Home Blog Page 1005

Construction, real estate contribute N11tn to economy

admin
-
0
Construction, real estate contribute N11tn to economy

Infrastructural activities in the construction and real estate sector increased in its contribution to Nigeria’s real Gross Domestic Product in Q1 2024.

According to the latest data released by the Nigeria Bureau of Statistics recently, the sector contributed a total of N11.2tn in the quarter compared to the N9.1tn generated in the fourth quarter of 2023.

The report stated that the real estate sector contributed 5.20 per cent to the GDP in the Q1 of 2024, while the construction sector contributed 4.0 per cent of the GDP in Q1 of 2024.

According to the report, in nominal terms, real estate services in the first quarter of 2024 grew by 126.71 per cent, higher by 124.34 per cent points than the growth rate reported for the same period in 2023 and also higher compared to the preceding Quarter.

The report stated, “On a quarter-on-quarter, the sector growth rate was 58.59 per cent. The contribution to nominal GDP in Q1 2024 stood at 8.80 per cent, relative to 4.46 per cent recorded in the first quarter of 2023 and 4.95 per cent in the fourth quarter of 2023.

“Real GDP growth recorded in the sector for the first quarter of 2024 stood at 0.84 per cent, lower than the growth recorded in the first quarter of 2023 by 0.86 per cent points, and lower by 0.50 per cent points relative to Q4 2023.

“On a quarter-on-quarter, the sector grew by -27.88 per cent in the first quarter of 2024. It contributed 5.20 per cent to real GDP in Q1 2024, lower than the 5.31 per cent it recorded in the corresponding quarter of 2023.”

While the report noted that the Construction sector grew by -0.29 per cent in nominal terms (year-on-year) in the 2024 first quarter, a decrease of 38.00 per cent points compared to the rate of 37.71 per cent recorded in the same quarter of 2023.

It added, “There was a decrease of 3.16 per cent points when compared to the rate recorded in the preceding quarter. Nominal growth quarter-on-quarter was recorded at 1.60 per cent. Construction contributed 10.24 per cent to nominal GDP in the first quarter of 2024, lower than the 11.79 per cent it contributed a year earlier and higher than the 9.00 per cent contributed to the fourth quarter of 2023.

“The real growth rate of the construction sector in the first quarter of 2024 was recorded at -2.14 per cent (year-on-year), lower by 5.41 per cent points from the rate recorded in the previous year. Relative to the preceding quarter, there was a decrease of 5.84 per cent points. Quarter-on-quarter, the sector grew by -3.00 per cent in real terms.

“Its contribution to total real GDP was 4.01 per cent in the first quarter of 2024; lower than its contribution of 4.22 per cent in the same quarter of the previous year, and higher than in the immediate past quarter where it contributed 3.47 per cent.”

In an exclusive interview with The According, the Technical Secretary of the Nigerian Society of Engineers, Victoria Island branch, Babatunji Adegoke, said the government was settling in and had started to unveil policies that have made investors have confidence in the system hence many are now investing more in the sector.

He added, “Furthermore, the government has shown determination to rebuild the economy through investing in the sector hence the rise in the GDP contribution. In addition, shelter is a basic need and as the population continues to grow so will the need for shelter and its associated infrastructures.”

In a similar vein, the Chief Executive Officer of Fame Oyster & Co., Olufemi Oyedele, said the Diaspora remittance contributed a lot.

He said, “The Nigerians in Diaspora believe in Nigeria’s real estate sector and are playing a big role in the real estate market in Nigeria. The Federal government policy of Renewed Hope housing estates and the construction of roads by the governments, local, state and federal, have also contributed.”

JNT Constructions unveils building initiative

admin
-
0
JNT Constructions unveils building initiative

A construction firm, JNT Construction Company, has introduced a new building initiative tagged “Pauline Building Model.”

In a statement, the firm noted that the initiative is JNT’s major way of discouraging developers from diverting intending house owner’s funds for personal use.

It stated, “A trend which has become common place because of paucity of funds, in the face of growing demanding building projects.”

Explaining how Pauline Building Model was designed to make dream of owning a luxurious home a reality works, the Executive Director, JNT Construction Company, Jide John Williams revealed that the scheme involved a financial institution, a developer and the vendors who would have protected interest in achieving the same goal of erecting a finished luxurious home at a stipulated time.

He said, “The Paul’s Building Model is a model developed in response to the prevalent issues of quality and delivery in the real estate industry. The main objective of this model is to provide assurance and guarantee to clients who plan to purchase a property from a developer.

“The model involves a reputable bank as the first party. The bank acts as the financier of the entire project, taking responsibility for paying all the vendors directly. This includes payments for all aspects of the project, from the foundation to the construction, plumbing, fixtures and fittings, roofing, and even furnishing. The model ensures transparency throughout the process, guaranteeing that projects are delivered to time and with high quality.

“Crucially, this model prevents developers from diverting clients’ funds to other projects or personal use, as they do not have access to the money until the project is completed and handed over.”

Williams added that the Pauline building model aim was to alleviate longstanding concerns about quality and delivery in the real estate industry by introducing a structured and transparent approach that safeguards clients’ interests.

 “At the completion of the project, a Pauline building model certification is issued to provide assurance to the client that all conditions have been met” he explained.

Pelican Valley celebrates Osoba

admin
-
0
Pelican Valley celebrates Osoba

The Managing Director and Chief Executive Officer of Pelican Valley Nigeria Limited, Babatunde Adeyemo, has saluted a former Governor of Ogun State, Olusegun Osoba, as he tuned 85th on Sunday.

Adeyemo hailed Osoba, describing him as a journalism role model, politician and revered elder statesman who has continued to use his immeasurable wealth of experience to provide “an iconic, commendable,enduring leadership and mentorship roles in journalism, politics, tradition and other endeavours across generations and the globe.”

 He recalled with relish that he is benefiting immensely from the octogenarian’s exemplary leadership and enduring rural development strides, even as he wished him more blessing of long life, good health and peace of mind.

Adeyemo stated, “By the grace of God, in the next two months, we will be expecting  our revered elder statesman, Aremo Olusegun Osoba to commission the first 10 sets of ecostay apartments in our Estate,,where the longest avenue in the Estate will also be named after the veteran Broadcaster and elder statesman for his evergreen contribution to the rural electrification project in Kobape during his reign as the Governor of Ogun State.

“ This is one of the reasons why we are particularly felicitating former Governor of Ogun State, Aremo Olusegun Osoba on his 85th birthday because our estate is a beneficiary of his rural electrification project.

He added, “Your handiwork is with us here, without you dragging the 35KVA electricity line from the main road to where we are, we would not have been privileged to have this estate here. Baba Aremo Osoba created an opportunity about 25 years ago and one Dr. Babatunde Adeyemo is taking full advantage of that opportunity today,,that is governance at its peak. “

 “So, on this occasion of your birthday, it’s is an opportunity for us at Pelican Valley to thank God for your live and living. As someone who have benefited from your exemplary positive impacts and rural development initiative, we join others in wishing you continuous years in good health, vitality and prosperity. Thank you for your enduring rural development initiative when you presided over the affairs of the state as as the Executive Governor of Ogun State. Many happy returns of the day, more long life and good health sir.”

Ex-students lament flooding in Lagos school

admin
-
0
Ex-students lament flooding in Lagos school

The President of the Alumni Association of Girls Academy located on Simpson Street, Lagos Island, Lagos State, Amudat Oshigunwa, has lamented the flooding ravaging the school while urging the state government and the Lagos Island East Local Council Development Area to come to their aid and also remove an electric pole that had been threatening the lives of pupils studying in the school.

Describing the electric pole as a death trap, Oshigunwa, while speaking with journalists after some members of the association visited the school on Thursday, said flooding was also part of the challenges affecting the school.

She added that a good drainage system would proffer a solution to the challenge.

Oshigunwa said, “Flood has been ravaging the school during the rainy season. The school compound was not as bad as it is now. The video I saw after a recent rainfall was an eyesore.

 “The electricity pole that was put there should be removed as soon as possible as the wire is on the roof of the school and children are there. When there is a thunderstorm, the pole can kill some of the children if it falls on the roof of the school.

“The lives of the children are at stake. What if there is rainfall and the pole falls into the flood, it can also affect the lives of the children. We have not got across to the local government or the state ministry of education on it, but we went there on Thursday and we feel that the wire should be removed from the school as it passes through the roof of some classrooms.”

 Oshigunwa said during the visit, members of the association asked the school management what they could do for them, and they mentioned the removal of the electric pole.

“We are appealing to the Lagos State Government and the Lagos Island Local Government Area to help us remove the pole. Also, we think there should be good drainage for easy water flow around the area because this has been the genesis of the flooding,” Oshigunwa said.

 Efforts were made to get the reaction of the Chairman, Lagos Island East Local Council Development Area, Muibi Folawiyo, aka Pepper, but they proved abortive as he did not pick up his phone calls.

Oborevwori swears in Delta LG chairmen today

admin
-
0
Oborevwori swears in Delta LG chairmen today

Delta State Governor, Sheriff Oborevwori, will today (Monday), swear in the newly elected chairmen of the 25 local government areas of the state.

This follows Saturday’s local government election conducted by the Delta State Independent Electoral Commission in the 25 LGAs in the state.

The ruling Peoples Democratic Party was declared the winner in all the 25 LGAs.

In a terse statement on Sunday, the Permanent Secretary, Protocol, Government House, Asaba, A.N. Tetsola, said the LG chairmen would be sworn in Monday by the governor at 10 am in Asaba, the state capital.

“Kindly be informed that His Excellency the Governor will preside over the swearing-in ceremony of the newly elected chairmen and vice of the 25 LGAs in the state on Monday 15/7/24 at the Event Centre, Asaba at 10 am,” the statement read.

But the senator representing Delta Central Senatorial District at the National Assembly, Senator Ede Dafinone, has described Saturday’s council poll as “a complete sham and a mockery of democratic ideals and standard”.

Dafinone, while reacting to the outcome of the council polls won by the ruling PDP, said, “It is very unfortunate that people at the grassroots level were prevented from participating in our democratic process by state governors to freely elect their councillors and council chairman.

 “The All Progressives Congress in Delta sensed that the electoral umpire, Delta State Independent Electorial Commission, was not going to conduct a credible elections as predicted, hence, most of the party candidates withdrew from the polls.

“It’s very unfortunate and sad how low our people can go to acquire power. It’s even more troubling that after 25 years in our democratic experiment we can’t conduct what looks like an election at the local government level.

“What took place in Delta State on Saturday to all intent and purpose can’t be classified as an election. It’s a complete sham and an affront to all known democratic ideals.

“The state electoral umpire, most probably acting on the instructions of the state governor, just allotted figures to candidates who took part in the shambolic process. It can at best be described as a mere coronation of all PDP-nominated candidates.

“As predicted by political watchers that the Delta State PDP-led government is incapable of conducting free, fair and credible elections, DISIEC proved all of us right. Because there were reports across the state that electoral materials, particularly results sheets, were not supplied to many polling units, and in some cases, wards where they consider as strongholds of the opposition, voting materials were not supplied at all.

“It’s disheartening that our governors who are products of free and fair elections can’t replicate same in the local government areas of their state. If INEC were to conduct elections the way the governors  purportedly teleguide SIEC to conduct local government polls, many of them will not be governor today.”

Rivers shuts three illegal dredging sites

admin
-
0
Rivers shuts three illegal dredging sites

The Rivers State Government has shut down three dredging sites in the Chokocho community in the Etche Local Government Area for operating without permits.

The Commissioner for Environment, Sydney Gbara, told newsmen after inspecting some dredging sites in Port Harcourt and its environs.

Gbara frowned on the activities of those who carried out such activities without the approval from the state government, saying the dredging sites had no environmental protection impact.

He added that the activities were affecting the roads.

He stated, “We are here on the directives of Governor Siminalayi Fubara on inspection of dredging activities and necessary enforcement around this area. We have gone round and some sites have been shut, about three for non-compliance to standards.

“This particular site, as you can see, is already threatening the federal road and as a responsible government, we will not want to stop the means of livelihood of our people. No, we are encouraging them.

“But when what they are doing becomes inimical to the environment, it becomes a problem and we have to step in. That is why we are shutting down these sites. This place is going to remain shut until the governor directs otherwise.”

The Commissioner said the Fubara-led administration remained committed to protecting the environment and attracting more investors to the state, to create more jobs for the youth.

“We will investigate and know those behind these activities and bring them to book. That is the truth. We will visit other dredging sites in the state, scrap metals and other operations.

“If your operation complies with that of the state government, we don’t have business with you. Instead, the government will encourage you and give you the protection that you need to go ahead.

“But as long as it is not in compliance with the standards of the Ministry of Environment and it is inimical to the environment, we are going to step in. Every sector has rules and regulations.

“This is a government that wants to ensure that our people and the environment are protected,” he added.

Scores of terrorists killed in Kaduna air raid – NAF

admin
-
0
Scores of terrorists killed in Kaduna air raid – NAF

The Nigerian Air Force said on Sunday that the air component of Operation Whirl Stroke eliminated scores of terrorists in recent airstrikes in their enclaves at Giwa and Igabi Local Government Areas of Kaduna State.

The Director, Public Relations and Information, NAF, AVM Edward Gabkwet, stated this on Sunday in a statement in Abuja.

Gabkwet said the air operations had continued unabated with remarkable levels of success being recorded in spite of the weather challenges hampering ongoing efforts to diminish the capabilities of criminal elements in the North-West.

He said one of the strikes was carried out on Friday at Alhaji Layi’s enclave, situated in Kufan Shantu Village in the Giwa Local Government Area.

Gabkwet said terrorists’ logistics tucked under thick foliage were also destroyed.

According to him, similar air strikes conducted on Saturday over terrorists’ camps inside Malum Forest in the Igabi Local Government Area also recorded positive outcomes.

“From the Battle Damage Assessment footage, the terrorists were observed freely loitering around the forest at a compound with zinc-roofed structures.

“Subsequently, a precision strike was authorised, which eliminated most of the terrorists.

“These air strikes were initiated following thorough credible human intelligence, along with intelligence surveillance, and reconnaissance operations, which identified the targeted locations as enclaves of terrorists responsible for the ambush on troops at Manini on July 10.

“The  NAF, alongside surface forces, will maintain dominance in the battlespace through extensive situational awareness, regular patrols, and targeted interdiction of terrorists’ safe havens in its area of responsibility and neighboring states.

“This approach aims to effectively eliminate and eradicate terrorism and other criminal activities in the North-West and North Central regions,” he said.

Afenifere chieftain writes Tinubu on restructuring

admin
-
0
Afenifere chieftain writes Tinubu on restructuring

A chieftain of the Yoruba socio-cultural group, Afenifere, Akin Fapohunda, has called on President Bola Tinubu to put in place urgent measures to restructure the Nigerian state.

Fapohunda, a retired Director at the Space Science Unit of the Presidency, made the call in a letter addressed and submitted to the President a fortnight ago.

The letter, dated June 12, 2024, a copy which was obtained by The According, advanced reasons for the need to restructure the country politically and economically, to address the challenges of governance threatening the health of the nation.

Titled, “Proposal of ideas for the structural transformation of the Nigerian polity,” the letter read in part, “I am motivated to forward this communication as a mere gentle reminder of the need to act with urgency towards the transformation of the Nigerian polity. Change is so difficult to contemplate, yet the Nigerian system needs to be reworked fundamentally.

“It is a greater Herculean undertaking to initiate and execute ideas for comprehensive change, especially considering the possible self-confidence that seven more years are ahead for your government.

“My ideas for your consideration are contained in a write-up on why the quest for restructuring Nigeria into decentralised modules that would complement and compete with and among each other in executing development programmes, with direct benefits to citizens, has become imperative.

“There is a draft containing stipulations and content specifications, as inputs into an executive bill to be presented by the Office of the Attorney-General of the Federation to the National Assembly.

“Also included is the proposal to set up a technical panel of about nine members to facilitate the process of governance reforms.”

Fapohunda also attacked more documents on how to manage the process of people-driven aggregation of the existing states into regional territories, with implicit viability and economic sustainability, devoid of being financial appendages of “Abuja” as well as suggestions of regions through a map by the Coalition of Indigenous Ethnic Nationalities.

The Afenifere chieftain, whose proposal for a return to regionalism a few weeks ago elicited diverse commentaries, called on the President to invoke a doctrine of necessity, by reviewing the current socio-political state of the country, without further delay.

US museum returns looted Benin artefacts today

admin
-
0
US museum returns looted Benin artefacts today

A prominent museum in the United States has concluded plans to hand over looted Benin Bronzes to Oba of Benin, Ewuare II.

The Chief Press Secretary to the Oba, Osaigbovo Iguobaro, said in a statement on Sunday that the Benin monarch would be receiving the artefacts today (Monday).

He noted that the artefacts were looted from the Oba palace over a century ago.

Osaigbovo said that defenders of Edo heritage and well-wishers of the royal father were expected to be at the palace by midday.

The development comes months after the  Swedish government similarly promised to return 39 pieces of Benin artefacts in its museum to Oba of Benin.

The Swedish Ambassador to Nigeria, Annika Hahn-Englund,  conveyed the Swedish government’s decision to the Oba in May when she paid a courtesy visit to the Oba in Benin, Edo State.

Hahn-Englund said, “I would like to convey the decision of the Swedish government to return 39 artefacts to the Benin kingdom. This is possible because of the cooperation between the two countries in the areas of culture, education and trade.

“So, Your Majesty, I am very honoured to be here tonight.”

Responding, the Oba, on behalf of the Edo people,  welcomed the decision and expressed gratitude to the Swedish government.

The Benin monarch recalled how he made a request through the Swedish monarch, His Royal Majesty Carl Gustaf Folke Hubertus, during his courtesy visit to him in 1998 in Sweden as the Nigerian ambassador to Scandinavian countries.

The Oba said that the Federal Government-backed Benin Royal Museum project was still on course, and commended partners for their support and devotion towards the project.

The Oba also commended the National Commission for Museums and Monuments, which is an agency of the Federal Government of Nigeria, responsible for the preservation, promotion, and development of Nigeria’s cultural heritage.

The traditional ruler, who prayed for members of the diplomatic mission,  noted that the remarkable reign and enduring affection of the Swedish monarch remained indelible.

The Oba added, “The demand for the return of looted Benin artefacts has been on since the reign of Oba Akenzua II. I am elated to hear that the return of the artefacts has been approved by the Swedish government. This has been my request for a long time. God’s time is always the best.”

Economists project higher inflation ahead of NBS report

admin
-
0
Economists project higher inflation ahead of NBS report

Ahead of the release of the National Bureau of Statistics report on the country’s inflation for June 2024, some economic watchers have projected that inflation would maintain its upward movement but at a slower pace as seen in recent months.

Inflation had reached a 28-year high in May at 33.95 per cent, higher than 33.69 per cent recorded in the preceding month, representing an increase of 0.26 per cent.

On a year-on-year basis, the headline inflation rate was 11.54 cent points higher compared to the rate recorded in May 2023, which was 22.41 per cent. On a month-on-month basis, the headline inflation rate of increase in May 2024 was 2.14 per cent, which was 0.15 per cent lower than the rate recorded in the previous month (2.29 per cent).

So far in 2024, headline inflation has averaged 32.49 per cent, compared to 22.20 per cent in the first five months of 2023 and 24.52 per cent for the entire year 2023.

Experts have attributed the persistent rise in inflation to the ongoing structural challenges in agriculture, including insecurity in food-producing regions, high transportation costs, and the continuous depreciation of the naira.

In May 2024, food inflation and core inflation grew at a slower pace, hitting 40.66 per cent and 27.04 per cent respectively, owing to a modest increase in the prices of some food items.

Experts at Meristem projected that the uptrend in food inflation would persist in June 2024, driven by lingering challenges in the sector.

Some of these challenges include the infestation of tomato leaves which led to higher prices for staples like tomatoes and yams during the month.

Additionally, increased demand during the Eid-el-Kabir celebration and rising importation costs are also expected to contribute to the elevated food prices in June 2024.

“We expect the core inflation index to rise further, driven by higher transportation costs and the depreciation of the naira (1.94 per cent in June).

“However, given the relatively stable naira exchange rate on the NAFEM window during the period (compared to a 5.61 per cent depreciation in May 2024), we

anticipate a month-on-month moderation in the core index. Ultimately, we project a rise in headline inflation,” they stated.

Meristem researchers projected headline inflation at 34.01 per cent, food inflation at 40.74 per cent compared to 40.66 per cent in May and core inflation (including all items less farm produce and energy) at 27.30 per cent.

Analysts at Cowry Assets Management Limited projected an even higher inflation figure of 34.25 per cent on the back of similar concerns earlier highlighted.

They said, “Over the past year, food prices in Nigeria have soared, driven by factors such as supply chain disruptions, currency depreciation, and the impact of climate change on agriculture. This has led to basic staples like rice, beans, and vegetables becoming increasingly unaffordable for the average Nigerian, stretching household budgets to their limits.

“The food index constitutes over 51 per cent of the inflation basket, and this escalation can be attributed to rising prices in fundamental food commodities, including bread, cereals, oil, and fat.

“Specifically, all 43 food items surveyed reported price increases on a year-on-year and month-on-month basis between April and May 2024. An unweighted simple average, which does not account for consumption trends, shows that the average price of food items in the bureau’s designated basket increased by 137.3 per cent year-on-year and 13.4 per cent month-on-month.”

 As the inflation figure is projected to trend upward, analysts believe that the Monetary Policy Committee of the Central Bank of Nigeria will also hike the benchmark lending rate given its avowed inflation-fighting stance.

 At different fora, the CBN governor, Dr Olayemi Cardoso, has maintained that the members of the MPC will keep the rates high to tackle inflation.

 At the BusinessDay CEO Forum on Thursday, Cardoso said, “The MPC is not oblivious to the fact that the country does need growth. If these hikes hadn’t been done at the time, the naira would have almost tipped over, so it helped to stabilise the naira. Interest rates are not set by the CBN governor but by the MPC committee composed of independent-minded people. These are people not given to emotion but to data. The MPC clarified that the major issue is taming inflation, and they would do what is necessary to tame it.”

Since the beginning of the year, the MPC has raised the MPR by 650 basis points, bringing the rate to 26.25 per cent as of May 2024. The MPC is due to meet later this month.

1...1,0041,0051,006...2,841Page 1,005 of 2,841
© Newspaper WordPress Theme by TagDiv