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Economic crisis affecting real estate – Report

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Economic crisis affecting real estate – Report

The state of the country’s economy has affected the real estate sector adversely in 2024, a report by Ubosi Eleh & Co. has stated.

The report, titled “The Nigeria Real Estate Report 2024”, noted, “Although Lagos is the economic nerve centre of Nigeria, the current state of the nation’s economy has affected office real estate adversely.

“Many businesses and companies have folded up completely, while some others are barely afloat and have reduced staff strength and office space for them to survive. A factual visit to Victoria Island, once the prime commercial district of Lagos gives a clear picture. The take-up rate for commercial office space is slow primarily as a result of the economy.”

According to the report, following the COVID-19 pandemic, many companies adopted the work-from-home model, which proved to be a cost-effective solution.

“Following the Covid-19 pandemic and the introduction of work from home, many firms sustained this practice, having appraised its cost-benefit and used the model to reduce their space needs and, in effect long-term operational costs.

“Commercial real estate in the larger part of Mainland Lagos had a fairly good run in 2023, recording a 25-30 per cent increase over rental values in the previous year 2022. Ikeja GRA recorded an even higher increase of 30-35 per cent increase.

“Commercial space in 2023, let for N60,000 per square metre in Ikeja CBD Alausa, N80,000 per square metre in Ikeja GRA, N40,000 per square metre in Computer Village, N30,000 per square metre in Ikorodu and between N40,000- 60,000 per square metre on Ikorodu Expressway, amongst others,” it indicated.

It noted that land values spiked in Ikoyi from N600,000 per square metre to N900,000 per square metre, indicating an increase of 50 per cent.

It continued, “In Banana Island, it increased from N1.3m per square metre to N1.50m per square metre, showing an increase of 15.38 per cent. A 4-detached house in Parkview increased in price from about N300m in 2022 to about N500m in 2023, indicating an increase of 60 per cent.

“Surulere does not have typical open plan office spaces but fixed spaces in apartments that attracted N1.60m N1.80m per annum on the average in 2023. Most of the Grade A Office Buildings are located on Lagos Island, notably Victoria Island, Ikoyl, and Lekki Phase. They are doing pretty well because of the excellent environment they offer for business.

“They are often fully or nearly occupied. Seven such prominent buildings in Lagos are Victoria Mall Plaza 2, Civic Center Tower, Eko Tower 1, Pier Point all in Victoria Island and Rising Sun in Ikoyi during the period of study recorded 100 per cent optimal occupancy rates while Heritage Place and Temple Tower located in Ikoyi recorded 94 per cent and 93 per cent, respectively.”

On Lagos Island, office letting rates witnessed a minimal increase in rental values between 2022 and 2023, the report disclosed.

“While office space on Admiralty Way/Road, Lekki, let in 2022 for between N60,000 – N80,000 per square metre in 2022, it increased to between N80,000-N100,000 per square metre in 2023. However, it stagnated in the other parts of Lekki between 2022 and 2023 at the rate of N50,000-N60,000 per square metre.

“In Ikoyi, rental values are lower on Awolowo Road but high in Old Ikoyi where it rose from between N200,000-N400,000 per square metre in 2022 to between N400,000 and N700,000 per square metre in 2023,” it stated.

According to the Ubosi Eleh & Co. report, rent in Victoria Island, which was between N80,000-N100,000 per square metre in 2022, rose to between N200,000 and N400,000 per square metre in 2023.

It added that rental values remained the same in Banana Island for both periods at the rate of N500,000-N700,000 per square metre.

“Grade ‘A’ office buildings will continue to do well in 2024 because of the niche they have created in this property genre. They control ready demand also influenced by their elite locations. Aside from this, we do not envisage a remarkable change in commercial real estate values in Lagos whether land or rental in 2024. The astronomical cost of construction would also ensure the supply curve remains largely the same,” it declared.

Navigating reproductive health and societal pressures

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Navigating reproductive health and societal pressures

In Ayobami Adebayo’s Stay with Me, the narrative revolves around Akin and Yejide, a young Yoruba couple grappling with the challenges of childbirth and navigating their careers and emotional turmoil within their relationship. This story provides a poignant lens through which to examine reproductive health issues in Nigeria.

According to the 2021 MICS/NICS report by the National Bureau of Statistics, 69.60 per cent of pregnant women attended antenatal care and were seen at least once by skilled health personnel. Additionally, 18.20 per cent of women who are currently married or in union use any modern method of contraception for pregnancy prevention and family planning, while 21.70 per cent use any method. However, 78.30 per cent do not use any method at all. This data underscores the critical state of reproductive health in Nigeria, a country where the future literally lies in the wombs of women.

Moreover, the World Health Organisation defines reproductive health as “more than just the absence of illness; it involves a comprehensive approach to physical, mental, and social well-being, ensuring that individuals have the resources and freedom to make choices about their reproductive lives.” This definition highlights that only a small number of women are fully engaged in managing their reproductive health from puberty to menopause. For instance, consider the teenage girl unable to afford menstrual pads due to high living costs. Similarly, think about the mother suffering from perinatal or postnatal depression, yet perceived as fine because she appears physically healthy.

In Stay with Me, Yejide resorts to mystical methods to conceive, ignoring scientific options, revealing the social stigma and isolation faced by childless women in society. This aspect of the story illuminates how societal pressures and cultural beliefs can impact women’s health decisions.

While literature and storytelling can illuminate the world of the unborn, they also prompt us to consider the harsh realities of reproductive health in Nigeria and Africa as a whole.  Economic burdens still hinder the acceptance and utilisation of comprehensive reproductive health resources in Nigeria. Many individuals, particularly women in low-income communities, face significant financial constraints that prevent them from accessing essential healthcare services. For example, the cost of transportation to healthcare facilities is expensive, even just moving from Iyana Ipaja to Ikeja with the recent hike in transport fares. Additionally, the direct costs of reproductive health services, such as consultations, diagnostic tests, and treatments, are often beyond the reach of those living in poverty. This financial barrier is further increased by the high cost of medical supplies and medications, including contraceptives and menstrual hygiene products, which are essential for maintaining reproductive health. Furthermore, economic instability and widespread unemployment mean that many households must prioritise immediate basic needs, such as food and shelter, over healthcare expenditures. As a result, women may forego necessary reproductive health services, leading to adverse health outcomes and perpetuating cycles of poor health and poverty.

Furthermore, consider men with erectile dysfunction who mask their condition under the guise of purity. For example, an anonymous member of a Facebook community group shared how her husband pretended to endorse “no sex before marriage.” Yejide reflects on this in Stay with Me, writing: “What did I know? I knew that I was once invested in his lies as he was, probably more than he was – I imagine he at least admitted the truth to himself. I could not do that until Dotun had spoken the words; I could not allow him to be flawed. So I bit my tongue when customers talked about sex and I let him hold my hand when he told the doctor our sex life was absolutely normal. I told myself I was respecting my husband. I convinced myself that my silence meant I was a good wife. But the biggest lies are often the ones we tell ourselves. I bit my tongue because I did not want to ask questions. I did not ask questions because I did not want to know the answers. It was convenient to believe my husband was trustworthy; sometimes faith is easier than doubt.”

This excerpt illustrates the complex interplay between personal beliefs, societal expectations, and health issues. It emphasises that only through a collective investment in advancing women’s reproductive health can we move towards promoting methods like artificial reproductive technology, empowering women to feel confident in their health.

As stated in the International Conference on Population and Development Programme of Action, 7.3, “[P]ractically speaking, it [the indivisibility of rights] has to do with the real-life fact that a woman cannot avail herself of her ‘right to decide freely and responsibly the number, spacing, and timing of her children”

In conclusion, if a woman lacks financial resources for reproductive health services or transportation to access them, cannot read package inserts or clinic posters, works in environments contaminated with harmful substances, or is harassed by a husband or in-laws who scorn or abuse her for using birth control, her ability to manage her reproductive health is severely compromised. Therefore, addressing these barriers is crucial for ensuring comprehensive reproductive health and well-being for all women. This is crucial for improving the acceptance and utilisation of comprehensive reproductive health resources, ensuring that all individuals, regardless of their financial status, can make informed and autonomous decisions about their reproductive health.

Adenuga is a graduate student at the Indiana University of Pennsylvania

CIPM and unfinished reform in public service

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CIPM and unfinished reform in public service

The Chartered Institute of Personnel Management of Nigeria is one organisation that I have a significant relationship with, a relationship that spans many years. It is one organisation I count as a partner in the struggle to transform the public service system in Nigeria. The CIPM is strategic as the key umbrella body—the community of practice—for administering human resource practice in Nigeria. Since its founding in 1968, it has consistently continued to push the frontiers and boundaries of the human resource profession as well as being in the vanguard of human resource management praxis in ways that have consolidated the status of its members, and its own status as a global organisational brand.

In this context, I have no doubt that the President and Chairman of the Governing Council of CIPM, Mallam Ahmed Gobir, already has his works—and objectives—cut out for him. His status as a distinguished Nigerian, a formidable human resource thought leader, an astute corporate lawyer and a management professional par excellence already situates him within the challenges that CIPM is currently facing, and how the organisation could be positioned as a significant stakeholder in the overall task of institutional reform in Nigeria. In this regard, one must applaud the existing achievement and experiential framework of the preceding presidents, and especially the administrative and visionary efforts of Mr Olusegun Mojeed, the immediate past CIPM president, for a most remarkable tenure littered with spirited strides, innovations and commendable achievements and legacies. No avid watcher of Nigeria’s public administration, and CIPM’s role, can be in any doubt as to the depth of clarity amongst CIPM’s thought-leaders regarding what is the next level for CIPM, especially at this momentous time in the profession’s annals. A time when the world of work is witnessing profound rethinking and reformulation to institutionalise the post-Covid new normal, and, at that, as we navigate the unfolding fourth and fifth industrial revolutions.

Specifically, I want to locate the public service system in Nigeria within the unfolding dynamics of human resource developments and practices. This becomes auspicious because it immediately signals to the chairman the crosscutting dimension of the partnership and collaboration that are demanded of the community of service and community of practice—the Nigerian civil service leadership, the CIPM, and the larger public administration community—in institutionally reforming the Nigerian bureaucracy, and inserting its strategic and operational dynamics and processes into the current global trends in human resource thinking.

My reform philosophy and advocacy have been hinged on an administrative axiom: if public administration fails in Nigeria, then all else—in terms of building strong administrative and bureaucratic institutions that will carry the burden of good governance—has failed. This immediately underscores the fact that, given the still challenged state of the performance and productivity capacity of the public service, there is an unfinished business of institutional reform in the public service system to which all hands, including CIPM’s, must be on deck. This administrative axiom is complemented by the observation that it is practically impossible to identify any high-performing economies in the world today without simultaneously discovering that their performance and productivity are founded on the three key elements of knowledge, governance and human capital. This makes it imperative that the “people factor” plays a significant role in governance calculations and in human capital development that translates into the human resource framework necessary for national productivity. This implies the transition from personnel management to strategic human resource management.

In linking President Bola Tinubu’s Renewed Hope Agenda to the urgency of public service institutional renewal and reform, therefore, it becomes fundamental to conclude that the quality of democratic governance can only be directly proportional to the degree to which policy and managerial intelligence can be matched by a dogged political will to commit to a radical transformation of the political service system through the rehabilitation of human resource functions and processes in the workplace of ministries, departments, and agencies. The initial move in this direction was signalled by Tinubu’s determination to constitute a government of national competence that would deploy expertise, technocracy and knowledge to energise intelligent policymaking. However, and beyond this, there is the need for the articulation of critical variables—public administration expertise, leadership sophistication, competent change management strategies and a reprofiled national value system—that would serve as the success factors for undermining the structural constraints that have hindered past and present reform efforts.

Indeed, given the trajectories of the current phase of institutional and governance reform that commenced in 1999 and reached a defining height in 2003, several cogent questions became imperative as the key to determining the direction the Nigerian public service system was heading. These questions include: What kind of public service Nigeria needs to successfully manage the transition from military authoritarianism to democratic governance; and what the appropriate personnel policies, pay structure, and operational cost ratios that are most cost-effective will be, to achieve an optimal productivity level in the national economy.

Unfortunately, and more than 25 years later, it would seem that for Nigeria, to quote the French critic and journalist, Jean-Baptiste Alphonse Karr, “the more things change, the more they stay the same.”

This brief diagnostic analysis brings me to the challenge of the unfinished business of institutional reform that will task the collaborative partnership between CIPM, and the public administration community of service and practice with regard to the core elements of transforming the public service systems. Transforming the public service requires paying attention to workplace dynamics that have been subjected to myriads of changes, especially those that relate to the nature and frameworks of work itself. Given the changing demographics of employees and workers, the workplace now demands new orientations and innovation—like flexi-working—that take into consideration the new normal after the COVID-19 pandemic and the emergence of the Gen Z demographic. Such orientations demand the urgency of rethinking human resource functions from multiple perspectives. This is even made more cogent by the fact that the government has gradually ceased to be the employer of choice for most people given its lack of incentivisation for working in the public service. To change this condition, and key into the unfinished business of reforming the public service, several issues come to the fore.

One, since the human resource function is cogent in achieving performance and productivity, there is no doubt that the professionalisation of the human resource functions is fundamental to transforming the workplace. However, the core professionals need to know that to do this, human resource management can no longer be restricted as the exclusive responsibility of human resource departments. Line managers and other managerial executives now require people management skills and competence to facilitate effectiveness and efficiency. This also relocates the human resource function from the back to the front office. And rethinking the human resource function implies a significant level of reform. For instance, at the basic level, it is no longer productive to treat human resource in terms of personnel management, and its preoccupation with the passive role of privileging rules, regulations and procedures rather than developing and pursuing policies in manners that extract performance results and productivity bargains from people and from the processes. This automatically affects the current practice of staff performance appraisal which is very vague about what is being assessed and rewarded, or even how appraisal should be directed towards performance assessment and competences, rather than as a mere subjective protocol.

Two, it has become almost impossible to think of public service transformation without inserting such reform within the public-private partnership framework. Working within this framework demands optimising the PPP contracts through imbuing public officials with commercial skills and competences that open up their capacities to engage with clients, customers and citizens, acquire knowledge of international business practices and labour laws, adopt multicultural sensitivities and multiple languages, and so on. This also brings in the growing consequences of involving artificial intelligence and robotics in upscaling the performance and efficiency of the public service system. The real challenge is how to translate the uncertainties that attend the deployment of artificial intelligence at the moment to real opportunities that will impact the public service system.

Three, to become the ultimate change agent in the reform of the public service, the human resource manager is not only expected to facilitate the establishment of a new human resource model that will harness the performance and productive capacities of the workforce. They are also essentially required to deepen their skills and competences with regard to risk management in ways that instigate action research as a component of management cum operation research and organisation development in the MDAs. This will also enable the HR to institute a learning culture that challenges the bureaucratic status quo, and helps it champion specific cultural transformations directed at translating desirable culture and public service values into public managers’ behaviour.

The CIPM is strategically located as a key stakeholder in injecting its organisational strengths into articulating a significant blueprint that inserts the organisation into a collaborative partnership needed to keep afloat the business of reforming the public service system. I have no iota of doubt that the new chairman will not only build on the existing architecture of achievements of the previous chairpersons, but also lay a few solid foundations of his that will keep the CIPM on course as a change agent in Nigeria’s effort to build a world-class public service that backstops its democratic governance.

Prof. Olaopa is Chairman of the Federal Civil Service Commission, Abuja

Suit challenging ‘ways and means’ securitisation frivolous

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Suit challenging ‘ways and means’ securitisation frivolous

Ours is a nation full of surprises and I was surprised by a court case where some tried to prevent the Federal Government from securitising the N22.7 trillion ‘Ways and Means’ loans received from the Central Bank of Nigeria. Granted, it is the right of the Nigerians who sued to do so. But, considering the backdrop to the ‘Ways and Means’ matters and the controversies it has generated, suing the current government for the steps it has taken, in my view, amounts to wasting the time of the honourable justices in those hallowed courtrooms. It also amounts to making efforts to retard a securitisation process that has economic and other financial benefits, and I shall explain.

Of course, a Federal High Court in Abuja dismissed the suit and I applauded the judge who was in charge. I imagine the judge was fully aware of the issues surrounding ‘Ways and Means’ and he fully took such into consideration when he delivered his judgment. For me, this is a classic case of the court throwing out a frivolous petition. If one may ask, what did the plaintiffs seek to gain by stopping the government from doing the right thing regarding a loan that was already taken and expended? What the government is doing by securitising is to ensure that the loans are repaid to the CBN. These were loans that, due to the challenge of shortfall in revenue, the government took in order to meet some of its basic functions. It was made clear the reasons the loans were taken as far back as the Goodluck Jonathan administration in 2014. The current government also faced the same challenges and had taken similar loans.

There’s a need to repay at a stipulated period in the CBN law and anything done to the contrary will amount to illegality. In the face of the revenue shortfall, what should the current government do? It’s important we understand that securitisation is not limited to the need to offset ‘Ways and Means.’ It can be used by the government and the private sector for other purposes. Generally, what is called asset securitisation is one of the new methods of financing beyond the horizon of traditional equity and debt financing. While asset securitisation is popularly used across the world, it’s still largely new in Nigeria but it was first adopted with regard to ‘Ways and Means’ by the immediate-past Muhammadu Buhari administration. But asset securitisation can also be used in providing access to bank funds to match their regulatory capital requirements and their financial obligations.

Moreover, there’s a possibility of investment in asset securitisation under the National Pension Commission going by its regulation on investment of pension fund assets. There’s the possibility of asset securitisation helping in addressing the challenges in the housing sector. There’s as well the possible utilisation of asset securitisation in facilitating access to immediate funding from the capital market to address infrastructural problems. The newness of asset securitisation in Nigeria is however underscored by studies which have found that existing rules guiding the process are complex, cumbersome and are not conducive to the emergence of asset securitisation.

Also, the possible legal and contractual means of mitigating legal risks involved in asset securitisation are shown by studies to be unsatisfactory. Therefore, it’s being advocated that there’s a need for specific legal and regulatory frameworks on asset securitisation as well as reform of the law on priority and enforcement of security interests. In addition, enacting a law on asset securitisation has had to contend with Nigeria’s constitution as different aspects of law applicable to asset securitisation cut across federal and state legislative jurisdictions. These are a few examples of the limiting factors to the development of asset securitisation in Nigeria. Could Buhari’s administration that began ‘Ways and Means’ securitization, and the current Bola Tinubu administration that has continued with the process be contributing to the improvement in assessing securitisation in Nigeria through their involvement? I think so, and this is one benefit those who sued the Federal Government could have truncated.

Despite the relative newness of asset securitisation process in Nigeria, securitisation transactions have been playing a significant role in our financial market, providing essential financing options for various sectors. Securitisation involves transforming illiquid assets into tradable securities, ensuring liquidity and reducing risk exposure. It has helped financial institutions to diversify their portfolios and expanded lending capacities. It has also allowed for easier access to capital markets and reduced reliance on traditional funding sources. In the Nigerian financial market, various participants play crucial roles in securitisation transactions. These include banks, mortgage institutions, or leasing companies, which are responsible for creating the asset pools while investors, typically different institutions, purchase the securitised assets. This financial technique enables originators to raise funds by selling pools of assets to special-purpose vehicles. These SPVs also known as issuers hold the asset pools and issue securities to investors. SPVs are separate legal entities designed to protect investors from potential risks associated with the originators.

The rating agencies also have a role in securitisation transactions, providing credit assessments of the securities issued by the SPVs. They evaluate the quality and creditworthiness of the securitised assets, enabling investors to make informed decisions. Securitisation transactions provide a way to unlock liquidity, diversify portfolios, and access capital markets, thereby benefiting the overall economy. The involvement of the government at this stage of the development of the sector is beneficial to the economy as well, but this is what the plaintiffs want to retard by the action.

Through the securitisation of the CBN loans, according to Nigeria’s Debt Management Office, the process will improve debt transparency as the securitised ‘Ways and Means Advances’ will now be included in the public debt statistics. It will reduce the Debt Service Cost as the new Interest Rate is nine per cent per annum compared to the Monetary Policy Rate plus three per cent which translates to 21.0 per cent per annum currently being charged on the ‘Ways and Means Advances.’ The large savings arising from the much lower interest rate will help reduce the deficit in the budget and expectedly, the level of new borrowings.

Moreover, provisions for interest on the securitized ways and means advances (starting from 2023) and principal repayments starting from year four will be made in the annual Federal Government budgets. Meanwhile, in order to allay the fears of every Nigerian, the Federal Government says the securitisation of the ‘Ways and Means Advances’ does not involve new money being given to the Federal Government as the CBN has already provided the funds to the Federal Government. And, based on statutory provisions, the approval of the Senate and the House of Representatives is required for the securitisation. Therefore, implementation will be upon receipt of the approval of the House of Representatives. I think with such clarification made to the plaintiffs in the case instituted against the Federal Government and other intending co-travellers can go and rest.

Ishaku is a financial expert

Lagos raising young farmers to replace ageing ones – Govt

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Lagos raising young farmers to replace ageing ones – Govt

The Lagos State Government has completed a one-month intensive training for some youths in the state in an agricultural entrepreneurship programme.

In a statement on its X handle on Sunday, the government disclosed that the participants in the programmed had pledged their commitment to contribute to food security in Lagos.

The statement noted that the government led by Babajide Sanwo-Olu was committed to improving food production and sustaining livelihoods.

“The need to replace our aging farming population with youth trained in modern farming techniques towards improved food production, job creation, and sustained livelihoods remains very key to the government of Mr Babajide Sanwo-Olu, who is the Governor of Lagos State.

“In this direction, having undergone a month’s intensive training, participants of the Lagos Agripreneuership Programme (LAP 20) at their graduation ceremony, assured willingness to contribute their quota towards ensuring a food-secured Lagos,” the post read.

Last week, Sanwo-Olu called on agro-food companies to collaborate with the government to bring down the cost of food in the state.

The governor made the call while receiving the senior management team of Olam Agri Nigeria Ltd., led by the Managing Director, Anil Nair, on a courtesy visit to the Lagos State House Marina last Thursday.

“There is no better security these days than food. Today being the first day of August, you can see in the streets in Nigeria, there’s some sort of hunger protest.

“How I wish that you and I, after this meeting, will make a broadcast that food prices have gone down by 25 per cent; it will be great news for both of us,” the governor said.

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Council chair, estate exco bicker over public disturbance claim

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Council chair, estate exco bicker over public disturbance claim

The Chairman of the Agege Local Government Area of Lagos State, Alhaji Ganiu Egunjobi, has denied the allegation of public disturbance, unlawful arrest and actions capable of threatening public peace and security, levelled against him by the Board of Trustees and the executive of Ijaiye Medium Income Housing Estate Development Association, LSDPC Phase 1, Agege.

In a press statement issued Friday and signed by the Chairman of the estate, Idowu Afelogun, the LG boss was accused of threatening the peace and security within the estate through some of his actions between 2021 and 2024.

The LG boss was also accused of flouting the laws and regulations of the estate indiscriminately. The association called on the state governor, Babajide Sanwo-Olu, to caution the chairman.

“On May 20, 2022 around 9am, Egunjobi attempted to access the estate from Oba Ogunji Road, which is reserved exclusively for residents with estate stickers.

“Security guards, following a mandate from the General Meeting of the estate, politely asked Alhaji Egunjobi to use the main gate as his car did not have the estate sticker. He responded by blocking the back gate with his car, causing significant disruption.

“Later that day, around 5pm, Alhaji Egunjobi brought thugs into the estate, who violently dismantled the security barrier and assaulted the security guards,” part of Afelogun’s statement said.

They said the situation degenerated to the point that some of the security guards were detained allegedly at the instance of the LG boss, and that in 2024, Egunjobi also sued the entire estate in a Suit No: MCIK/2842/CIV/2024.

Reacting to the allegations, Egunjobi described as false the accounts given by the leadership of the estate.

“It’s sad that the leadership of the estate is being mischievous about the whole thing and being economical with the truth. In most of the issues raised, I was the victim but they are turning it against me to call the dog a bad name in order to hang it.

“They raised the issue of a vehicle that entered an exclusive gate without the estate’s sticker but didn’t add the fact that it was an ambulance on an emergency routine. Besides, as a resident of the estate, I buy over 10 stickers periodically and so have no reason to access the so-called exclusive gate without a sticker on my car,” he told ThisDay in an interview on Sunday.

Chowdeck boosts food delivery with logistics tech

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Chowdeck boosts food delivery with logistics tech

Nigerian technology startup Chowdeck has announced its partnership with Chicken Republic, a popular quick-service restaurant chain, to enhance food delivery experiences in Lagos and Ibadan.

By leveraging its advanced logistics technology, Chowdeck said it is focusing on how to provide faster, more affordable, and reliable delivery services to customers.

According to a statement from the firm, the partnership will enable customers to enjoy lower delivery fees, exclusive in-app discounts, and loyalty rewards through Chowdeck’s loyalty programme.

It noted that the collaboration would drive increased daily sales and customer engagement while addressing the growing demand for online food delivery, projected to reach 52.0 million users by 2029.

“The partnership will include periodic in-app special discount offerings and the opportunity to earn Chowscore points through Chowdeck’s loyalty program, further enhancing value and satisfaction for loyal customers. To kick off the partnership, Chowdeck users are being offered an exclusive N1000 meal deal,” the company stated.

The Chief Executive Officer of Chowdeck, Femi Aluko, said that the collaboration underscored the firm’s commitment to delivering high-quality, efficient, and convenient services.

He stated that by combining its fast-growing delivery network with Chicken Republic’s exceptional offerings, it aimed to enhance the customer experience and bring happiness to more individuals across Lagos and Ibadan.

The Chief Executive Officer of Food Concepts, Kofi Abunu, expressed excitement about expanding the company’s partnership with Chowdeck.

He noted that Chowdeck’s impressive growth over the past year, combined with its forward-thinking approach and commitment to investing in partner development, indicated a long-term commitment to addressing the last-mile delivery challenge.

Abunu also stated that customers, particularly in Lagos and Ibadan, could expect an improved delivery experience with Chicken Republic on Chowdeck.

Minister laments poor international support for govt reforms

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Minister laments poor international support for govt reforms

The Minister of Budget and Economic Planning, Atiku Bagudu, has expressed dissatisfaction with the inadequate support from international development partners, noting that the government had anticipated greater assistance for its reform efforts to yield results.

He said the international bodies have not provided enough support to consolidate the “bold, courageous, and risky” reforms undertaken by the current administration since its inception over a year ago.

He advocated enhanced international development assistance to African countries, suggesting that it should be more proportional to their populations.

Bagudu said this in an interview with journalists on the sidelines of the just concluded African Caucus meeting with the theme, “Facilitating Intra-African Trade: Catalyst for Sustainable Economic Growth in Africa”.

The African Caucus, established in 1963, aims to strengthen the voice of African Governors in the Bretton Woods institutions on development issues pertinent to Africa.

Representing all 54 African countries, the Caucus meets twice yearly to consolidate views and convey them to the heads of the IMF and World Bank through a memorandum.

The According reports that Nigeria has secured a total of $4.95bn in loans from the World Bank under the administration of President Bola Tinubu.

Not less than six loan projects have been approved and they include loans for power ($750m), women empowerment ($500m), girl’s education ($700m), renewable energy ($750m), economic stabilisation reforms ($1.5bn) and resource mobilisation reforms ($750m) for the benefit of Nigerians.

Speaking during the interview, the former Kebbi governor said international development assistance is important to mobilise capital, adding that priority should be given to the African caucus.

He added that geography should not prevent any nation from accessing capital while allowing another country to receive it in abundance.

He said, “For us in Nigeria, both historically as an evolutionary development, international development assistance is important to de-risk other forms of investments. It was for us a tool that would mobilise capital that would otherwise not be provided by the private capital market at that time.

“Nigeria recognised a long time ago that it intends to benefit from international development. it is also in a position to assist others and that is why Nigeria had 1976, a trust fund with the African Development Bank.

“But the resources that we require have been much less than what we have been able to mobilise both historically and concurrently and even despite the increasing relevance of bilateral official development assistance or that which is provided for a bloc of countries for example like the European Union, Global gateway or the Chinese silk and belt initiative.”

The minister added that the “Assistance should be a tool to mobilise long-term capital at the scale of shared prosperity.”

Bagudu said he “just finished participating in a session on the International Development Association, stressing that “while a country with 10 million people in Europe can find $200bn, Nigeria with over 200 million people can hardly find $10bn.”

Meanwhile, African finance ministers and central bank governors have outlined a four-point strategy to enhance intra-African trade and stimulate economic growth.

The plan agreed upon at the 2024 African Caucus Meeting in Abuja, focuses on strengthening payment systems, improving energy access, leveraging partnerships with banks, and reforming the global financial architecture, a communique issued on Sunday read.

The meeting, held amidst a challenging global economic climate, stressed the need to increase intra-African trade as a catalyst for job creation and investment. While acknowledging Africa’s economic resilience, the leaders emphasised the continent’s low share of global trade, currently at 14.4 per cent.

To address this, the caucus called for concerted efforts to dismantle trade barriers, including tariffs, fragmented payment systems, and inadequate infrastructure. They also highlighted the importance of the African Continental Free Trade Area in promoting trade among African nations.

The communique read, “At the meeting, the governors underlined four key pathways to boosting intra-Africa trade, namely: strengthening pan African payment ecosystem, enhancing energy access, affordability, and connectivity; leveraging partnerships with MDBs, and reforming global financial architecture.

“The Caucus also called on the IMF and World Bank Group to ensure that their support to member countries continues to be guided by principles of balance and evenhandedness, and consistent with their policies. These considerations are all the more important at a time when countries are being assailed by adverse exogenous shocks and facing immense financing needs.”

Tech adoption crucial for wealth transfer to Gen Zs – Investment advisors

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Tech adoption crucial for wealth transfer to Gen Zs – Investment advisors

Investment experts have advised that when it comes to transferring wealth to Generation Z, digital strategies must be at the forefront.

This came to the fore at the recent Cordros Summit in Lagos, with the theme ‘Wealth Revolution’, where leading financial experts gathered to explore innovative strategies for transferring wealth to Generation Z.

According to reports, Generation Zs are in line to inherit trillions of dollars from their parents and guardians in the next 10 years globally with their penchant for holding assets in digital format.

Experts noted that it was important to tailor wealth transfers to fit their financial behaviours and expectations.

In his keynote address, the Chief Executive Officer of Globus Bank, Elias Igbinakenzua, said that research had shown that there is about $90tn to be transferred to the next generation majority of whom are Gen Z in the next ten years.

He noted that Gen Zs were thinking digital, “they are not like what we used to know in time past. We must move with their thinking and create a framework that will sustain that wealth when it’s transferred”.

He said, “Today, we have over $1tn in market cap in digital assets, and if we don’t understand how that works and impact the economy we will be on the losing side because the Gen Z are thinking global, we that will transfer the assets to them must think global, if we don’t do so, most of them will flee from our midst to global realm.”

Speaking on Nigeria’s economic outlook, the Chief Executive Officer of The CFG Advisory, Tilewa Adebajo, wondered if the country’s population was an asset or liability.

According to Adebajo, any population that does not have purchasing power is not an asset but a liability.

“During the global financial crisis of 2008, it was the prudent in our physical planning that helped Nigeria navigate through the challenge of that period but what we have today is different from what we have at that period and that’s simply what is responsible for what we are passing through today.

“We have consistently followed the path of bad physical management to destroy our value. How do you grow, preserve and even transfer wealth in an environment with bad physical management?’ he added.

Also, the Managing Director of Cordros Assets Management, Gbolahon Aina, remarked, “Nigeria has a youthful population, and most of them are investing in digital assets. At the moment, we have a considerable number of Nigerian youths in Fintech and with government support, I think the future will be great for them.

“To the Nigerian youths, I will advise that they seize this opportunity, invest in assets, learn more about investment and they should not be afraid to take risks.”

On his part, the Group Managing Director, of Cordros Capital, Wale Agbeyanji, wanted the government to create an enabling business environment for Nigerian youths to give them the room to work with the trends in the global economy.

Kwara seeks Army’s support on monthly sanitation

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Kwara seeks Army’s support on monthly sanitation

The Kwara State Government has sought the collaboration of the 22 Brigade Commander, Brig. Gen. Olufemi Williams, for the sustenance of a cleaner Kwara.

The Commissioner for Environment, Hajia Nafisat Buge, disclosed this on Saturday, when she paid a courtesy visit to the 22 Brigade Commander at Sobi headquarters, Ilorin.

She said, “We are here to seek the collaboration of the Nigerian Army to achieve a cleaner Kwara, most especially on the enforcement of laws during the monthly sanitation exercise, as well as curbing deforestation, to sustain a clean and hygienic environment capable of paving the way for healthy living.”

A statement by the Press Secretary in the ministry, Esther Abolarinwa, made available to the press on Sunday, revealed that indiscriminate dumping of waste had become rampant in the metropolis, which might lead to the outbreak of cholera currently ravaging the country.

The commissioner reiterated the commitment of the state government, under the leadership of Governor AbdulRahman AbdulRazaq, to make the environment safe and healthy for residents.

Responding, Brig Gen Williams commended the governor’s efforts at repositioning the state to be safe for healthy living and also attractive to investors for even development.

He assured of the readiness of the military to give support in enforcing environmental laws, to achieve a cleaner Kwara.

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