The Nation Newspaper

Tag: Development

  • Real estate 2017: Development at snail speed

    Real estate 2017: Development at snail speed

    The real estate sector had initial hitches as a result of the recession in the early part of the year. However, with the country’s exit from the economic recession, some measure of good prospects followed, especially in the retail mall sub sector, writes MUYIWA LUCAS.

    Stakeholders in the real estate sector have taken a look into their crystal ball and submitted that the outgoing year for operators in the sector has been fair and not particularly fulfilling.

    Their submissions are not unconnected with the developments in the industry and the market environment the operators found themselves. For instance, at the onset, real estate owners had the challenge of low occupancy ratio, and tenants’ inability to pay rents.

    Kayode Oyedele, an estate manager, recalled that his first shock in the year came from the position of his tenants who told him in clear terms to either reduce the rent or they vacate his house. He had no option than to take a 30 per cent cut in rent to avoid a situation where he would have a lot of vacancy in his property.

    Experts like the Head, Property Management, SFS Capital Limited, Victoria Island, Lagos, Mr. Bolarinwa Odeyingbo, explained that the expectations for the property market this year has been dwarfed by the same problem of investor confidence experienced in the sector last year. “The biggest challenges in 2016 were investors’ confidence – local and international. There was not an increased confidence this year, which led to the not too impressive performance of the sector this year,” Odeyingbo said.

    Analysts, like Odeyingbo, maintained that as a result of dwindling income of would-be home owners on one hand, and weak currency that further shrunk companies and personal income earnings, remained a strong factor that affected the sector.

    With the sector accounting for eight per cent of the Nigerian economy, while the country was in recession, following two consecutive quarters of GDP contraction, the sector declined and contracted so many times. This became a disincentive for investors.

    This position was further accentuated by a lecturer and member of faculty at Lagos Business School, Doyin Salami, during his presentation as a guest speaker at this year’s Annual Business and Award Dinner organised by the Nigerian chapter of the International Real Estate Federation (FIABCI), in February.

    He had submitted that given the state of the economy and the sector in particular, it was much better to buy a government treasury bill at the moment than to build a house. This, he premised on the return on investment. “Treasury bills will give 20 per cent returns and no risk, while houses are associated with a whole lot of risk such as government approvals and consent, non-payment of rent by tenant and managing the house as a whole. Capital appreciation in housing is one of the slowest; it’s long term and not something that is rapid. It may 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,” he told the audience.

    Odeyingbo explained that the glut in the market did not really clear out in the year, making several properties across the country to remain unsold, abandoned and uncompleted. The problems, he said, could be traced to the era of cumulative bad governance, endemic corruption, disruption in the oil industry, and the absence of any revolutionary economic blueprint. This is why mass homelessness is now a common feature in all metropolitan areas, and infrastructure problems continue to escalate.

     

    Fed Govt’s initiatives

    Nigeria’s mortgage system is currently unable to support a housing policy that will deliver affordable houses to Nigerians. At the recently concluded 2017 National Built Environment Conference (NABECON), which held at the Ahmadu Bello University, Zaria, Kaduna State, the guest speaker, who is the the Managing Partner, Costec Consultants, Mr. John Agele Alufohai, making reference to researches conducted by the Federal Mortgage Bank of Nigeria (FMBN), noted that high mortgage rate, which is usually given at short tenures; a difficult business environment, high inflation, and unstable policies, all combine to hamper the growth of the housing sector in the country. This, he further explained, is why there is an estimated deficit of 18 million housing units in the country. The research also revealed that the country needs to build 720, 000 housing units per annum at an annual cost of N56 trillion to bridge this gap.

    “The most efficient focus of housing policy is for the government to assist millions of Nigerians obtain lower-interest mortgages; this is how most citizens are helped to acquire houses in many countries with successful housing policy such as Singapore, South Africa and Malaysia,”  Alufohai argued.

    This year, the Federal Government also tried to inject funds into the sector through its various agencies. For instance, in April, it announced that it had provided N500 billion to resuscitate the Federal Mortgage Bank of Nigeria (FMBN) to make mortgage facilities easily available to Nigerians. Alhaji Mustapha Baba-Shehuri, Minister of State for Power, Works and Housing, announced this in Lafia on Monday when he called on the Nasarawa State Deputy Governor, Mr Silas Agara.

    The News Agency of Nigeria (NAN) reports that the minister visited the site of a National Housing Project (NHP) in Lafia. “The resuscitation of the bank with N500 billion will provide the institution with adequate funds to provide mortgage facilities to interested Nigerians. The government in its quest to provide shelter to Nigerians, has recently directed the FMBN to waive the payment of 10 percent equity on mortgages below N5 million. This will greatly enhance the transition of low income earners from tenants to home owners,’’ the Minister of State for Power, Works and Housing, Alhaji Mustapha Baba-Shehur, had revealed in Lafia, Nasarawa State.

     

    Hot properties

    Odeyingbo mentioned this to include the retail sector that is, malls, including the mass medium income category on the Mainland part of Lagos State which drove the market. He observed that areas such as Yaba and its environs, Surulere, Maryland, Magodo Phase 2 (Shangisha/ Ketu Ikosi axis), Gbagada, and some other central areas on the Lagos mainland, will experience a boost. In Abuja, Phase 3, comprising Galadimawa, Kabusa, Lokogoma down to Apo resettlement will experience a boost.

    Another segment that moved the sector this year was the development of the malls. For instance, Novare Real Estate Africa, inaugurated its third mall in Abuja- the Novare Gateway Mall, built at a cost of $68 million. The firm is also developing a 12,508-square metre Novare Central Office park- a mix-use centre consisting retail space and A-grade offices. In Lagos, the group developed the 22, 000 square metre Novare Lekki Mall.

    Novare Real Estate Africa Chairman Prof Fabian Ajogwu (SAN), explained that the investment has shown the firm’s belief in the economy. For him, it is a wise investor that prepares ahead of the market, which he said is exactly what his group is doing in the Nigerian economy.

     

    Investment opportunities

    The rise in Nigeria’s middle class has been over-hyped in recent years but it is still believed to have contributed to the sector this year.  A researcher on housing provision and the economy, Mr. Mayowa Sodipo, said  there has been dramatic growth in the bracket from about 4.6 million households in 2000 to almost 15 million households today if the middle class and lower-middle-class categories are both included.  He, therefore, said, it was assumed that over the next 15 years, the growth will continue to gain momentum, and a further 25 million households will become middle class and lower-middle-class households.

    Also Nigeria is by far the biggest source of the new middle class in Africa, with a forecast that by 2030, there will be 12 million middle-class households in Nigeria alone. Sodipo said it was given that the medium income Real Estate investment would fare better.

    The Lagos Initiative

    The efforts of the Lagos State government and other stakeholders in the built environment to tackle housing deficit, frontally, received a boost this year. In November, the state government signing of a Memorandum of Understanding with the Nigeria Mortgage Refinance Company (NMRC) and a consortium of developers to build and deliver 20,000 housing units in Lagos. The MoU, signed by the parties, is in line with the Lagos Affordable Public Housing (L.A.P.H.) initiative of the Governor Akinwunmi Ambode-led administration, geared towards building 20,000 housing units through a joint venture initiative (JVI).

    The Lagos Commissioner for Housing, Mr. Gbolahan Lawal, said that the ministry and the developers had initiated an arrangement with Primary Mortgage Institutions (PMI) and NMRC to facilitate the creation of mortgages for subscribers to the housing units under the LAPH initiative. This is because of  the prevailing economic downturn in the country which, he said, has affected the finances of most citizens and their ability to fund the purchase of a home,

    “The state government is a subscriber to NMRC by virtue of the registration of our Lagos Building Investment Corporation (LBIC) with the company and is therefore qualified to benefit from the mortgage loan refinancing roles of NMRC. The refinancing agreement will assist the supply side as well as the demand side of the value chain as it will set in motion a revolving pool of funds for mortgage origination which will assist developers and provide them access to construction finance and help scale up housing delivery,” he said. Gbolahan added that the LAPH home ownership initiative and the collaboration were an opportunity for the state and its residents to leverage the benefits under NMRC. He said the MoU would trigger a scheme that could be tagged: “Home Ownership Made Easy.”

    By and large, it is the belief that this year has seen the industry perform averagely.

  • Efon indigenes urged to be proactive in development

    Efon indigenes urged to be proactive in development

    Chairman of Efon Development League, Lagos Prince Emmanuel Ajewole has urged the indigenes of Efon, Ekiti State work toward the development of their community.

    Ajewole who spoke during the 2017 Gala Day/Fund Raising in Lagos, said Efon people resident in Lagos would remain steadfast in ensuring that the idea behind the establishment of the league was sustained.

    He said the league was able to put in place scholars/vocational award programme to uplift indigenes that needed support in terms of skills acquisition and educational development.

    The chairman recalled that the association had worked tirelessly to give Efon indigenes a befitting secretariat in Lagos, noting that the people had been very supportive.

    He said: “My greatest joy is the positive cooperation we received from Efons. I cannot but, appreciate the enthusiastic reception, co-operation, prayers and support; morally and financially that we got.

    “We equally get encouragement from clubs, societies, cooperative bodies and individuals during the course of fund raising. These efforts have today given us a place we call ‘our secretariat’ and a meeting place for the Efon indigenes and friends in Lagos.”

    The chairman added that his leadership intended to sustain the empowerment programme, stressing that such effort would have cumulative effect on members who are in Lagos and Ekiti State.

    He said his leadership would continue to make accountability its watch word.

  • Aregbesola: I’ve fulfilled essence of development in governance

    Aregbesola: I’ve fulfilled essence of development in governance

    Osun State Governor Rauf Aregbesola says his administration has performed excellently.

    The governor said he had fulfilled the essence of development in governance.

    He said residents were enjoying and benefiting from his administration’s projects, policies  and programmes, adding that his administration has lived up to expectation.

    Aregbesola spoke at the Press Week lecture of the Correspondents’ Chapel of the state’s Nigeria Union of Journalists (NUJ) in Osogbo, the capital.

    The governor urged the media to set an agenda for government and properly enlighten and inform the people about his administration’s development.

    He said: “The media must set an agenda for the government. It is unfortunate that the media have painfully refused to set an agenda for the government in a way that will aid development and the wellbeing of the people.

    “Development should be for all citizens and not about a few people. It is not about a section of the people but that which will positively affect all who are important, significant and germane in the society.

    “If government lives for only those in government alone, then government must have lost its value, hence the reason our government prefers to make projects that benefit majority of the people of Osun State.”

    The governor noted that the essence of government is compassion, adding that the primary role of government is to be compassionate and be concerned about the welfare and wellbeing of the people.

    He said: “The roads that government built will be used by all, including the civil servants; the drainages we are building will save the civil servants from flood; the security we are improving upon to make sure that life is lived well will equally affect the civil servants. That’s development for all of us.

    “But what the media report is that we don’t pay salary; we pay half salary. Nobody genuinely will deliberately want to make life miserable for anybody. No responsible government will go out of its way to make things difficult for its own people…”

  • Aremu advises African govts on workers’ rights, development

    Aremu advises African govts on workers’ rights, development

    Vice  President,  IndustriAll Global Union (Africa), Comrade Issa Aremu, has urged African governments to insist on fair international trade and ensure that they do not undermine the rights of workers.

    He also advised that their quest for national development and foreign direct investments (FDIs) should not be at the expense of workers.

    He made the assertion while addressing a meeting on Trade and Industrial Policy of industrial global union in Colombo, Sri Lanka.

    Aremu observed that the decisions of multinationals to invest in Africa were often inspired by access to markets, tax holidays, cheap raw materials and supply chains, subsidies and low wages rather than decent sustainable jobs, technology transfers and national development.

    “Miserable low wages, long work hours, child labour and labour dumping, as well as direct importation of cheap prisoner-workers to Africa make up the new motivations for some Chinese investment in Africa,” he said.

    Aremu, who is also the secretary- general of Textiles Workers Union and member, Nigeria Labour Congress (NLC) National Executive Council (NEC), therefore, cautioned African governments to be cautious of trade and investment deals

    These, he alleged, would consign them perpetually to producers of raw materials, export base for foreign multinationals’ products as distinct from developing producer economies.

    He stressed that international trade issues were too important and weighty to be left with governments alone, and expressed labour support for the recent proposals by 90 developing countries including Nigeria demanding for changes in World Trade Organisation (WTO) rules that restrain national development priorities.

    He said the demand for fair international trade must be linked with development of African economies, pointing out that “Africa should copy China by also adding value to its abundant natural raw materials, create jobs for its youthful population, and stop uncritically clapping for China which takes the Continent’s raw materials, dumps finished goods and even imports prisoners/workers to Africa” he said.

  • Gowon calls for sustainable economic development

    •Stockbrokers honour Gowon, Obasanjo, Babangida, Dangote

    Former Head of State, General Yakubu Gowon (rtd), has stressed the need to develop an enduring and sustainable national economic management framework that will be immune to political changes and transitions.

    Gowon spoke briefly with newsmen after he was conferred with the Honourary Fellow of the Chartered Institute of Stockbrokers (CIS) yesterday in Lagos.

    The Former Head of State said the road to Nigeria’s economic growth is for every government to continuously build on the groundwork laid by the previous government.

    “Economic planning is that when it starts today, it should continue into the future. I am requesting all in government, irrespective of which party is in charge, that they should continue to always build on what has been done before rather than abandoning it because of difference in ideology,” Gowon said.

    He noted that the economy appeared to have stabilised and there are expectations that the economy will continue to improve.

    He commended the performance of the stockbroking profession and the capital market, noting that with the quality of professionals within the CIS fold, Nigeria shall once more regain her place of eminence in the financial world and the comity of nations.

    “Between 1992 when the Institute received its Charter and now, it has grown through the twists and turns of the business of life to make meaningful contribution to the growth and development of Nigeria’s economy. The sum total of your efforts can be seen in the growing confidence in our economy, which can favourably compete with that of many in the Western world. That is patriotism,” Gowon said.

    Three other eminent Nigerians Chief Olusegun Obasanjo, General Ibrahim Babangida and Alhaji Aliko Dangote would also be conferred with Honourary Fellowships.

    Gowon was conferred with the award yesterday as part of the Institute’s commemoration of its 25th anniversary alongside the hosting of its 21st Annual Stockbrokers’ Conference with the Theme “Adapting to the Dynamic Changes in the Financial Market “. By this new status, the eminent Nigerians shall become members of the Institute.

    President, Chartered Institute of Stockbrokers (CIS), Mr Oluwaseyi Abe noted that Gowon’s conferment was on the strength of his enduring support for the Capital market, pointing out that Gowon laid a substantial part of the foundation for the exponential growth witnessed in the Nigerian capital market in the last four decades through the promulgation of the Nigerian Enterprises Promotion Decree, also known as the Indigenization Decree 1972.

    According to him, the enactment of that law was a bold step that radically changed the landscape of the Nigerian capital market as the sale of large state-owned enterprises and multinationals to private investors through public listing gave Nigerians their desired involvement in the commanding heights of the economy and created more employment for Nigerians.

    Abe said Obasanjo has been an advocate of private sector –led economy of which the capital market is the back bone noting that Obasanjo has consistently called out to the government to leverage long term funds from the market to drive growth and development.

    According to him, the banking consolidation exercise of 2004 under Obasanjo presidency was monumental and created a more diversified, strong and reliable banking sector, which recreated the capital market by stimulating activities both in the primary market and secondary market and attracted about $650 million into the banking sector.

  • Lagos, SystemSpecs invest in capacity development

    Lagos State government and SystemSpecs are expanding the frontiers of technology by empowering young Lagosians to significantly contribute to the advancements of the future, through CodeLagos.

    CodeLagos—an initiative of the Lagos State Ministry of Education, is aimed at teaching youths code writing and creative problems solving techniques—has been extended to out-of-school centres in order to further broaden access to coding education residents.

    In its first phase, the project trained more than 5000 students from 65 schools, including public and privately-owned primary as well as secondary schools across the state. The programme has now been expanded and will run in about 150 schools in the State.

    Speaking on the development, Special Adviser to the Governor on Education, Obafela Bank-Olemoh, said: “By January 2018, the programme would have expanded to a minimum of 500 schools across the State, while the Out-of-School programme will expand to all the public libraries and selected community centres.”

    Executive Director,  SystemSpecs, DeRemi Atanda said the firm has partnered with the Lagos as part of its commitment to empower the next generation of innovators who will drive the future of work.

    “We know that technology is a major enabler of any thriving economy, and acknowledge the importance of building capacity in that area.

    “Our vision is to lead efforts to develop the next generation of innovators and ensure that Nigeria becomes a net exporter of software technology solutions and services in the next few years,” Atanda said.

  • Niger Delta stakeholders propose action plan for regional development

    Niger Delta stakeholders propose action plan for regional development

    Stakeholders at the sixth edition of the Niger Delta Development Forum have  proposed a regional action plan for the oil rich Niger Delta.

    This was the consensus of participants at the opening session of this year’s forum holding in Uyo, the Akwa Ibom State capital.

    Speakers at the yearly event put together by the Foundation for Partnership Initiatives in the Niger Delta (PIND) in collaboration with Market Development in the Niger Delta (MADE) emphasised that the future of  the Niger Delta can only be secured through development planning that is designed at state-level and endorsed by its citizens.

    Opening the event, the Governor of Akwa Ibom State, Mr. Udom Emmanuel called for increased participation of the region’s citizens and state governments in planning for future economic development just as he urged for the implementation of “what has already been put on paper.”

    Represented by the Commissioner for Science and Technology, Dr. Nse Udo Essien,  Emmanuel said there was an urgent need for an integrated plan that would address the plight of the people in the light of fresh threats by Niger Delta Avengers.

    Speaking in a similar vein, Executive Director of PIND, Dr. Dara Akala lamented the abandonment of the Niger Delta Master Plan that was put together in 2006 and urged stakeholders to take ownership of the document to ensure the development of the region.

    “I am sure that it will not be contentious to say that the Niger Delta Regional Development Master Plan adopted in 2006 has suffered from a lack of ownership by key stakeholders at the State level,” Dr. Dara Akala, said.

    The Senior Special Adviser to Cross River State Government on Sustainable Development Goals, SDG, Ambassador Nkoyo Toyo, said “We need to allow the people take ownership of the process.”

    A professor of Agricultural Economics, who gave the first keynote address at the Forum, Adegboyega Oguntade, also averred that in any development plan, consultation with stakeholders – the citizens – is “very important and must be a continuous one.”

    Addressing the importance of implementation, Technical Assistant on SDG’s, Office of the Vice President of Nigeria, Hadiza Aminu, said, “Beyond having effective policies, we need to be able to implement. We need action plans.”

    .The Forum, which is themed “The Future in Our Hands: A State-led Framework for Planning and Development in the Niger Delta”, kicked off with a welcome address from PIND’s ED, Dr. Akala, who reflected on the fruits of past NDDF editions.

    “BRACED Commission, for example, moved forward on some of the agriculture and investment policy recommendations from a previous NDDF to work directly with the Commissioners of the six states they are mandated to work in,” he said. “Following a recommendation from NDDF, USAID’s MARKETS II project supplied equipment grants to women and youth for farming in Cross Rivers and Delta States as part of work to address the constraint of access to finance for women and youth.”

    Then there were short goodwill messages from the Forum’s partners, which include the UK Department for International Development, DFID.

     

  • ‘Nigerians should play politics of development’

    Mr. Seye Oyeleye is the Acting Director General, Development Agenda for Western Nigeria (DAWN) Commission, a think-tank dedicated to the ideas and ideals of socio-economic development of the six states within southwest Nigeria. In this interview with Ibrahim Apekhade Yusuf he speaks on concerted efforts to turnaround the fortunes of the region. Excerpts:

    Unraveling the DAWN Commission

    DAWN is Development Agenda for Western Nigeria (DAWN) Commission and is a creation of the six south western states. Our duty is to midwife the integration process and we’re talking about economic integration, social integration process for the six southwest states. And the idea behind it basically is to make sure that development is fast tracked in all spheres. We don’t play politics. The only politics we play is politics of development. Whatever benefit people get is what we are after. So as an example, in the area of agriculture, we are linking the six states now to work together. Cocoa used to be our mainstay in this region; we have revived it working in tandem with the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) and the Central Bank of Nigeria (CBN). We’re equally working with Lagos state on the rice project. Lagos is in the process of acquiring land across the six states to feed the rice mill that is being established in Lagos. DAWN is the organisation putting these things together to make sure that all the states benefit from these business ventures. So Lagos is going to have the market and the other five states will be supplying rice into that market. As I said, Lagos is going round at the moment using land and we’re just making sure those farmers in those states benefit from Lagos market. Truth is, if as a country we expend over N2b annually on rice and Lagos alone consumes up to 35% of these rice, we think that if these five states can tap into a fraction of that billion, it brings prosperity back into the region, in terms of economic development.

    We’re also talking of having a transport hub in the region. The designs are there. We’re thinking of linking all the state capitals on rail. It might sound long-term and utopian, but trust me, the plans are there. We have drawn the maps and seen how doable this is. These are some of the things we do as a Commission. In the past, we have been asked what projects have you done? We don’t implement projects; we only think through the ideas and see how it’s going to work and then make sure that the six states seat together to achieve their set objectives. And we have been able to do that in the last four years. Whatever is good in Ogun state that can be replicated elsewhere, we take it there. That is our job.

    We’re setting purely economic development agenda for the region because we think it’s the way to go. At the moment, all the states still come to Abuja cap in hand before they can survive. They go to Abuja for monthly allocations. But what we are doing is try to move or to change that story that instead of relying solely on a monocultural commodity called oil and everybody now becomes an oil features marketer that looks at the oil prices every day, we can look inwards and see what we can do within our region that can ensure economic stability and sustainability.

    DAWN’s survival strategies

    The way we are, we are not a commercial organisation, although we do some other consultancy services. But primarily, our source of funding is through the six states. They have an agreed amount that they allocate to the Commission on yearly basis. DAWN is their baby so by and large, the six states have been faithful, making sure that things work. Even though they are funding us, they don’t interfere, down to the recruitment process. They tell us just get the best and thankfully, all the tasks they’ve given to us have been helpful and we have tried to meet all their expectations.

    On building synergy of cooperation with other organisations

    Last month, our brothers from the southeast spent days with us just trying to understand what we’ve been doing. They too have already started that. I told you earlier on that we’re doing something for cocoa and we were told to involve other cocoa-producing states outside the six southwest states. We started with Edo, and we have had meeting together and they see what we are doing as fantastic. Even our brothers in Kwara, Kogi applauded us because they know that the only thing we are doing is primarily development.

    As I said earlier, we are apolitical and that means that we don’t get involved at that level. Our main concern is how to grow the economic fortunes and restore the past glory of the region as a strong economic bloc contributing its own quota to the development of the country as best as it can.

    Of course, we enjoy the cooperation of a lot of organisations whether in the organised private sector or the public and we are equally open to partnerships as well. And I believe it is the way to go because nobody is an island. I believe strongly that as individuals, state or nation, we all can work together to achieve the common good instead of working at cross purpose. That’s what I call politics of development.

    On making the region investor-friendly

    At DAWN, our vision is to make our region the first place to live, to work and to invest. One critical area that we are working on with the states is in the area of security. I always say that you can go abroad and showcase your state as investor-friendly and all that; it only takes the investors to open his laptop or phone and look at the security situation in the area. So we are thinking as a region holistically, we have regular meetings of security agencies and even security apparatus of the states, we regularly meet and come together and map out strategies. Recently we were having Badoo crisis in Ikorodu. But today now, it has died down due to the concerted efforts of the states within the region are working in collaboration. Security is not just one state issue. There is no point in Lagos state chasing out armed robbers and kidnappers out of the state to Ogun and vice versa. So we are jointly working with other commissions, security is just only state affairs. Relatively in the country, infrastructure wise, this is most advantageous region. So infrastructure wise, investors will come, they want to be sure that their investment is safe. We are also working with federal government on the Ease of Doing Business. We do that again in the Commission so that investor that is coming in will know that even if he invests, his investment is safe. He has recourse to law in case there is any infraction. If he needs access to anything it’s easier than having all the obstacles along the way. Again, we are working with the six states on the area of Ease of Doing Business. Ogun state is showcasing that, they used to be over 21plus in the national ranking but today they are number three. So these are the things that we are doing to make sure that as long as it works well in one state, we don’t find it difficult to achieve in other states. So we are trying to make ourselves investment-friendly as a region. And also we are encouraging our states to invest in infrastructure, particularly roads, railway. Yes the federal government roads are bad, but there are roads that states government can construct and link each other up.

    Helping states to set priorities

    For instance, even on the airport matter I have heard people tell us that why is Osun state constructing an airport? My question is, why not? The challenge we have as a country, I have said this several times, is that we are too short-term in our thinking. The state of Osun said categorically that this airport what they are looking at is that they want it to be more of a cargo airport than a passenger airport. We might be thinking that why did the state had to do that? But 10 years from now, what we are thinking is foolish today will be wisdom when the country becomes the hub of aviation in West Africa. Then why can’t Osun position itself as an airport maintenance point? Why should our aircrafts fly to South Africa to do C or E checks their? That is what they are actually doing there they are also building what they called theme parks. So it’s a holistic development. We shouldn’t just look at the headlines alone, but look at other pictures. This is 2017, in 2027 in 10 years down the line, that airport would have been a good idea for that state. For me, I say it repeatedly, if you want to attract investors into your state, please don’t think of now; your vision should be out of this world-beyond now. If your vision is still very small, you find it difficult to bring investors. I believe that is the thinking behind what the State of Osun is building the airport. To us, we might think it’s not necessary but I disagree. The Commission is doing a lot even in the area of sports and in the next few weeks, there is something we call the Western Nigeria Cup which will bring together all the football clubs in the region for a seasoned football tournament. It’s going to be held in Lagos. About 16 clubs from the six states will be participating. You recall that in the past, this region produced the likes of Segun Odegbami and all that. But we know we’re not there today. Apart from sports, think of the employment opportunity. In the area of sports, we are doing a lot to energise our youths by giving them gainful employment. We are talking of drug addictions, there a lot of things we put in place in the area of sports that will discourage them from social vices.

  • National Assembly to partner regulators on capital market development

    The National Assembly has reiterated its commitment towards the development of the Nigerian capital market.

    Chairman, Senate Committee on Capital Market, Senator Mustapha Bukar, gave the assurance in Lagos during a visit to the Nigerian Stock Exchange (NSE). Also in the entourage was the clerk of the Committee, Hajia Habeebat Mohammed.

    Bukar said the Committee would work to create a right environment for investment to thrive noting that he and other members of the committee are ready to work hand in hand with capital market stakeholders.

    According to him, the committee would consider revision and amendment of some laws governing capital market activities in order to encourage the growth of the market.

    “I want to achieve two or three things during this tenure, one, I want to see how the capital market can grow during this tenure, support infrastructure development in this country and also to see how it can grow the Nigerian economy and let Nigerians see how it can compete like any other market in the world,” Bukar said.

    He said the committee has adopted a listening strategy because it needs to know and understand the issues affecting the market and the things the National Assembly can do in terms of legislations in order to create an enabling environment for the market to grow.

    “It is important for us to talk to the actors and then we see how we can work together to make the market a better place,” Bukar said.

    He said the need to have more Nigerian players in the market cannot be overemphasized noting that having more Nigerians in the market would deepen domestic investors’ base and attract other people to come into the market.

    He said that a bill has been passed and its provisions are being examined, after which it will be submitted to the Senate very soon.

    “There are so many legislations being discussed and there will be public hearings on them. The next thing is to make sure that it is presented to both the lower and upper chamber so it can be passed into laws by the National Assembly,” Bukar said.

    He lamented that after the 2008 capital market problem which affected all the entire world, the Nigerian market has yet to recover fully from the decline it had in 2008, thus underlining the need to re-engage with the populace and the private sector in order to grow investors’ confidence

    “That confidence has to be rebuilt, so we need to go and do a lot of roadshows and other explanations to attract the private sector back and address those issues that concern them,” Bukar said.

  • Poor budgetary allocation affects Nigeria’s technological development, says union

    The National Association of Academic Technologists (NAAT) has expressed displeasure over low budgetary allocation to the education sector, which has consistently fallen below the UNESCO benchmark of 26 per cent.

    The union blamed low allocation to the sector for the failure of any Nigerian university being ranked among the first 500 in the world.

    The union, in a communiqué at the end of its National Executive Council (NEC) meeting, therefore, urged the federal and state governments to give priority to budgetary allocation to the education sector.

    In the communiqué by NAAT General Secretary, Comrade Hamilton Iyoyo, the union said across the world, countries are budgeting hugely to improve their technological sector, stressing that Nigeria cannot afford to be left behind.

    The union’s NEC also urged the government to honour and implement agreements reached with unions to forestall unquantifiable losses in man-hours, negative impact on the economy, and other losses occasioned by incessant strike actions.