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BREAKING: Four dead as building collapses in Delta

At least four persons were feared dead with an unspecified number of persons still suspected to be trapped under a building that collapsed this morning in Abraka, Ethiope East council area of Delta state.

The building, a yet-to-be completed structure, identified as the new 206 Hotel, is located along Aghwana Avenue in Abraka. It was gathered that the owner of the building had taken to his heels.

Although the cause of the cause of the incident could not be immediately ascertained, it was gathered that it had been raining in Abraka since Friday evening. It was also gathered that the casualties caught under the structure when it crashed were some of construction workers who arrived early for work.

“The new 206 Hotel under construction at Aghwana Avenue, Abraka , this morning collapsed after today’s heavy downpour. Four construction workers who had arrived early for the day’s job were  trapped and later confirmed dead. Rescue efforts are still ongoing to see there are others trapped to be rescued.

From what I gathered, the building fell between 5:30am and 6:00am and it could have been because of the heavy rains since yesterday. It is still under construction so any other reason could have still been responsible for the accident”, the source, a resident of Abraka, who gave his name as O’tega said.

When reached for confirmation and details, the Police Public Relations Officer (PPRO), DSP Onome Onowakpoyeya, said there had been a building collapse, but said that the police command had not been informed of any death record.

“It is true there has been a building, a hotel still under construction. We have no record of death because from what we know for now, it is still under construction,” she said.

Source: thenationonlineng

Falls Church City Council Tackling Affordable Housing Shortage

The Falls Church City Council aims to revamp its approach to affordable housing as its population continues to grow — and the stock of affordable units quickly dwindles.

The City Council is considering refreshing its Comprehensive Plan’s housing guidelines with a focus on tackling what some councilmembers recently referred to as an “affordable housing crisis.”

Emphasis on Affordable Housing

At a joint work session on Monday (July 15), the council and the city’s Planning Commission reviewed a proposal that would revise the housing guidelines to adjust for demographic changes and the future impact of Amazon HQ2 on the region.

City documents at the meeting confirmed that the increasing demand for apartments cannot keep up with the influx of the population, which is growing at a rate of 2.6% each year.

Councilmember Letty Hardi fronted the discussion at the meeting when she brought up the expiration of affordable housing and the dilemmas facing recent graduates who can no longer afford to live in the area.

Affordable housing hasn’t seen a large overhaul in Falls Church since the council implemented the Affordable Dwelling Units (ADU) in 2002.

Currently, the city can negotiate with developers for more than the 6% of new condos and apartments required be ADUs, according to the city’s Housing and Human Services Department.

“You can’t build it fast enough in this reality. At 6% we are never going to make up this number,” Hardi said.

She added that the clock is running out on the Fields of Falls Church, the city’s largest affordable housing complex in the area. Its affordable rental homes are set to expire in 2026, and as of July, the complex had 96 units.

“That should be a big wakeup call for us,” Hardi said in reference to the upcoming expiration of other ADU units across Falls Church, which the draft guidelines reveal new data about.

In 2012, there were 25 homeownership AUDs in Falls Church, according to the guidelines. Upcoming in 2021, this number may drop even further to 13 homes unless the city extends the contract with the Byron Complex.

Meanwhile, for affordable rental homes, seven of the nine buildings, which include Fields, Pearson Square, Read Building and West Broad Residences, are set to expire at various times before or in 2035.

Tentative Goals for the Housing Plan

As of the Monday meeting, the council narrowed its key housing goals to a list of nine focus points for the proposed guidelines and a newly revised mission statement:

Create and maintain a diverse supply of housing that supports an inclusive and welcoming community. As the region continues to grow, work proactively to ensure affordable housing keeps pace with population increases and is available for a range of incomes, household sizes, generations, and needs.

The top implementation goals include the preservation of tree canopies in the area and creating a variety of housing types, which could lead the area to see the construction of one, two and three-bedroom condos and family homes.

Roughly 90 respondents — mostly Falls Church residents — of a housing surgery earlier this year picked their top three of the nine proposed goals:

  • 58% support “incentivizing more workforce, moderate, and low-income housing”
  • 44% support “aging in place”
  • 43% support “[reviewing] development regulations to allow a wider variety of housing types”

Other proposed goals in the plan also include seeking help and partnerships from non-profits, agencies and neighboring districts and providing housing for people with disabilities.

The Planning Commission is slated to hold a public hearing on Aug. 5, before the council holds its hearing on Aug. 12.

Persisting Concerns Around Affordable Housing

While several councilmembers said that plan is a step in the right direction, they pointed to other factors that could greatly impact affordable housing in the city, like raising the 6% rule and offering more small condominiums.

“Six percent is good,” Councilmember Phil Duncan said. “It’s just going to not get us there in any shape or form.”

Duncan also pushed for more affordable condos in the city. “We’re not going to make significant progress until we try to find some opportunities in the city [that],” he said.

Councilmember David Snyder chimed in, adding that he wants to see more opportunities for people to buy homes — especially condos.

“We can talk about affordable, subsidized if you will, rental housing, but you really aren’t going to get people out of the cycle of poverty,” Snyder said, adding that home ownership is “traditionally how much of the wealth in this country has been created and denied.”

Councilmember Ross Litkenhous also expressed support for smaller condos, however, he noted that the city is constrained by its size and available space. “We are 2.2 square miles,” he said. “We need to be honest with ourselves to effectively accomplish this.”

In addition, Litkenhous said the city is also bracing for a wave of new residents once Amazon arrives in neighboring Arlington.

A recent report by the Northern Virginia Association of Realtors and the George Mason University Center for Regional Analysis estimated that roughly 33% of Amazon’s workforce will live in Fairfax County — more than double the 16.4% expected to live in Arlington.

Source: tysonsreporter

Hot Housing Market has Fueled Economic Expansion—and Inequality

The unprecedented economic expansion currently taking place in the United States, which just reached a record-setting 121st straight month, has had significant impacts on real estate development and urban growth across the country.

It’s taking place during parallel growth in the housing market, according to a new report by the real estate analysts at CoreLogic, a business intelligence firm. “The Role of Housing in the Longest Economic Expansion” examined just how much the overall economy has been tied to a turnaround in the national housing market, a decade-long recovery from June 2009, described by analysts as the “trough of the Great Recession.”

Housing comprises approximately 15 percent of the country’s GDP, and while its benefits haven’t spread to all income levels, it has been intertwined with the nation’s overall financial fortunes over the last decade.

“During the last nine years, the expansion has created more than 20 million jobs, raised family incomes and rebuilt consumer confidence,” says Frank Nothaft, CoReLogic’s Chief Economist. “The longest stretch of mortgage rates below 5 percent in more than 60 years has supplemented these factors. These economic forces have driven a recovery in home sales, construction, prices and home equity wealth.”

Reinforcing the value of homeownership

The amount of appreciation and wealth tied up in homeownership suggests that it’s just one of the many factors deepening divides in the U.S. economy at large.

From June 2009 to May 2019, home prices increased 50 percent, providing sellers with significant returns. At the same time rents for single-family homes, a growing portion of the home market, increased 33 percent, squeezing renters, many of whom are unable to achieve homeownership.

CoreLogic found that total home equity value nearly tripled from the first quarter in 2009 to the first quarter in 2019, rising from $6.1 trillion to $15.8 trillion. The average equity per borrower rose from $75,000 to $171,000 over the same period of time.

But not everybody has been able to cash in on these rising prices. Between Q3 2009 and Q4 2012, the number of owner households decreased 2.7 million while renter households rose by 12.9 million. CoreLogic found that the foreclosure crisis pushed former owners into rental housing, while first-time buyers delayed entering the home market. Between Q3 2014 and Q2 2015, there was additional big shift towards renting, with homeowner households decreasing by 1.1 million and renters jumping by 7.5 million.

These shifts meant that millions weren’t able to take advantage of significant home price appreciation; between 2012 and 2019, home values in states across the country showed positive growth ever year. In 2013 and 2014, in the midst of these shifts away from homeownership, home prices in California increased 18 and 10.8 percent, respectively, concentrating the rising value of the housing market in fewer hands.

Runway for recovery

The steep fall home values took in the aftermath of the Great Recession provided plenty of opportunity for the market to bounce back. CoreLogic found that the crash caused a huge hit in the company’s Home Price Index (HPITM), a broad measurement of prices across the nation. Between April 2006 and March 2011, the measurement dropped by a third.

The housing bust caused homeowners across the nation to see the value of their property decline precipitously, with many seeing their home’s value temporarily sink below its purchase price. In 2010, 25.9 percent of homes across the country showed negative equity. Today, just 4.1 percent of homes are underwater, and homes across the nation are once more serving as engines of wealth generation.

Part of this significant wealth appreciation came from speculation within a steadily rising market. In the first quarter of 2018, the recent high point in flipping activity, 11.4 percent of homes were bought and sold within a two-year period. In addition, supply constraints drove up prices, including steady increases in material and labor costs. Prices sit at record highs in many markets, which struggle with increasing unaffordability, though CoreLogic doesn’t believe that means most homes are overvalued. The company found that in May 2019, just 32.4% of the 392 metro areas analyzed were overvalued; compare that to the bubble of September 2006, where a similar analysis found that 70.2 percent of those markets were overvalued.

Is another recession around the corner?

Should owners be afraid of a lurking recession? CoreLogic says that while many economists have pointed to stock market stumbles as a sign of an imminent slowdown, the housing market is healthy, albeit losing some of its momentum.

Home price increases appear to be leveling off at the national level, rising just 3.6 percent year-over-year thus far in 2019. With mortgage rates at a two-year low and overall mortgage delinquency rate achieving a record low in April 2019 of 3.6 percent, there aren’t bubbles or warning signs on the housing market horizon.

“We expect the housing market to enter a normalcy phase over the next 24 months,” says Ralph McLaughlin, CoreLogic’s deputy chief economist. “With prices neither rising too fast nor too slow, and with a growing stream of young households looking to buy homes over the next two decades, the long-term view looks healthy.”

CoreLogic HPI Forecast expects a moderate, 5.6 percent acceleration in annual home price growth from June 2019 to June 2020. According to Molly Boesel, CoreLogic’s principal economist, there’s even enough value in homes to help homeowners weather the next downturn. Now, it just appears to be a question of helping more Americans take advantage of a much healthier market.

Source: curbed

Housing Microfinance can Help Poor People Build Better Homes

Whenever michael jjoga earns some money from his welding business, he buys a bag of cement. Brick by brick he has built a two-roomed house for his family on land he cleared himself in Wakiso district, in central Uganda. Another house stands half-finished nearby until he collects enough iron sheets to make a roof. Across the glade a chorus of bleats drifts from a crumbling hut, shaped from thatch and earth. He used to live in it; now it shelters his goats.

By 2025 some 1.6bn city dwellers will be living without decent, affordable housing, according to consultants at McKinsey. Many more people lack adequate shelter in the countryside. While governments and private developers fall short, people like Mr Jjoga are building houses themselves.

They construct in stages, over years or even decades, preferring to buy a stack of bricks than to put money in a bank. Some move in well before completion. Lenders long overlooked this self-help model, but financed it unwittingly: perhaps a fifth of microloans to businesses are thought to be diverted into housing.

Now some lenders are starting to target this market directly. Conventional mortgages are rare in developing countries: in Uganda, which has 40m people, there are only 5,000. Instead, banks and microlenders offer smaller housing loans, paid back over shorter periods of 1-3 years. A family might borrow for a cement floor, and then for an extra room. Two-thirds of the firms offering housing microfinance entered the sector in the past decade, according to a global survey in 2017 by Habitat for Humanity, a non-profit organisation.

Many borrowers lack land titles to use as collateral. Swarna Pragati, an Indian microlender, gets around the problem by establishing de facto ownership through village meetings. Select Africa, which operates in east and southern Africa, offers unsecured housing loans to salaried workers, deducting repayments from their pay cheques. Centenary Bank in Uganda accepts untitled land as security. Robert Canwat, its microfinance manager, says attachment to home makes the whole family monitor repayment. “Everybody becomes your recovery officer,” he smiles. Most lenders report that housing loans are paid back more reliably than other products in their portfolio.

Houses built incrementally by local artisans are often shoddy. Some lenders try to improve them by providing technical support, such as sample plans or an engineer’s advice. Others help borrowers buy appliances such as solar panels and water filters. One promising innovation is iBuild, an Uber-like app in parts of Africa and Asia. It connects households to builders and suppliers, allowing them to compare quality and price as well as to apply for loans.

Finance also comes directly from suppliers. cemex, a Mexican cement giant, offers credit through its Patrimonio Hoy programme. Customers pay a weekly fee. In return they get technical advice and advance delivery of building materials. The scheme has reached 600,000 households and extended more than $300m of loans since 1998.

Unlike business loans, which can be paid back out of greater profits, lending for housing creates no obvious income stream. But home ownership frees borrowers from paying rent. And some borrowers use loans to build rental units, shops or even schools. “Think of the house as a place from where the household earns money,” says Kecia Rust of the Centre for Affordable Housing Finance in Africa, a think-tank.

Habitat for Humanity recently commissioned two evaluations of microfinance products it had developed with lenders in east Africa. In Uganda, the likelihood that a household had a separate kitchen rose by 22% after taking out a loan. In Kenya, borrowers upgraded their roofs and walls. In both cases satisfaction with housing rose, though stress levels and school attendance were unchanged. Repayment rates have been high. “We’ve proved there’s a business case,” says Kevin Chetty of Habitat.

Microcredit is expensive, because lenders must assess risk and monitor repayment on even the tiniest amount. Housing loans are usually larger than business ones, so processing them is proportionally cheaper. But they also have longer maturities, which means lenders must chase scarce long-term funding.

Throw in ponderous law courts and weak competition, and annual interest rates typically reach 20-35%. Some homebuilders are certainly eager for credit. But until such structural problems are addressed, others will keep doing things the old way—even if that means waiting longer to put a decent roof over their heads.

ITF Trains Over 450,000 Nigerians on Skills Acquisition

The Industrial Training Fund (ITF) said it trained more than 450 Nigerians in skills acquisition programmes for employability and entrepreneurship between 2016 and 2018.

Sir Joseph Ari, the ITF Director-General, said this on Thursday in Abuja at a news conference where he presented the ITF 2019 Skills Intervention Programme.

Ari said that 90 per cent of the trained Nigerians were in productive endeavours either as paid employees or as entrepreneurs.

“There is no doubt that unemployment has wrought a terrible damage on all facets of our national life.

“No reasonable analysis will divorce unemployment from the needless incidences of violence that has claimed thousands of lives nationwide.

“It will equally be difficult to separate rising criminality and harmful social vices that are being perpetrated by Nigerians because of unemployment and attendant poverty.

“Consequently, our population that ordinarily should be our resources has become an albatross because we cannot provide a greater proportion of our population with a source of livelihood,’’ he said.

The director general said that the National Bureau of Statistics (NBS) report of last quarter of 2018 revealed the level of unemployment and increase in employment between 2017 and 2018 in the country.

“The number of Nigerians without jobs between fourth quarter of 2017 to third quarter of 2018 increased from 17.6 million in the fourth quarter of 2017 to 20.9 million in the third quarter of 2018.

“This is despite the fact that the number of people in employment increased from 68.4 million in the third quarter of 2015 to 68.72 million in the third quarter of 2016.

“It also increased from 69.09 million in the third quarter of 2017 to 69.53 million in the third quarter of 2018,’’ he said.

According to him, the statistics are scary and staggering and should be a source of worry.

Ari said that the Federal Government had made tremendous efforts to create jobs as reflected in the increase of the number of employed people as cited in the NBS report.

He reiterated ITF’s commitment to equipping many more Nigerians with skills for employability and entrepreneurship in order to create jobs and reduce poverty in line with its mandate and policy objectives of President Muhammadu Buhari’s administration.

He appealed to the media to help in sensitisation to educate governments and critical stakeholders on the need for skills acquisition in the country to stem some noticeable vices.

The reports state that ITF engages Nigerians in meaningful economic ventures through social investment and skills acquisition programmes.

Source: von

Fannie Mae Lowers Mortgage Rate Forecast and says Home-Price Growth will Accelerate

Mortgage giant predicts 30-year fixed rate will average 3.7% in 2019’s second half

Fannie Mae issued a new forecast that predicts the average U.S. rate for a 30-year fixed mortgage will be 3.7% in the second half of 2019, down from the 3.9% the mortgage financier called for a month ago. That compares to a 4.4% average rate in the first quarter and 4% in the second quarter.

Cheaper mortgage rates will cause a heat-up in home prices, according to the forecast. Last month, Fannie Mae said it expected home prices to grow 4.6% in 2019. In the new forecast, it called for a 5.4% increase.

“With lower mortgage rates taking effect, the deceleration in house price growth that was so prominent over the past year may be pausing,” Fannie said in commentary that accompanied the new forecast.

That comes with a bonus: As people pay more for their homes, mortgage originations will be higher, Fannie Mae said.

“This continued decline in mortgage rates and our upwardly revised view on house price growth have led us to increase our forecast for single-family mortgage originations for the remainder of the year,” Fannie Mae said. “We now expect total originations to rise 7% from 2018 to $1.75 trillion, and we expect refinances to account for 32% of total mortgage originations in 2019, up from 29% in 2018.”

That would make this year the highest since the $1.8 trillion originated in 2017, according to Fannie Mae data.

In addition to its housing forecast, Fannie issued a slate of economic forecasts. It kept its prediction for U.S. GDP growth at 2.1% this year, down from 3% in 2018. It raised its forecast for core Consumer Price Index growth – meaning the CPI minus food and energy, the Federal Reserve’s preferred inflation gauge. Fannie now is expecting the U.S. will see a 2.1% increase in core CPI in 2019, up from the 1.8% it predicted a month ago.

The unemployment rate probably will average 3.7% in 2019, Fannie said. That’s down from the 3.8% it was calling for a month ago. For 2020, the unemployment rate probably will be 4%, Fannie said in its latest forecast, down from the 4.2% it predicted a month ago.

Source: housingwire

Total, Partners, Stake N900 Million in Infrastructure Development in North

Total Upstream Companies in Nigeria, and its partners, including Nigeria National Petroleum Corporation (NNPC), Petrobras, Sapetro and Cnooc, have invested N900 million to address infrastructure challenges in the northern region of the country.

Speaking at the inauguration of projects in Abuja, Tuesday, Deputy Managing Director, Deepwater District, Total E&P, Nigeria, Musa Ahmadu-Kida, said the projects were meant to mitigate the gaps in qualitative and technical education, maternal and child health, access to clean water, sanitation among those affected by the insurgency.

According to him, the locations of the projects were carefully chosen to impact the internally displaced persons, especially in the North East, adding that the initiatives were in line with the United Nations Sustainable Goals three, four, six, and seven.
Ahmadu-Kida said the projects were delivered with integrated solar power, which is environment-friendly and cheaper to run, and included 10 social infrastructure initiatives spread across eight states in the northern region.

He said the projects included ICT Centres with mini theatres at Aminu Saleh College of Education, Azare, Bauchi State, and at Shehu Shagari College of Education, Sokoto State, mammography center at General Hospital Anka, Zamfors State, and maternal & child referral center in Boma, Borno State.

Others are School Science Laboratory at Government Secondary School, Butsinsafe, Katsina State, block of six classrooms at St Boniface Primary School Idah, Kogi state, water Project at Bennin Kebbi, Kebbi State, water project of Sokoto Specialist Hospital, Sokoto, Sokoto State, water project at Offa, Kwara State; and water project at Benisheik, Borno State.

According to him, the group will continue to intervene in the social environment of Nigeria through the deployment of various projects.

Musa disclosed that the company provides about 1600 scholarships to beneficiaries in tertiary institutions yearly, adding that other projects include construction, equipping of model schools, science laboratories, and ICT centers. Chairman of the occasion, Azu Azubike, noted that the 10 projects were part of the 33 projects embarked upon by Total and its partners across Nigeria.

Source: guardianng

Lagos Gives Owners of Illegal Structures Removal Notice

The Lagos State Environmental and Special Offences (Enforcement) Unit (Task Force) has served a seven-day removal notice on owners illegal structures on Badagry Expressway.

Operators of commercial activities were not spared.

Addressing the affected people on Tuesday during a visit, the Chairman, Olayinka Egbeyemi, a Chief Superintendent of Police, ordered them to vacate road setbacks and walkways within the stipulated period.

He said illegal structures on road setbacks and walkways from Eric Moore to Trade Fair should be removed, adding that traders and others should remove kiosks, containarised shops, etc on road setbacks and walkways on or before July 23.

Egbeyemi said the removal notice became imperative to prepare for the beginning of work on the road along that corridor and dislodge criminals robbing motorists and others of their belongings.

He said: “It is an eyesore seeing owners of these illegal structures occupy road setbacks and walkways, causing flood whenever it rains.

“Governor Babajide Sanwo-Olu’s newly-signed ‘Executive Order’ on traffic and sanitation has declared zero tolerance for environmental abuse, illegal and indiscriminate dumping of refuse and defacement of the environment.”

The task force chairman urged miscreants who have turned under pedestrian bridges, shanties and abandoned vehicles, including containerized shops, to their abode to vacate them, “as anyone caught will be seriously dealt with in accordance with the law.”

Source: thenationonlineng

Prioritise Completion of Blue Line –Fashola

Former Minister of Power Works and Housing Babatunde Fashola on Thursday urged Lagos State government to prioritise completion of the blue rail line.

He said the urgent delivery of the project will help decongest traffic and serve as template for the development of the remaining five lines aimed at taking the face of transportation planning in the state.

He spoke at the fourth lecture series of the Lagos State Traffic Radio at the Radio House, Agidingbi, Ikeja, where he was the lead speaker.

Fashola, as a former governor of the state, was the actualiser of the traffic radio.

Speaking on the theme: Lagos beyond roads: the intermodal transport option, Fashola said though funding may pose a challenge, government must prioritise its programmes and policies to make transportation meaningful to the people.

”Until the government achieves the desire to open up the rail transportation, the road would continue to carry the major bulk of the need for movement of people and services.

“The responsibility would be on the government therefore to maintain all the road networks to make the them passable and usable to motorists,” he said.

Fashola, who disclosed his administration would have test run the blue rail before it was consumed by the political manoeuvring in 2015, added that his government has taken delivery of four coaches that can take 1,200 passengers at each movement.

He also challenged the government to develop the BRT system and link all the five divisions by the critical public transportation system.

He also advocated for urgent implementation massive deployment of LASTMA officials to all critical roads, the resurfacing of all the major road networks, especially those that focuses in the central spine of the state and transport education.

”Let the state government through the Ministry of Education take the Highway codes and the traffic laws of the state and develop a curriculum from primary to secondary and the university that will teach the younger generation transport education.

“This is the only way to make the generality of the people aware that the road is a shared asset and the responsibility to keep it save is not that of the government alone,” Fashola added.

Governor Babajide Sanwo-Olu assured the government is keen at developing all the modes of transportation and deploying them to the safe, affordable, and comfortable movement of people, goods and service from one point to the other.

Sanwo-Olu, who was represented by the Deputy Governor Dr Obafemi Hamzat, said government is committed to the reduction of cars on the roads.

Sanwo-Olu, who expressed concerns at the state of roads, assured that officials of the public works corporation will swing into action and embark on aggressive palliation of all road networks immediately the rain subsides.

He said all the three bitumen plants at Ojodu, Imota and Badagry are all functional and will be deployed simultaneously to tackle repairs from all ends of the state.

He assured the state will continue to collaborate with the federal government to deliver real dividends to Lagosians, citing the rehabilitation of the Lagos-Badagry Expressway, the construction of the red line light rail, and the reconstruction of the Airport road as some of the infrastructural projects that signposts such collaborations.

Source: thenationonlineng

Experts Canvass Infrastructure Finance Through Capital Market

Financial experts have underscored the need for government to work out modalities on how to boost investment in infrastructure through the creation of activities that will engender effective long-term funds from the nation’s bourse and attract foreign direct investment (FDI) into Nigeria.

The experts, who spoke at the public presentation of a book titled; ‘Frontier Capital Markets And Investment Banking: Principles and Practice from Nigeria,’ in Lagos, on Tuesday, argued that the kind of capital that currently exists in Nigeria is more like ‘hot money’, which are not appropriate for economic development.

Hot money is the flow of funds (or capital) from one country to another to earn a short-term profit on interest rate differences and/or anticipated exchange rate shifts. These speculative capital flows are called ‘hot money’ because they can move very quickly in and out of markets, potentially leading to market instability

According to them, Nigeria is currently in need of FDIs as well as long term funds to grow the real sector, and accelerate infrastructure development across the priority sectors of the economy.

Furthermore, they submitted that efforts at attracting FDI to grow the economy may not yield the expected results unless government and relevant agencies create strong legal policies and frameworks.

Specifically, the Director, Centre for Economic, Policy, and Research, University of Lagos, Prof. Ndubuisi Nwokeoma, urged government needed to focus more on the capital market where long term fund can be raised to finance infrastructure and other capital projects.

Nwokeoma said: “The kind of capital that we have in Nigeria currently is more like a portfolio, which is like hot money. Hot money is not good for the development of the economy. For the economy to grow we need FDIs, we need to invest and attract long term funds so that we can grow the real sector, without which the economy cannot experience meaningful growth.”

He added that the book is topical, as it emphasizes the need “to revive the principles and practices of investment banking in market operations, to enhance the growth of investment funds.”

Also speaking, Prof. Konyi Ajayi, said there is a need to improve the legal framework to attract huge investment in frontier markets. He argued that “The law has not caught up with market realities, and market reality is one of creative disruption. We have new forms of money that are coming and coming very fast. The nature of business is changing, we must do all we can to help industrialization in the country, help made in Nigeria. The reality is that there are new ways of doing things, and therefore there must be new ways of financing, so the law needs a lot to do.”

Also contributing, the Managing Director of Vetiva Capital, Chuka Eseka, said Nigeria needs to deepen access to financial markets to drive infrastructural development.

“The book also explores capital raising through debt underwriting and private equities with details on the workings of mergers and acquisitions, infrastructure, projects, and real estate financing within the framework of securities brokerage, asset and pension management. It concluded by saying that the five ingredients to development are essentially institutions, incentives, inclusiveness, innovations, and investment,” he said.

Source: guardianng

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