The future of real estate in Nigeria is its youth. But not in the way that you think. With rising concerns over Nigeria’s exploding population growth, we are seeing an emergence of a more dynamic, technologically savvy young working population. Young people are becoming more nimble, and increasingly embracing risk by establishing their own startups; from tech companies to new-age restaurants.
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As Nigerians grapple with the problem of mounting housing deficit, even with real estate owners expanding their business frontiers in the nation’s capital, there seems to be no hope in the horizon for the poor who populate the informal sector as cost of rent in Abuja continues to be neck-breaking for residents in the city, EMAMEH GABRIEL writes
Committed to creating better management solutions for public facilities, improve cost efficiency as well as establish a system for regular maintenance and refurbishment of assets for better service delivery, the Lagos State Infrastructure Assets Management Agency (LASIAMA), has commenced the assessment of public infrastructures such as schools, hospitals, public buildings and MDA’s across the state towards the formulation of a strategic and economic reinvestment plan.
Activist organisation and law centre Ndifuna Ukwazi (NU) has launched litigation in the Cape High Court to compel the City of Cape Town to develop a housing policy that would require new developments to include affordable housing. To launch the litigation about 30 NU and Reclaim the City members picketed outside a proposed new apartment development “The Vogue” on 7 Buitengracht street in the city centre.
Africa Finance Corporation (“AFC” or “the Corporation”), Africa’s leading investment-grade infrastructure solutions provider, announces the successful closure of general syndication which raised US$ 233 million and JPY 1 billion. MUFG Bank, Ltd. (“MUFG”) and Sumitomo Mitsui Banking Corporation (“SMBC”) acted as Mandated Lead Arranger and Bookrunner. MUFG will be acting as Facility Agent on the transaction, while SMBC will be acting as Documentation Agent.
With Nigeria ranking 145 out of 190 countries in the World Bank ease of doing business index and acknowledged as one of the top 10 most improved economies in the world, real estate in the country contributed over $4 billion of institutional capital going by the 2018 statistics.
The President of the Nigerian Society of Engineers (NSE), Adekunle Mokuolu and other stakeholders, yesterday, in Abuja, blamed the frequent collapse of infrastructure in the country on poor enforcement of related laws.
Property developer Alfonso Botha is returning to the inner city of Johannesburg as he looks to offer apartments for rent at rates which offer better value than those in newer business nodes such as Sandton, Rosebank and Waterfall.
The UN Special Rapporteur on the right to adequate housing, Leilani Farha, is visiting Nigeria from 13 to 23 September 2019. “I look forward to travelling to the most populous nation in Africa to explore the challenges and opportunities facing Nigeria with regard to its implementation of the right to housing,” the expert said.Nigeria faces significant housing challenges, including the growth of informal settlements and the forced eviction of communities for development projects.
The publication of South Africa’s latest unemployment figures was accompanied by the usual wringing of hands and promises of job creation. This time, however, a new controversy arose because of an argument that official statistics don’t count economic activities in the informal sector.