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Housing Market May Take Time to Stabilise – Experts

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US Housing starts
  • Housing Market May Take Time to Stabilise

Following the current economic recession and its attendant effects on the real estate sector, experts have said that it may take time for the housing market to stabilise despite predictions that the economy will pick up this year.

A lecturer and member of faculty, Lagos Business School, Dr. Doyin Salami, said at the International Real Estate Federation’s Annual Award and Business Dinner 2017, that real estate depended directly on economic activities to grow.

He said, “It may probably take another two years for the housing market to become productive looking at the present economy and the rate at which already built houses up for sale or rent are not occupied.

“The housing sector needs to look on how to capture more information and data to help those who want to invest to have a holistic approach on the sector; it is a major challenge that the professionals in the sector needs to solve. During inflation, the sector also suffers because it becomes difficult for suppliers to get commodities at reasonable prices, which create another fundamental issue.

“The National Bureau of Statistics released a new estimate that Nigeria is now 190 million people; and looking at where Nigeria and some couple of countries will be in 2100, Nigeria will be the third most populous country in the world and that means commercial real estate, industrial real estate and residential real estate needs to be built.”

He said the sector had been in decline and had contracted consecutively for five quarters.

The Lagos State Commissioner for Housing, Gbolahan Lawal, said professionals in the real estate sector as well as the government should make building the sector a priority.

Lawal said the Lagos State Government planned to invest more in the sector, adding, “We have decided to inject private capital into housing delivery in Lagos State.”

The President, FIABCI-Nigeria, Joseph Akhigbe, stated that real estate had been adversely affected by the prevailing economic situation.

“I am sure that in this brief period since the economy took a downturn, we have all witnessed the good, the bad and the ugly of the devaluation of the Nigerian currency, rising inflation, excess supply of property as a result of the economic downturn and surprising stable prices despite the sharp fall in the demand for property,” he said.

FIABCI Nigeria also honoured individuals and institutions it recognised as drivers of growth in the sector at the event.

According to Akhigbe, it is an annual event through which the association provides insights on real estate and contributes to the national economic space.

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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Fuel Scarcity Looms as NARTO Directs Tanker Drivers to Halt Operations

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Petrol Importation

NARTO Tells Fuel Tanker Drivers to Ground Operations

The Nigerian Association of Road Transport Owners (NARTO) has directed all tanker drivers under the association to halt operations following the government’s directive banning operations of petroleum trucks more than 45,000 litres on Nigerian roads.

NARTO, the umbrella association of all commercial vehicles owners in Nigeria engaged in the haulage of petroleum products, general cargoes, and movement of goods and passengers within the country and the West-African sub-region, said members of the association will park their truck on Tuesday and Wednesday as warning against the ban.

Speaking on the situation in Abuja, NARTO’s National President, Yusuf Othman, said: “NARTO received with grave shock the recent government decision to place immediate ban on all petroleum trucks above 45,000 litres capacity from plying Nigeria roads.”

Othman explained that government’s sudden ban was insensitive and unappreciative of tankers efforts at strengthening the supply chain of petroleum products across the nation.

He said, “In view of the above, we are therefore constrained to allow the decision of all our members to park their trucks as from tomorrow, 22nd to 23rd September, 2020, to prevail as warning.

“And furthermore, issue 10-day ultimatum with effect from 24th September, 2020, for a full blown withdrawal of service.”

He added, “If such scenarios occur, we earnestly plead with those who will lose employment, income and the general public that will be negatively affected by this avoidable situation.”

NARTO argued that it was discouraging and distressing to abruptly enforced new policy without giving tanker drivers time to phase out affected trucks.

Othman said, “The leadership of NARTO is not in any way against the decision of the Federal Government to ban the use of trucks with more than 45,000 litres capacity in the conveyance of petroleum products considering the dilapidated state of Nigerian roads.

“But NARTO is particularly concerned about the sudden and prompt nature of the ban. We consider the approach to be highly insensitive to the huge investments the owners of these trucks have made and debts they incurred in executing the mandate given by previous administration.”

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Segun Opeke is Polaris Bank Executive Director

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Polaris Bank Appoints Segun Opeke as Executive Director

Mr. Segun Opeke has been appointed as an Executive Director of Polaris Bank Limited, according to a statement issued by the bank.

The lender said the appointment was made by the bank’s Board of Directors and the Asset Management Corporation of Nigeria (AMCON).

According to the statement, Mr. Opeke has over 26 years of hands-on work experience acquired from leading Nigerian commercial banks with over fifteen of these years in senior and executive management roles.

Until his appointment, Opeke was the Directorate Head, Lagos Business.

The Lagos Directorate under, his leadership, recorded outstanding growth and contributed significantly to the turnaround of the bank, evidenced by its impressive financial performance recorded in the 2019 financial year.

“Since the CBN intervention in the erstwhile Skye Bank Plc in July 2016, Segun has played a prominent role in the Bank’s transformation initiatives and very instrumental to the several milestone achievements of the Bank.

“By this appointment, he is expected to strengthen the bank’s leadership aspirations in the industry leveraging his wealth of experience and contributing greatly to its ongoing corporate transformation programme,” it stated.

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Survival Fund: Here is FG’s Timetable for Registration as Portal Opens Today

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Small and Medium Enterprises

FG’s Timetable for Survival Fund as Registration Portal Opens Today

The registration portal for the Federal Government’s Survival Fund will be officially opened to prospective beneficiaries at 10 pm Monday, September 21, 2020.

According to the Senior Special Assistant on Media and Publicity to the President (Office of the Vice President), Laolu Akande, the survival fund would help ease the negative impact of COVID-19 on small businesses and self-employed individuals.

He said “the website https://survivalfund.ng will be open for Nigerians who have MSMEs or who are artisans, plumbers, electricians, transport workers, private school teachers or who belong to different categories under the survival fund.”

On Sunday, the Federal Government released a statement detailing timetable for categories of businesses to register. According to the statement, educational institutions will be the first category of beneficiaries to register on the portal.

Nigerians interested in the Payroll Support scheme are to note that the site for registration will be open from 10 pm Monday, September 21, 2020.

“In order to ensure a seamless registration process, the Project Delivery Office (PDO) has designed a registration schedule.

“Registration for Payroll Support will start with educational institutions on Monday and will be followed with businesses in the hospitality industry on Friday, September 25 beginning from 12 A.M.

“The portal will also be open to other categories of small businesses from 12 A.M., on Monday, September 28, 2020,” the statement said.

Federal Government, therefore, advised those whose businesses were impacted by COVID-19 to take note of the schedule and also log on to http://www.survivalfund.ng to register for the payroll support initiative.

The survival fund is a federal government’s conditional grant to support vulnerable Micro and Small enterprises in paying salaries and safegaurd jobs to prevent further increase in unemployment and cushion falling economic productivity.

For how to access survival fund clicks here

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