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Tech-Enabled Solutions Required For $10,000 Land Restoration Prize

Technology is today the go-to resource in finding solutions to almost every facet of human existence, and now, a new challenge seeks to explore it in finding solutions to the issues of unprecedented land degradation, and the loss of arable land, said to be at 30 to 35 times the historical rate.

Named the DOEN Land Restoration Prize, it offers $10,000 for young entrepreneurs who are using technology to solve environmental, social and financial challenges that are focusing on land restoration activities in Africa.

The DOEN Foundation (Stichting DOEN), a Dutch fund supporting green, socially inclusive and creative initiatives that contribute to a better and cleaner world, is collaborating with Seedstars, a leading emerging market startup community and investor, to launch the DOEN Land Restoration Prize, in order to find and award the best tech-enabled solutions in the land restoration and land degradation space.

According to the World Resources Institute, for every $1 invested in land restoration it can yield $7-$30 in benefits, and now is the time to prove it, said organisers of the prize in a statement.

The winner of the challenge will be awarded 9 months access to the Seedstars Investment Readiness Program, the hybrid program challenging traditional acceleration models by creating a unique mix to improve start-up performance and get them ready to secure investment. They will also access a 10,000 USD grant.

“Our current economic system does not meet the growing need to improve our society ecologically and socially. The problems arising from this can be tackled only if a different economic system is considered,” said Saskia Werther, program manager at the DOEN Foundation.

“DOEN sees opportunities to contribute to this necessary change. After all, the world is changing rapidly and the outlines of a new economy are becoming increasingly clear. This new economy is circular and regenerative. Landscape restoration is a vital part of this regenerative economy and social entrepreneurs play an important role to establish innovative business models to counter land degradation and deforestation. Through this challenge, DOEN wants to highlight the work of early stage restoration enterprises and inspire other frontrunners to follow suit,” Werther said.

Source: businessdayng

The Offside Rule For Young Leaders

I was sad when I heard that Seun Kokolari (a pseudo name) asked one of his staff at the morning meeting if her brain is correct. Seun is one of the young leaders leading a team of five sales staff and twenty operation staff of a retail merchandising company. He is expected to grow fast and far given his calm nature, ability to express himself clearly and his zeal to deliver the result for his branch.

However, I can tell this behaviour will put a limitation on Seun’s ability to achieve the result for himself and his company if he continues to use derogatory words on his team members. My assertion is in line with one of the profound laws of leadership: the sustainability of your results and the effectiveness of your work as a person will never rise above your ability to influence and lead others. Unfortunately, Seun in the process of trying to make his team accountable for the results for which he would be assessed has copied the style of his ultimate leader, Adeoye Mosafejo (a pseudo name).

For young leaders, the journey to leadership is personal. You are to take personal responsibility for the type of leaders you will be, be it good or bad. In your leadership journey, you must be aware of the need to learn from leaders within and outside your company. Your ability to learn is not as important as your ability to discern what to learn and what not to emulate from other leaders.

In your journey to being a leader, you need to be guided by the fact that your leadership effectiveness will be measured by the results you are delivering for your company. In most cases if not in all the circumstances, the results are not the direct efforts of the leaders. It is the coordinated efforts of others through the influence of the leaders that produce results for the team. For example, a football coach is the leader of the team, just as the team captain. However, the coach has to rely on the team members to do their part of the bargain for the result to be achieved.

In getting to the point where your leadership efficacy can be relied on, you must know that beyond your position, you need the permission, production and the development of the people you are leading. Without their permission, production and personal development, your result will not be sustainable. Using the words of Seun as copied from his mentor, Adeoye is behaving like an artisan who treats his working tools with disdain and expects the best performance from the tools. You cannot expect the best from a staff you emotionally abused and condemned. Your ability to inspire others to do their job without regular monitoring of the process but the result they achieved is the hallmark of effective leaders. The likes of Seun should be mindful of who and what they learn in their leadership development journey.

Seun and other aspiring leaders should emulate Graham Potter, an Englishman who is the current manager of Brighton FC in the Premiership football league. I love how Graham selects the leadership journey that had helped him in creating a positive atmosphere in all the clubs he had managed. Aside from being a master’s degree holder in leadership and emotional intelligence, he selected his football philosophy after studying coaches with little records of emotional abuse of players. He is known for adopting a progressive and unconventional approach to managing off the pitch activities. He encouraged his players during his days at Östersund FC to engage in community services and activities like music, theatre production and other social engagements. Graham put his players and staff ahead by treating them with respect and refocusing them to achieve the set objectives for the team.

In Brighton FC first game this season and a 3-0 win against Watford FC, the team’s captain praised Potter for creating a positive environment at the club. Equally, Graham Potter, in his post-match interview, gives all the credits to his team, the goose that laid the golden eggs for Brighton.

Young leaders are, therefore reminded to be mindful of what they learn and replicate from their leaders. You cannot emulate unruly behaviours like lack of transparency, insulting subordinates, micro-managing, absence of empathy and close-mindedness from your leaders and expect to be a good leader delivering sustainable results for your team. The effects of adopting negative leadership attribute are high staff attribution, dysfunctional behaviour and epileptic performance. Where leaders with these negative tendencies are not checkmated, they tend to replicate the ‘garage’ kingdom where bus touts speak freely with derogatory words.

To treat people like machines in this emotional and information age is to be in the offside play of the leadership game. The era of machine age where people are treated like robots is gone. Young leaders must, therefore, be aware of what they are learning and who they are emulating to avert growing to be a leader without influence, results and followership.

Top executives and business owners will be helping the society if they are determined to build institutions out of the existing organisations. Building institutions is to respect the culture and core values of the organisations; it is to ensure people achieve results without violating the rights of others and in manners sustainable for the business. The best the board members could do to ensure the young leaders are supported to be leaders with dignity is not to reward the leaders who achieve results in ways that violate the culture of the organisations.

Source: BusinessdayNG

Banks Intensify Credit Push to Costumers as Sept. 30 Deadline Nears

Deposit Money Banks (DMBs) are aggressively pushing credit to consumers in compliance with the directives of the Central Bank of Nigeria (CBN).

The CBN had given the banks September 30 as deadline for attaining a minimum loan to deposit ratio (LDR) of 60 percent, which was targeted at increasing credit to the real sector of the economy.

The LDR is a ratio between a bank’s total loans and total deposits, which is generally expressed in percentage terms. A high loan to deposit ratio means that the bank is issuing out more of its deposits in loans and vice-versa.

Some banks have unveiled to the public their loan portfolio plans, targeting key sectors of the economy, while some others are sending SMS to their customers for access to quick cash of up to N5 million.

For instance, one of the messages from a tier-one bank reads: “Dear customer, need cash urgently? Dial ….. to get QuickCredit of up to N5 million instantly. Repay, at 1.75 percent monthly. No collateral. No hidden charges.”

Polaris, a tier-2 bank, announced yesterday that it has launched a collateral-free salary advance solution, where customers can access up to 50 percent of their net monthly salary capped at N500,000 for a 30-day tenor or next salary date by dialling *833*12#. The service is available 24/7 on all telecommunication networks.

“FSDH Research has observed that many banks and other credit providers in Nigeria have recently begun aggressively pushing credit to their customers,” said Ayodele Akinwunmi, head of research, FSDH Merchant Bank Limited.

Godwin Emefiele, governor of the CBN, had at the last Monetary Policy Committee (MPC) meeting in July explained that the core role required of the banks is to act as financial intermediaries to provide credit to the private sectors of the economy.

“We give them incentives that when they lend to the SMES, private sectors, they will be granted certain dispensations to make them happy while failure to comply will result into taking 50 percent of the un-lent portion of their loans into the Cash Reserve Ratio,” Emefiele said.

The deadline for compliance to the directive is September 30 and after that the CBN will begin a month-by-month monitoring.

Recently, Access Bank plc unveiled its loan portfolio plans targeting education, health and technology after disbursing a total of N37 billion to Small and Medium Enterprises (SMEs) in 2018.

Fidelity Bank plc has disbursed about N17.9 billion to SMEs in the country.

“We talked about the funding; we also need to look at creating an enabling environment by the government, improving ease of doing business,” said Ernest Ebi, chairman, Fidelity Bank.
Sterling Bank has committed 10 percent of its loan portfolio to agriculture and further plans to strengthen the sector through its forthcoming Agriculture Summit Africa.

The MPC had at its July meeting noted the need to boost output growth through sustained increase in consumer credit and mortgage loans and granting loans to Nigeria’s SMEs.

To mitigate credit risk, the MPC enjoined the management of the CBN to de-risk the financial markets via the development of a reliable credit scoring system, similar to what applies in advanced countries, as this will encourage banks to safely grow their credit portfolios.

Source: businessdayng

5 Subject Areas to Develop Nigerian Youths

Constant development is what humans should strive for, and not doing so means that you may be left behind while others are climbing up the ladder of growth.

Reading is a good way to acquire knowledge, and technology has made it easier as information about any subject matter is just a click away on the internet. Soft copies of books are readily available and YouTube DIY videos provide content on any skill you might want to learn. Elon Musk learnt how to build rockets by reading books!

A mindset I like to have is that though I may know a lot of things, what I don’t know surpasses what I know, and a lot of what I don’t know is out there waiting for me to know. So I strive to always develop the habit of learning and building on what is learnt.

 

Here are 5 subject areas I think a lot of youths can learn about within a short time frame and improve on their abilities to be better individuals.

Microeconomics

We all studied economics in secondary school but how many of us as adults still apply the principles leant in those classes in our daily lives?

 

Microeconomics is basically the study of how individuals and businesses make decisions on how best to use limited resources.

A lot of us apply microeconomic principles in our lives knowingly or unknowingly; however, having a key understanding of it will help us make better decisions, whether in our private matters or in business.

Some key microeconomic principles include:

  • Law of Demand & Supply
  • Opportunity cost
  • Scale of preference
  • Law of Diminishing Marginal Utility

Applying these principles to a real-life example

Suppose you want to achieve a certain number of things in a given year and top of that list is renting an apartment in Surulere, Lagos, this becomes top of your scale of preference, you will then need to determine what your budget is. This will require you to analyse your income and expenses and determine how much you are willing to spend to maximize your utility.

Once you know your budget and you find out that others are willing to spend more than you –demand is higher than supply, which drives the price up – you will have to cut your budget on other things like travelling, clothing etc. All these are your opportunity costs of renting the apartment.

In summary, the individual looking for a house, or the landlord renting out the house will be affected by microeconomic principles. Having a deep understanding of these principles and using them to your advantage is very critical.

 

Basics of Game Theory

Game Theory is the study of how to come up with a winning strategy in the game of life, especially when you do not know what your competitors are doing and the options do not look promising – Kenneth Chang.

The knowledge of game theory will help you develop the habit of considering all the possibilities of an event occurring and making the optimal choice. In a given situation, the application of game theory will require you to know the following.

  1. The identity of independent actors
  2. Their preferences
  • What they know

  1. What strategic acts they are allowed to make
  2. How each decision influences the outcome of the game

Classic examples of game theory are “Prisoners Dilemma” and “Nash Equilibrium” which you can read more about.

Coding

Technology is not just the future, it is the present; hence, a lot of us should take advantage of learning more about computers to develop our skillsets.

Coding will give your job application leverage – everyone could have a B.Sc and possibly M.Sc, however knowing how to code will put your job application ahead of the competition by showing your employer that you are open to learning, hardworking and dynamic.

Coding will help you land freelance jobs – there are lots of websites willing to pay per hour for your skill.

It will lead to better job opportunities. For example, a software development job will require a prospective job seeker to know how to code.

 

Philosophy

Philosophy, which comes from the Greek word “philosophia” meaning “love of wisdom” can be defined as the study of general and fundamental problems concerning matters such as existence, knowledge, ethics, values, reason, mind and language.

Philosophy is a very broad field and there are many reasons why you should study it.

  • A lot of activities are beyond our control.

“A wise person knows they don’t control other people’s opinions, they don’t control traffic, they don’t control the weather, they don’t control the fact that we were born mortal, they don’t control the economy or the rude remark that just left someone else’s mouth. They don’t control the past and they don’t control the future. But they control their own choices and their responses to all those things that are out of their control. Everything else they ignore.” – Ryan holiday

Adopting this mindset in the statement above will prevent you from getting caught up in the daily outrage which occurs on social media sites like Twitter and Facebook.

  • Philosophy will improve your critical thinking skills by challenging you to question the most basic assumptions you have and the decisions you regularly make.

Persuasion/Selling

Everyone should know how to sell– I’m writing this article trying to sell myself for more views, likes and shares. People confuse selling with marketing, thinking that they have to have a product and walk around the streets looking for someone to buy.

In life, you will need to get a job, maintain your job, sell goods, get married, negotiate contracts etc., all these require sales skills.

If you want to get better at selling or influencing people just read the book “Influence” by Robert Cialdini and apply the principles to your daily life.

The 6 principles outlined in the book are Reciprocity, Scarcity, Authority, Consistency, Liking, and Consensus.

Source: nairametrics

Housing Deficit: Shelter Afrique to Invest $180m in Five Years

Shelter Afrique, a non-governmental organisation, is to invest 180 million dollars in five years toward addressing Nigeria’s housing deficit, its Managing Director, Andrew Chimphondah, said on Tuesday in Abuja.

Mr Chimphondah told the News Agency of Nigeria (NAN), that the investment period would span from 2019 to 2024.

He said that Nigeria was a strategic market for Shelter Afrique, adding that the outfit’s shareholders included 44 African countries and two financial institutions.

According to him, Shelter Afrique provides loans, grants and credits for the development of the environment and the provision of houses for Africans.

Mr Chimphondah said that Nigeria had 17 to 22 million estimated housing shortage.

“We are looking at the demand and supply side of housing. For the supply side, we will enter into Public-Private-Partnership with government, with the government providing land and subsidised infrastructure.

“Our organisation will provide funding and expertise to carry out the project.

“We will commit and dedicate all the expertise to ensure that quality houses are delivered; we will also ensure that the houses are energy-efficient, environmentally friendly and comfortable,” he added.

Mr Chimphondah said that most financial institutions had often complained of funding, but assured Nigerians that the NGO would fashion out a way to reduce the cost of the houses. (NAN)

Dangote Seeks Mortgage Financing In Nigeria

Africa’s richest man and the President of the Dangote Group, Alhaji Aliko Dangote has called for the need to adopt proper mortgage financing and consumer credit in Nigeria.

According to him, the availability of these is important in tackling corruption, alleviating the sufferings of people and reducing the hardship encountered by buyers when purchasing goods in the country.

 

Speaking during a visit to the National Leader of the All Progressive congress (APC), Bola Ahmed Tinubu, Dangote said,  “I believe what will help us the most is mortgage financing or consumer credit. Most people go into corruption because they are worried about how to get a roof over their head, or how to buy furniture because we live in a society where everything you’re buying you pay cash.”

He cited an example whereby if one has a job and needs to purchase goods and services like a car of 5 million naira, instead of paying it at once, there should be provisions for the individual to pay like N50, 000 or N100, 000 every month.  This means that once you have a job, you should be able to afford most things comfortably.

The business tycoon had previously stressed the need for the Central Bank of Nigeria (CBN) and commercial banks to develop consumer credit products in order to encourage low income earners to engage more in loan taking.

What you should know: Over the years, experts have insisted that mortgage finance is central to the nation’s economic development but it is yet to be given proper attention by the government. This reduces its contribution to the national Gross Domestic Product (GDP). Nigerian mortgage banks are known to charge between 19 to 24% or may be higher, depending on the risk volume.

Therefore, Dangote called for the assistance of government in making mortgage financing and consumer credit more accessible in the country.

Source: nairametrics

Nigeria Needs 3.3m Fresh Jobs Yearly To Maintain Record-High 23% Unemployment Rate

…manufacturing, construction, professional services strategic to job creation

For Nigeria to keep its unemployment rate stable at record-high 23 percent, assuming this was desirable, the country would need to create at least 3.3 million jobs every year. Keeping the unemployment rate stable would help the country avoid exacerbating joblessness and absorb new labour market entrants. But Nigeria struggled to create only a fifth of this number of jobs in the last four years.

What is desirable, though, is for Nigeria to drastically reduce its current rate of unemployment, which climbed to 23.1 percent in the third quarter of 2018, from 8.2 percent in 2015.
Creating 3.3 million jobs annually means Africa’s largest economy would need to revert to the private sector by attracting more foreign direct investments (FDI), the Nigerian Economic Summit Group (NESG) stated in its latest report.

“At the moment, Nigeria’s private sector does not have the capacity to absorb the rapidly increasing unemployed population in the short term,” the NESG said.

Nigeria’s jobless rate embarked on an upward spiral in 2015 after a decline to 6.4 percent a year earlier, a development which followed a 36 percent dip in FDI inflows to $1.45 billion in 2015 from $2.28 billion. In the last four years, Nigeria was able to attract an average FDI of about $1.17 billion each year.

Since 2017 when oil-dependent Nigeria emerged from its economic recession, not only has the growth been sluggish but also only a few sectors triggered the expansion, further undermining the country’s capacity to create enough jobs to meet the growing number of labour market entrants.

Out of about 4.8 million Nigerians who entered the country’s labour market between 2015 and 2018, about 635,000 jobs were created within the period, indicating only a job was available for every 8 people who joined Nigeria’s economically active workforce.

While there seems to be no end in sight for the country’s soaring jobless rate, the challenge could be resolved through private sector expansion and industrial growth, according to the research arm of NESG.

For instance, in 2018, 13 out of the 19 major sectors contributed positively to GDP growth. Out of these 13 sectors, only 6 sectors accounted for 90 percent of GDP growth during the period.

Meanwhile, comparable data from Indonesia show that the top 6 sectors contributed 72 percent to the country’s GDP growth in half-year 2018, leaving room for the remaining 11 sectors.

“The GDP data for Nigeria show that there are many sub-sectors such as metal, iron and steel, and electrical and electronics, that contribute almost nothing to GDP growth, yet these sectors have the capacity to create jobs and meet the needs of consumers both in the local and export markets,” it stated.

To achieve these, the government would need to embark on urgent reforms capable of opening up key sectors that are strategic to job creation and have significant potential for growth such as manufacturing, construction, professional services, education, health and trade. This is expected to deliver about 12 million jobs over the next five years.

“The sectors were selected based on their larger weight in share of employment, share of GDP, strong backward and forward linkages and strong growth potential,” NESG stated.

These sectors “can meet the demand of consumers both at the local and export market and have the capacity to absorb a significant number of the country’s labour force”, it said.

Source: businessdayng

nigeria as the poorest country

President Buhari Urged to Extend Political Will in Agriculture to Housing Sector

Nigeria’s biggest and most reputable housing advocacy group, Housing Development Advocacy Network has commended President Muhammadu Buhari for his support for the growth of agricultural sector in Nigeria and have prevailed on him to replicate the same commitment that is much needed in the development of the country’s housing sector.

While receiving some select state Governors during the Sallah holidays in his hometown Daura, the President revealed that he has instructed the Central Bank of Nigeria (CBN) to discontinue the issuance of foreign exchange to food importers, especially because the country can now rely on domestically made food for consumption.

In a statement issued on Tuesday by Garba Shehu, presidential spokesman, the president said the directive is to ensure the steady improvement in agricultural production and attainment of full food security.

“Don’t give a cent to anybody to import food into the country,’’ he said.

Buhari said he was delighted that young Nigerians, including graduates, have started exploring agric-business and entrepreneurship, with many posting testimonies of good returns on their investments.

Reacting to this, the President of Housing Development Advocacy Network, Festus Adebayo, said that President Buhari has shown political will by supporting agricultural development in Nigeria and creating way for local production of food.

‘’This is commendable. It may be termed an interference in the CBN autonomy, but to some Nigerians, it is a demonstration of political will for self-sufficiency in the area of food production. How long can Nigeria continue to import food that can be grown in Nigeria?’’ he quizzed.

The President according to him should endeavour to make this initiative all inclusive in order to spur other critical sectors like housing.

He said, ‘’The President has been quoted saying that he will sufficiently take care of the poor in his second term. The current decision by the President convince us at Housing Development Advocacy Network that he has the power to declare a single digit interest mortgage rate especially for low income earners, civil servants, and firs time home owners in Nigeria.

‘’We are therefore calling on him to repeat the same political will in the area of housing, and with his intention to care for the poor who are the ones that mostly voted for him, we believe housing is the best way to go. The best way to reward them is to commence a social housing project for them and their children. This will significantly improve their productivity and self-sufficiency,’’ Adebayo said.

For him, the call for such intervention in housing is even more critical because it will have ripple effects on the economy.

‘’A house can change the lives of many. Majority of the banditry activities as we have them today are mostly as a result of homelessness. A man who has a home will not want to die by involving in banditry. Having a home will contain his excesses and inspire him to do more for himself and his family. Criminalities are usually as a result of poverty and social exclusion. If affordable housing can be guaranteed for the poor, it will drastically reduce the rate of crime in the country,’’ he said.

Adebayo also mentioned that the provision of mass affordable housing will greatly improve the health and living condition of Nigerians and reduce the country’s expenses on health care.

‘’Housing sector is a very big value chain. If developers and mortgage lenders are given the adequate government support to drive down the cost of housing, it will increase not just houses, but creation of jobs across the different ladder of housing value chain.

‘’If housing is to contribute to Nigeria’s GDP as it should, then it is important for the President to also consider a special intervention that will create an enabling environment for developers, and create more home ownership opportunities for the poor through affordable and flexible mortgages,’’ he advised.

A decision by the President to specially support housing according to him will hasten the development of local content and increase the number of Made in Nigeria homes, catalyse sustainable housing projects and of course improve affordability.

‘’When the federal government leads through action statements in favour of housing, it will inspire state governments to follow suit.

‘’On our part, while waiting for action, we shall continue to engage all stakeholders including those in charge of policy formulation.

‘’We have forwarded the communique of the 13th Abuja International Housing Show to all the governors to consider the recommendation that have been outlined to improve housing development across the country,’’ he said.

Adebayo also commended the President for saying that he will not appoint anyone without experience in agriculture to manage the sector as a Minister.

On this note, Adebayo urged the President to also ensure that only someone with experience and capacity in housing development is made the Minister of Housing, to ensure that a square peg is placed in a square hole.

If this is done, Festus Adebayo said that he is confident of a rapid change in the country’s housing sector that is currently dealing with a deficit of about 17 million.

By Ojonugwa Felix Ugboja

Lagos, Estate Residents Bicker Over Facility Managers

The recent approval of facility managers by the Lagos State government to oversee its own housing estates across the state has pitched some resident associations against the authorities. The state had through the Ministry of Housing announced the engagement of facility managers to oversee its housing estates.

Some of the approved facility managers, include Arthur Momson Limited (Alhaji and Alhaja Adetoun Mustapha Estate Ojokoro); Akinpelu Akinwunmi and Associates (Abraham Adesanya Housing Estate Ajah); Power System Services Ltd, Baba Omojola Estate Gbagada, Jide Taiwo and Company(Millennium Housing Estate, Ibeshe) and Dolphin Direct Limited(Mobolaji Johnson Housing Estate, Lekki) among others.

Under the policy, facility managers will undertake arrangements for security personnel, refuse disposal, lighting of streetlights and cleaning and sanitation of jointly owned facilities and liaise regularly with the government on the state of the facilities.

The facility managers are to act as the agents of government in the management and maintenance of the estates particularly common facilities, while the residents pay the facility managers. Although, the government claimed that the policy was to tackle the deplorable of the estates, residents, however, are not comfortable with it especially when they are paying for the services.

Some of the resident associations, who had employed the services of estate managers for direct handling of the services, felt it was a ploy by government to rake in money from the appointed facility managers especially when it was not done through open bidding.
According to an official of new estate residents association, there was no need for a new facility manager as the estate already has one.

The official, who preferred not to be named, regretted the exclusion of the residents in the appointment. According to him, the estate will only comply after proper consultations with all the stakeholders.The Guardian learnt that several resident associations are averse to the policy because they were not carried along with the appointments.

Some of them, who have already employed estate managers for the maintenance of facilities in their estates, told The Guardian that it is a ploy to take over the jobs from them.They stressed that since government will not be the one paying for the services, there is no basis for such policy as they already have contracts with facility managers for the job.

According to them, what the government should do is to monitor adherence to the rules of engagement to ensure conducive, decent and healthy environment in the estates.

But the State said the policy was to give professional touches to the estates, some of which are in despicable conditions.Permanent Secretary of the State Ministry of Housing, Mr. Wasiu Akewusola, who spoke to The Guardian on the matter said, the policy was made in the best interest of the residents and the state.

According to him, before now, some the residents associations were managing them on their own but the state want professional activities and touches in our estates.The state, he said, do not want some retirees, who are executives of the associations managing the facilities because facility management is a profession on its own that requires skills and expertise not like claiming to be contractors in the construction industry.

He said: “We want professional touches in our estates that is why we said facility managers will be appointed in our estates not that we want to impose facility managers on them. But if any of the estates has a facility manager who is registered with us, they can have them in the estate. But not that the chairman, the secretary or officials of the associations will just be managing things and eventually destroyed many things believing that they are doing good to the estate.”

Akewusola said the ministry would continue to dialogue with the resident associations to resolve the gray areas. He stressed that the facility managers were not imposed on the estates. The Permanent Secretary said if they know that they have facility managers that are tested, that they believe on, they should register with the ministry after which they will be sent them back to them.

According to him, the policy behind it is that the facility managers are allowed to work and if they are not doing well, the residents can complain but not that the person has never work for them and they are complaining that they don’t want them.The Lagos state government has 18 existing housing schemes and 24 new ones; the appointment of facility managers is expected to create new jobs in the state.

Meanwhile, the Nigeria Chapter of International Facility Management Association (IFMA) has commended the State government on its plan to engage facility managers for the professional management of its estates.The groups’s acting President, Mr. Segun Adebayo, expressed readiness to support and complement this laudable initiative through advisory and recommendation of credible and reliable facility managers with professional capability and pedigree.

“This plan in our view is long overdue considering the value–adding benefits the government and the residents of the estates will derive from its effective execution. “It will not only promote the wellbeing of the residents but also create a sustainable model of management of the estate through professionalism and international best practice.

“The plan will also create jobs and employment for artisans and technicians in Lagos which will further translate to the preservation and enhancement of the life cycle of the assets in the estates in particular and the entire estate in general,” he said.

IFMA has been a progressive partner with Lagos State Government through quality collaboration with Lagos State Infrastructure Asset Management Agency and Government Technical Colleges in the State. The strategic partnership and collaboration with the State agencies and technical colleges has led to several initiatives like Facility Management Advocacy, Mentorship Programme for the student of the technical schools and celebration of World Facility Management Day, an annual global celebration of the achievements of facility managers across the world

Source: guardianng

Double-Digit Mortgage Rate Highlights Nigeria’s Fragile Macro-Economic Fundamentals

…NHF incapable of meeting everyone’s housing needs, experts say

High mortgage rate, which continues to deny many Nigerians the privilege of owning homes, portrays how weak macro-economic fundamentals are in Africa’s most populous nation, experts have said.

The experts, who spoke at Real Estate Investment Series (REIS) organised by K. ParkWood in Lagos, added that this weakness undermines the country’s ability to bridge its housing deficit and also provide affordable houses for low-income earners who form the bulk of Nigeria’s population.

In advanced economies, the mortgage industry contributes significantly to economic development with a single digit interest rate. The reverse is the case in Nigeria, where relatively high inflation rate and high mortgage rates hurt demand for housing.

Nigeria needs annual production of about 750, 000 housing units for the next 20 years to close its housing deficit. And this is a herculean task for a country stuck with low growth after a 15-month recession, even as limited access to funds lowers the performance of mortgage industry.

Kayode Omotosho, the executive secretary of Mortgage Banking Association of Nigeria (MBAN), in his presentation at the August edition of REIS with the theme, ‘Financing Home Ownership: A Focus on Mortgages and Housing Funds as Veritable Platforms’, maintained that mortgage rate was in double-digit because it was largely determined by market conditions.

“Market condition is what determines interest rate. We want to assure you that we are mindful that double-digit rate on mortgage is not the best; we are in talks with the Central Bank of Nigeria, but economic issues have to be addressed for mortgage rate to come down to single digit,” he said.

The MBAN boss assured further that his organization remained committed to improving funding sources for housing projects. Part of efforts in this regard, according to him, was the registration of nine mortgage brokerage companies, creation of mortgage default loss of job insurance scheme as well as collateral replacement indemnity scheme.”

“When these schemes are fully implemented, you will begin to see representatives of mortgage banks approaching you to assist with funds to actualize your housing dream,” he said.

Omotosho stressed that the National Housing Fund (NFH) loans are insufficient to meet the housing needs of every Nigerian, saying there is the need for multiple housing vehicles.

“Nigeria cannot survive only on NHF. We need private sector-led public-driven mortgage institutions in the country”, he said, adding that Canada that has less than a quarter of Nigeria’s population has about three housing vehicles.

In his speech, Ahmed Dangiwa, the managing director of Federal Mortgage Bank of Nigeria (FMBN), represented by the bank’s deputy general manager, Abiodun Fashina, stated that accessibility and affordability of mortgage defined the business model of the bank.

Fashina, in his presentation, noted that the lower-income earners, who account for over 70 percent of Nigeria’s population, are most affected by the country’s housing issues. He, however, maintained that low income of workers is the chief constraint to accessing housing facility.

Giving the performance scorecards of the state-owned FBMN, Fashina said as at the end of June 2019, the bank had 23, 199 registered organizations, 4.68 million contributors, 1, 125 registered co-operative societies, 21, 987 co-operative members, 20, 000 NHF loans disbursed, 2, 214 micro-loans worth N4.3 billion disbursed and N750, 000 mortgage loans refinanced.

He added that FMBN would partner National Employers Consultative Association (NECA) and Trade Union Congress (TUC) to construct 100 houses across the country’s six geo-political zones.

Kayode Ogundimu, the chief executive officer at Nigeria Mortgage Refinance Company (NRMC), represented by Dorothy Obata, Head of Business Development, noted that the firm has in the last four years raised N19 billion to refinance mortgages.

“We issued an N8 billion Series I bond in 2015 and another N11 billion series II bond in 2017. This shows how serious we are with our mandate to promote home ownership across Nigeria.”

REIS is the first investor-centric series birthed to deepen the knowledge base of individual and institutional real estate investors.

Source: businessdayng

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