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Growth to Nigeria real estate depends on tech adoption, says Property experts

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UPDC summit

Critical stakeholders who participated at the 25th anniversary and summit of a Property Development and Management Company, UPDC Plc, have called for the adoption of technology in the sector, to achieve massive growth.

Exploring pathways to solving the various challenges and maximizing opportunities being created in Nigeria’s booming but volatile real estate sector in the event tagged: ‘Housing Development Imperatives for Nigeria; Prospects and Challenges,’ the experts called for creativity, innovation, and adoption of technology.

Speaking during a panel session, a renowned banker, Ann Ribu, said: “Growth and access to finance for real estate projects will increasingly depend on creativity, innovation, and adoption of technology.

Also, another real estate expert, Mr. Frank Okosun, identified the high cost of building materials, poor mortgage penetration, and problems with land administration as part of the reasons for the housing deficit in the country.

He said: “There is a significant gap between the stock we have and the quality of houses that meet international standards as well as affordable ones.

“Property ownership in Nigeria is still an elitist engagement. There should be a strategy for the big real estate firms to make homeownership affordable for lower-income earners,” he added.

Also, a renowned architect, Mr. Alan Davies, while speaking on the trends in the housing sector, noted that Nigeria’s rising young population has led to higher demand in the one room and two-room apartments.

He said: “It is unfortunate that everything comes down to cost; not just the cost of building but also of maintenance. Reducing these costs is more critical than ever.”

Earlier in his address, the chairman of UPDC, Mr. Wole Oshin, explored the recent history of the company noting that the company has experienced a turnaround; increasing efficiency and expanding its business.

He said: “UPDC has raised N16 billion in a rights issue in June 2020 and has continued to restructure after the recapitalization. Also in 2020, the facility division of the company became a separate business; UPDC facilities Management ltd. In 2021, Custodian investment ltd became the major shareholder in UPDC.

“As UPDC shifts from recapitalization to maximizing growth and opportunities, we continue to look forward, focusing on achieving profitability in the short to medium term, embarking on projects that increase profit and expand the company’s impact.

“Our real estate firm is the first real estate company to have been listed on the Nigerian Stock Exchange, and offers the most diversified portfolio of residential, commercial, retail and hospitality assets,” Mr Oshin added.

Nigeria Breaking News

INEC fixes date for Saki rerun election

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INEC

The Independent National Electoral Commission, INEC, has fixed Saturday, 3rd February, 2024, as the date for the conduct of a rerun election in two polling units in Saki West State Constituency, Oyo State House of Assembly. INEC made this declaration via a statement issued by the Resident Electoral Commissioner in the state, Dr. Rahman Adeniran Tella.

The REC in the statement made available to DAILY POST on Wednesday, said that the conduct of the rerun election was in compliance with court order.Tella said the affected polling units include, Odo-osun 007 in Ogidigbo area and Ogbalanja polling unit 019 in Sepeteri/Bapon registration area.

The REC said only eligible voters with permanent voters’ card (PVC) who registered in the two affected areas would be qualified to vote during the rerun.

He added that the Biomodel Accreditation System (BVAS) would be deployed for the exercise. He urged the candidates for the election to begin campaigns immediately

Source: Naija News

In other news – Peter Obi, Sowore wouldn’t have ended suffering experienced under Tinubu – Daddy Freeze

Nigerian media personality Daddy Freeze has said the presidential candidates of the Labour Party, LP, Peter Obi, and his counterpart from African Action Congress, AAC, Omoyele Sowore, might not have ended the sufferings Nigerians are experiencing under President Bola Tinubu’s administration.

Nigerian media personality Daddy Freeze

 

He, however, noted that a younger president like Sowore or Obi would have attracted more investments to Nigeria unlike Tinubu’s administration. Read more

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Nigeria Breaking News

Peter Obi, Sowore wouldn’t have ended suffering experienced under Tinubu – Daddy Freeze

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Nigerian media personality Daddy Freeze

Nigerian media personality Daddy Freeze has said the presidential candidates of the Labour Party, LP, Peter Obi, and his counterpart from African Action Congress, AAC, Omoyele Sowore, might not have ended the sufferings Nigerians are experiencing under President Bola Tinubu’s administration. He, however, noted that a younger president like Sowore or Obi would have attracted more investments to Nigeria unlike Tinubu’s administration.

Nigerian media personality Daddy Freeze

Addressing his followers on Instagram, he said Sowore or Obi’s presidency would have done better than Tinubu’s government.According to Freeze: “I supported Omoyele Sowore and I know a lot of youths supported Peter Obi; they probably would have to do the same thing that this government is doing. The only difference is that they would have served as the anaesthesia while this economic surge is going on.

“The youths were more connected to people like Peter Obi and what did they stand to gain from him? They would believe that whatever he is doing is in their best interest.

“The suffering might not have been anyway better, the only thing I believe is that a younger president like Omoyele Sowore or Peter Obi will gain the confidence of Nigerians in Diaspora who want to invest in the country.

“The confidence many youths would have given Peter Obi or Omoyele Sowore is what is lacking in this government.

Source: BBC

In other news – Anambra govt officials visit markets as campaign to end sit-at-home begins

The Anambra State Government has begun a campaign to end the infamous sit-at-home order which has crippled business activities in the state every Monday.

 

Anambra State Government

In the latest move, government officials serving in the Governor Chukwuma Soludo administration have been deployed to various markets to boost the confidence of traders and to encourage them to open their shops. Read more

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Nigeria Breaking News

Anambra govt officials visit markets as campaign to end sit-at-home begins

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Anambra State Government

The Anambra State Government has begun a campaign to end the infamous sit-at-home order which has crippled business activities in the state every Monday. In the latest move, government officials serving in the Governor Chukwuma Soludo administration have been deployed to various markets to boost the confidence of traders and to encourage them to open their shops.

Chief of Staff to the Governor, Mr Ernest Ezeajughi; Special Adviser on Trade and Markets, Chief Evarist Uba; and his Security counterpart, AVM Ben Chiobi Rtd. on Monday, moved round major markets in the state on the mission.Addressing market leaders in Awka, Ezeajughi, who led the team, told traders who opened their shops to encourage others to do same.

“Government has decided to provide maximum security across markets and had concluded arrangements with financial institutions across the state to open for business as well.

“Government will do everything possible to ensure full return of business on Mondays is achieved.

“We warn any market leadership that would sabotage the government’s present efforts towards achieving a boosted economic growth and stability to take caution because they will be seriously sanctioned,” he said.

The Nigeria Security and Civil Defense Corps, NSCDC, Anambra State Command, had previously stated that operatives have been deployed to banks to safeguard them.

Source: Dailypost

In other news – Minister of Power, Adebayo Adelabu worked against APC in 2023

Alhaji Kehinde Olaosebikan, a former Chief Press Secretary to former governor of Oyo State, Alhaji Lamidi Onanolapo Adesina, has said the Minister of Power, Adebayo Adelabu, worked against the All Progressives Congress, APC, during the 2023 presidential election. Olaosebikan said this in a statement on his Facebook page at the weekend.

Adebayo Adelabu

 

Adelabu, who was the gubernatorial candidate of Accord in 2023, is the minister representing Oyo State in Tinubu’s cabinetOlaosebikan. Read more

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