- Experts Want Focus on Quality Housing Development
Stakeholders in the housing sector have called for more efforts in the development of quality houses rather than focusing on just increasing the number.
The call was made at the just concluded Lagos International Housing Fair, where stakeholders noted that as a nation, Nigeria could close the qualitative and quantitative gaps in housing delivery simultaneously.
The President, Town Planners Registration Council of Nigeria, Prof. Lai Egunjobi, said housing had become a big issue in the country and that quality had been compromised over time.
“Housing is important not just as shelter, but because it contributes to the Gross Domestic Product of a country as an investment,” he said.
The President, Nigerian Institution of Estate Surveyors and Valuers, Dr. Joshua Patunola-Ajayi, said the current economic situation in the country was an opportunity to focus on housing, not just as the basic and most vital human need, but as an investment and a contributor to national development.
“There is a need for every community and the government to see that everyone is housed or occupy a place where they can perform their social functions effectively. We have not been focusing on quality housing as an important aspect of our national project,” Patunola-Ajayi stated.
The Chairman, Lagos International Housing Fair Committee, Mr. Moses Ogunleye, said the theme of the exhibition, ‘Quality management in housing delivery,’ was to allow stakeholders beam the searchlight on the need to build safe, functional, durable and top quality houses.
He explained, “The role of housing in economic growth and social development of nations makes it a very important industry. For example, Nigeria as a country should not be concerned with increasing the number of housing units in various states or settlements, efforts should be geared towards ensuring that what is built by stakeholders meets all the requirements of quality homes.
“There are no two opposing definitions for quality; quality is quality. A quality home will serve the intended purpose, protect the owners, guarantee their safety and give them comfort.”
Ogunleye stated that to achieve the development of quality housing, there was a need for cooperation among key players in the sector.
He added, “In this regard are producers of building materials, whose efforts are needed to continue to stimulate the input and output process of construction. There are also real estate developers who are expected to be delivering large numbers of housing units.
“Another group of key players are professionals and researchers in the sector, who can be described as development catalysts. In the same vein is the government, saddled with initiating policies for effective delivery of housing.”
The Director-General, Nigerian Building and Road Research Institute, Prof. Danladi Matawal, said that the use of alternative and locally sourced building materials, which could help developers save up to 30 per cent in construction costs, should be explored.
Matawal said, “For housing, which is considered a basic human need, construction materials alone constitute over 70 per cent of the cost of housing delivery, especially where low income households are concerned.
“It is, therefore, expected that any cost reduction strategies targeted at construction materials will considerably bring down the cost of project delivery thereby creating opportunities for the provision of more facilities. It is in the light of this that there has been a call to look inwards in the sourcing of materials used in the country, especially those for construction.”
N75bn NYI Fund Will Create More Opportunities for Youths, Says Buhari
President Buhari Says N75bn NYI Fund to Help Nigerian Youths
President Muhammadu Buhari on Wednesday said the recently established a N75 billion Nigerian Youth Investment Fund (NYIF) will create more opportunities for the youths.
The President disclosed this in a tweet posted on his official Twitter [email protected]
The fund was established in July following approval from the Federal Executive Council.
The tweet reads, “We recently established a 75 billion Naira Nigerian Youth Investment Fund (NYIF), as part of our commitment to creating opportunities for the youth of Nigeria. On this occasion of International Youth Day, I urge all our young people to take advantage of these opportunities.”
The Ministry of Finance, Budget and National Planning and the Central Bank of Nigeria will kick start the project for 2020, according to the details released by the government.
The two institutions would prove a minimum of N25 billion each year for three years, totalling N75 billion. For the remaining part of 2020, only N12.5 billion will be made available.
The Fund, which was set up to address financial needs of 500,000 youths from 2020-2023, approval will range from N250,000 to N50 million with a spread across group applications, individual applications, working capital loan set as one year and term loan set at three years with a single-digit interest rate of 5 percent.
Who Can Access the NYIF
- Owners of a fundable business idea
- Registered business owners
- A citizen of Nigeria
- Hold a recognisable identification and guarantors
- Be between the age of 18 and 35.
Nike, Adidas, and Puma Lost €7.3bn in Revenue Amid COVID-19 Outbreak
Over the last few decades, the global sportswear market has turned into an enormous revenue-generating machine, with the profits reaching almost €153bn value in 2019. However, the first half of 2020 has brought a huge hit for the world’s largest sports brands, with thousands of their shops closed amid coronavirus lockdown.
According to data presented by SafeBettingSites.com, Nike, Adidas, and Puma, as the world’s largest suppliers of athletic apparel, lost €7.3bn in revenue amid the COVID-19 crisis.
Nike’s Revenue Plunged by €3.87bn
As one of the largest and most recognizable brands on the planet, Nike represents the leader in the industry of sports equipment and athletic apparel. The US-based company, traded as NKE on the New York Stock Exchange, has acquired several footwear and apparel companies over its history, including Converse, Cole Haan, Starter, Bauer Hockey, Umbro, and Hurley International. Today, it sponsors many high-profile professional athletes like Cristiano Ronaldo, Rafael Nadal, Lebron James, and Rory Mcllroy, and manufactures uniforms for a wide range of sports teams including Barcelona, Chelsea and Paris Saint-Germain.
In the third quarter of the fiscal year ending on May 31st, 2020, Nike generated €10.10bn in revenue, a €493 million increase compared to the Q3 2019 figures. However, the company’s Q4 2020 financial report revealed the staggering effects of the coronavirus crisis, with the revenues falling to €6.31bn, a €3.87bn plunge year-on-year.
Due to the excellent financial results in the first three quarters, Nike ended the fiscal year with €37.4bn in revenue, a €1.7bn drop in a year. Statista data also revealed that 41% of that amount was generated in the North American market. EMEA and Greater China follow with 26% and 19%, respectively. In 2020, footwear accounted for 66% of Nike’s total revenues. Apparel follows with a 31% revenue share.
Adidas and Puma Combined Revenues Tumbled by €3.47bn
Europe’s largest sportswear manufacturer and the second-largest globally, Adidas, generated €4.75bn in revenue in the first quarter of 2020, a €1.13bn plunge year-on-year. The company’s Q1 2020 financial results also revealed that earnings per share from continuing operations dipped 96% year-on-year, standing at €0.13. Although Adidas e-commerce sales jumped 35% in the first quarter, it wasn’t enough to balance widespread closures of brick-and-mortar stores.
The downsizing trend continued in the second quarter of the year, with the revenue falling to €3.58bn, a €1.93bn drop in a year. From April to June, almost all Adidas stores except those in the Asia-Pacific region were closed. In Latin America and emerging markets, sales decreased by more than 60%, while European and North America witnessed a 40% drop. Statistics show that the company’s revenue plummeted by €3.06bn in the first half of the year.
As the third-largest sportswear manufacturer in the world, Puma lost more than €415 million in revenue amid coronavirus outbreak. Statistics show the company generated €2.13bn in revenue in the first half of 2020, a 16.3% drop year-on-year.
Volkswagen Opens Vehicle Assembly in Accra Ghana
Volkswagen Launches Vehicle Assembly in Accra Ghana
The German automobile company, Volkswagen, has officially launched its vehicle assembly facility in Accra Ghana, one of the sub-Saharan African countries.
The facility is the fifth Volkswagen assembly in Sub-Saharan African nations following an official launching of Nigeria, South Africa, Kenya and Rwanda assemblies.
It would be recalled that in 2005 Volkswagen awarded the initial phase of the project to Universal Motor Facility, a Volkswagen importer.
The facility is the fulfillment of the Memorandum of Understanding (MoU) Volkswagen signed with Ghana in the presence of the German Chancellor Angela Merkel about two years ago.
According to the details of the facility, the facility has the capacity to assemble about 5,000 units per annum. Tiguan, Teramont, Passat, Polo and Amarok are five models expected to be assembled in the facility as they assembly planned to focus on vehicles that use Semi Knocked Down (SKD).
The announcement of Volkswagen’s investment and the unveiling of the first vehicle assembled in Ghana was witnessed by Ghana President, Nana Addo Dankwa Akufo-Addo with Minister of Trade and Industry, Alan Kyerematen, and other cabinet ministers.
“I assure Volkswagen and its local assembler in Ghana of the full support of the government in creating an enabling environment and incentive framework to make their investment a major success,” Alan Kyerematen stated.
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