiative is dedicated to realizing the President’s vision, guided by its steering committee led by FIRS Chairman Zacch Adedeji.

The statement highlighted recent achievements, including strategic technical partnerships and the ongoing commissioning of CNG Conversion centers in key states such as Lagos, Abuja, Kaduna, Ogun, and Rivers.

Several more centers are slated for commissioning in the coming weeks, reflecting the initiative’s momentum and commitment to achieving its objectives.

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Nigeria’s Power Transformation: 53 Projects Worth N122bn on Track for May 2024 Completion



power project

The Central Bank of Nigeria (CBN), in collaboration with the Transmission Company of Nigeria (TCN) and power distribution companies, is set to complete 53 power projects by May next year.

Valued at N122 billion, these projects aim to add over 1,000 megawatts to TCN’s wheeling capacity.

During a recent tour of three ongoing projects in Lagos, TCN’s Programme Coordinator, Mathew Ajibade, assured that the projects were not abandoned, refuting speculations.

He confirmed that work is progressing smoothly and is expected to be completed by May 2024, as initially planned.

Assistant Director/Head of Infrastructure Finance Office at the CBN, Tumba Tijani, highlighted the CBN’s support for the power sector, revealing that the bank released a loan at a 9% interest rate in August last year for the projects.

The funding, part of the Nigeria Electricity Market Stabilisation Facility-3, amounts to N122,289,344 and aims to address transmission/distribution bottlenecks, enhance supply to end-users, and unlock unutilized generation capacity.

Tijani disclosed that N85.43 billion has been disbursed into the Advance Payment Guarantee account of the 53 contractors responsible for executing the projects.

The comprehensive project list includes the delivery of power transformers, re-conductoring existing transmission lines, upgrading existing substations, and constructing 33KV line bays.

The initiative reflects a concerted effort to enhance Nigeria’s power infrastructure and meet growing energy demands.

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Nigeria’s Untapped Coffee Sector Holds the Key to $2 Billion Annual Revenue



People stand in front of coffeeshops in Rembrandtplein in Amsterdam

Amidst declining foreign reserves and the need for alternative revenue streams, Nigeria’s overlooked coffee industry emerges as a potential powerhouse capable of contributing over $2 billion annually to foreign exchange earnings.

Industry experts emphasize the necessity for strategic investments and modernized farming practices to unlock the full economic potential of the coffee sector.

While Nigeria is not among the top 10 coffee producers in Africa, the country’s untapped coffee industry holds the promise of significant financial gains, job creation, and sustainable agricultural development.

The urgency for revitalization comes as Nigeria grapples with a decline in foreign reserves, dropping from $38.25 billion in September 2022 to $33.23 billion in the third quarter of 2023.

Salihu Imam, Chairman of the National Coffee and Tea Association of Nigeria, Oyo State, highlighted the global significance of coffee, stating, “Coffee is the second most traded/valuable of all commodities and first in Agricultural commodities in the world.”

The potential economic impact extends beyond immediate financial gains, with Nigeria positioning itself as a key player in the global coffee trade.

Despite its potential, Nigeria’s coffee exports remain modest, producing less than one million bags annually.

In contrast, Ethiopia, the largest coffee exporter in Africa, is projected to produce 8.25 million bags. Experts suggest that Nigeria, with its unique coffee varieties, could generate $2 billion annually.

Segun Lary-Lean, President of the West Africa Specialty Coffee Association, emphasized the robust global demand for coffee, comparing it to water in Western countries.

He noted the significant earnings of coffee-producing nations like Brazil, Colombia, Vietnam, and Kenya, which experienced a 17% increase in coffee earnings.

In a call to action, industry players urge the Federal Government to prioritize strategic investments, modernized farming practices, and value-added processing to harness the coffee sector’s full economic benefits.

Unlocking the potential of Nigeria’s coffee industry stands not only as a financial opportunity but as a catalyst for broader economic growth and diversification.

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