Freddie Mac invests $61 million in housing for families displaced by Hurricane Harvey

Freddie Mac, which re-entered the Low-Income Housing Tax Credit market last year for the first time in nearly 10 years, is making another investment in affordable housing.

The government-sponsored enterprise announced Monday that it closed a LIHTC fund with National Equity Fund and made three investments, totaling more than $61 million.

The new fund is Freddie’s fifth LITHC fund since re-entering the market last year.

According to Freddie Mac, the first three investments from this new fund will help provide supportive housing for individuals experiencing homelessness and families displaced by Hurricane Harvey.


Specifically, the investments from the new fund will go towards (details from Freddie Mac):

Aiding those displaced by Hurricane Harvey: A $15 million LIHTC equity investment in Houston’s New Hope Housing’s Dale Carnegie development will provide high-quality housing and supportive services to 170 individuals and families displaced by Hurricane Harvey.

Addressing Homelessness on Skid Row: A $19.6 million LIHTC equity investment in Skid Row Housing Trust’s Flor 401 Lofts development in Los Angeles will serve nearly 100 veterans and special needs individuals experiencing homelessness with both housing and supportive services.

Serving Homeless Veterans in South Los Angeles: A $26.5 million LIHTC equity investment in Hollywood Community Housing’s Florence Mills Apartments will help provide supportive housing in South Los Angeles — an area with a very high homeless rate. Thirteen of the 74 units will be designated for homeless veterans.


According to Freddie Mac, it chose to partner with NEF on the new fund because of the nonprofit’s “deep expertise with the LIHTC program, its commitment to serving communities in need, and its ability to support Freddie Mac’s mission of delivering liquidity and stability to underserved markets.”

David Leopold, vice president of Targeted Affordable Sales & Investments at Freddie Mac, said that NEF has a more than 30-year record of making investments in affordable housing, adding that the GSE is “proud” to aid NEF in its mission.

“We believe that extraordinary things can happen with great partners, and NEF’s partnership with Freddie Mac demonstrates that motto to be true,” said Reena Bramblett, NEF’s senior vice president of equity placement. “Freddie Mac’s investments provide life-changing opportunities for the individuals and families that call these LIHTC properties home.”

Source: Housing Wire

How non-implementation of local building materials’ policy is worsening housing delivery

A major paradigm shift in the use of indigenous building materials for housing design and construction may take long to come, following the inability of the Federal Government and its agencies to implement the new National Housing Policy.

Under the 2017 National Housing Policy, the government was urged to pursue vigorously the adoption of functional design standards that will facilitate cost reduction, affordability, acceptability and sustainability, which will respond to the cultural and regional peculiarities of potential users; expand and improve the manufacturing base for building materials production from all available local materials and evolve a more efficient distribution system.

According to the policy, the development of appropriate capacities to achieve sufficiency in the production of basic building materials and components of acceptable quality from local resources will stimulate effective economic growth and development; and structured manpower development programme for domestic requirement and international engagement.

The document further called on the authorities to encourage the expansion of existing industries producing building materials from local sources such as clay, bricks, concrete products, timber, glass and tiles.

It wants collaboration with other developing countries in the development of technical know-how for building materials manufacture; and encouragement in regional spread of building materials industries to stabilize cost as well as widen distribution.

Notwithstanding the good intentions of the stakeholders to ensure a robust indigenous building materials market, the absence of effective indigenous technology for the production of building materials, new building materials factories due to high cost of finance; inadequate and inefficient Infrastructural facilities (roads and rail transportation, water, sanitation, and power supply have worsened the plights of manufacturers and investors.

Besides, the recommendations of the policy for government to encourage the production and use of locally manufactured building materials by: providing incentives to, and creating the enabling environment for the private sector in order to encourage rapid flow of funds into building materials manufacturing through tax relief, accelerated depreciation and generous capital allowances are not adhered to.

There is also minimal support in providing matching grants for investments into research in the use of local materials for building materials manufacturers; providing loans at reduced rate of interest to manufacturers who will in turn supply self-built housing cooperatives and developers of low-income housing with their products at reasonable prices; attracting foreign participation into the building materials industry; and using local building materials for public projects at all tiers of government.

The Building Materials Producers Association of Nigeria (BUMPAN) formed to promote and encourage the production of building materials has remained in comatose.

The association is supposed to lay a solid foundation for the development of robust, effective and economically viable small and medium scale industries for the production of building materials.

Other strategies that are enshrined in the document such as strengthening the administrative, regulatory and institutional framework to ensure certification, registration and control of professional practices; supporting an integrated action programme for the organization of the informal building materials marketing sector; restructuring and adequately fund the Nigerian Building and Road Research Institute (NBRRI); and encourage establishment of building materials testing laboratories by the private sector have not been supported by the government.

Experts say, the non-adherence to the content of the policy is impacting negatively in the housing delivery, which should reduce the housing gap.

According to them, since the aim of the housing policy is to solve housing problems, there is the necessity to enhance the workability of the policy in order to achieve the goal.

Consequently, they stressed the need for periodic review of the housing policy to make it functional and acceptable.

The immediate past president of Nigeria Institute of Architects, (NIA), Tonye Braide, said the policy is a mere paper work as there are many cheap materials coming from China, which are competing with the local materials.

According to him, government should come out with a better policy as the price of the local materials are still high, which is reducing the local component needed for housing delivery.

He lamented a situation where materials that come from outside the country is cheaper and of higher quality, which will not help in mass construction of housing and ultimately reduce the housing deficit.

He said: “ it is not right that some body will carry materials all the way from China and it will be cheaper than the one manufactured locally.

“Like the project, we are doing in Akwa ibom, there is no local content element in the project.

“In the presentation of proposal, you have to put it that construction will use local content and local labour but in practice that is not the case.

“I feel that there must be a conceited effort than the lip service we are seeing in the implementation of the policy”, he added.

For NIA second Vice President, Enyi Ben-Eboh, there is a noticeable difference to the extent that such materials like cement are locally available. “To a large extent, there are areas in basic housing that foreign components are utilised.

“ One of the few aspects is roofing aluminum sheets where we still depend on foreign materials imported.

He also said the foreign doors from China is becoming common. If you look at the cost in relation to a wooden door, which may not be as durable, people will still prefer Chinese metal doors.

“To that extent, the government may have to look into how some of these materials that are unfavourably competitive with local ones can be either made to pay higher tariff or allow incentives for local manufacturers to be able to compete to achieve mass housing and eventually reduce the housing deficit.

According to him, affordable housing thrives on mass production.

“Whatever is manufactured, if it is done over a large quantity ,the prices come down, so if most of these components are produced locally like cement, it can meet the housing demand in Nigeria.

“We will get to a time when local product outweighs demand, then competition will come and the price will begin to come down.

“Presently, if you assemble available materials for a two bedroom bungalow, the price will still not be affordable to those who wants it.

“You found out that those who can afford a two bedroom bungalow are senior civil servants who do not need that level of housing .

“For the people below level seven and downwards, they cannot afford the local materials based on their salaries”, he added.

Speaking also on the local content consideration of the policy, an official of the Nigerian Building and Road Research Institute (NBRRI), Razaq Babatunde Lawal said the institute has been able to develop building materials like Pozzolana, a cementious material, Mardotile roofing, and other varieties of machines but mass-producing it for the housing industry, has been a big challenge.

“Pozzolana is an ancient materials of construction that is coming back in view of its advantages and need to have an alternative cementitious material apart from over dependence on ordinary Portland cement hundred per cent.

The material like Pozzolana was developed and used in the past but it is now staging a come back become of its affordability and its usefulness as a building material.

Pozzolana materials include volcanic ash, power station fly ash, burnt clays ash from some burnt plant materials; siliceous earths. When mixed with cements, it activates the cementing properties to reduce cost of concretes made from composite materials often referred to as blended cement”.

According to him, the product reduces cost of efficiency of mortar and concretes, improves workability of mortar and concrete, reduces heat of hydration and reduction on effects of alkali aggregate reactivity.

He disclosed that the first pozzolana plant in Nigeria has been commissioned and ready for investors to show interest.

Lawal who works in the Engineering Materials Research Department (EMRD) said “NBRRI has developed interlocking block making machine in which the blocks made don’t necessarily need to use mortal while plastering yet you will have very aesthetic building.

We have developed fiber-reinforced material for roofing of buildings. We have also improved on it by increasing the size with about 5mm in thickness, longer and reduce the laying time. NBRRI has all the professionals in the building environment and has developed various machines for the built sector.

The institute, he said hasn’t been able to mass-produce the materials and equipment because its mandate is solely to carry out research.

He explained that while it carries out research, the institute expects the public, based on exhibitions attended that investors should reach out to it and develop the products to the next level in terms of commercialization and forming partnership through proposals.

He stated that the fund to mass-produce its products might not be available. However, he said with institutional, private and foreign supports, the commercialization of its materials could be possible.

African cities become the new home to over 40,000 people every day, many of whom find themselves without a roof over their heads. With that in mind, IFC has committed to do more to develop the property sector, both to provide new and affordable housing and to encourage an industry that requires significant building materials and has the potential to be a major employer. In May, IFC and Chinese multinational construction and engineering company, CITIC Construction launched a $300 million investment platform, CITICC (Africa) Holding Limited, to develop affordable housing in multiple African countries. The platform will partner with local housing developers and provide long-term capital to develop 30,000 homes over next five years. IFC estimates that each housing unit will create five full-time jobs – resulting in nearly 150,000 new jobs on the continent. Kenya and Nigeria are high on the priority list for the new effort. Kenya’s housing shortage is estimated at 2 million units, while Nigeria is in want of 17 million units. The soaring demand is being met by scant new supply. Africa’s housing market has few local developers with the technical and financial strength to construct large-scale projects. The IFC-CITIC Construction platform will work with local housing companies to develop affordable housing projects across Sub-Saharan Africa, each ranging in size from 2,000 to 8,000 units. CITIC Construction has a proven track record in constructing and delivering large scale housing projects. The platform will start by developing homes in Kenya, Rwanda and Nigeria, expanding to other countries as operations ramp up. “In Angola, through planning, financing, construction and post-construction operation, CITIC Construction has successfully completed the 200,000 units housing program, new city of Kilamba Kiaxi, with relative infrastructure and utilities in four years. CITIC Construction has also founded the CITIC BN Vocational School in Angola which helps youth acquire the skills they need to become professionals”, said Hong Bo, Assistant President of CITIC Group and Chairwoman of CITIC Construction, “CITIC Construction will take advantage of our engineering experience and delivery capability to develop more affordable houses for Africa through the platform with IFC.” “As Sub-Saharan Africa become more urbanized, the private sector can help governments meet the critical need for housing”, said Oumar Seydi, IFC Director for Eastern and Southern Africa. “The platform will help transform Africa’s housing markets by providing high quality, affordable homes, creating jobs, and demonstrating the viability of the sector to local developers. IFC will work with financial institutions to support mortgages and housing finance that will allow people to purchase the units.” The new housing units will be constructed in accordance to IFC’s green building standards, delivering homes that are environmentally friendly and sustainable. The World Bank Group estimates that by 2030, three billion people, or 40 percent of the world’s population will need new housing units. To date, IFC has invested more than $3 billion in housing finance in over 46 countries world-wide. IFC focuses on regions where large portions of the population live in sub-standard housing and have limited access to credit to build, expand, or renovate their homes.

“Government has tried by going into pilots of the inventions but as a research institute over the years, we just write papers and it remains on the shelf if the products of the efforts is not commercialized”. Now we are having pilot plans in some universities. Through research we can avoid emissions by stopping the use of cement and start using alternative material. Cement industry and construction firms can partner with us through programmes on affordable housing and when they are using their cement, they could think of Pozzolana”, he said.

He observed that for the past 11years, interventions from the institute were not been felt, however, the current crops of leadership are desirous to let Nigerians feel its activity through development of exceptional building materials for building construction in the country.

Managing Director of Bolyn construction Nigeria Limited, a brick manufacturing company, Elder Rufus Bamgbola Akinrolabu said government has shown lack of political will to implement housing policies.

He lamented that government’s direct involvement in the housing sector over the years has led to politicisation of policies and programmes including those relating to housing, to the detriment of Nigerians.

He blamed the situation on issue of corruption in system, which has made ‘nothing’ to be implemented in the previous years.

Akinrolabu, who is a manufacturer of low-cost housing equipment based in Lagos, explained that Nigeria’s housing problem could become a thing of the past if only the government and people will look inwards and use the local materials that God has blessed the nation with.

“Many of the policies require money to implement and with the fall in the global price of oil, where is the money? Nigerian government has no business in housing because everything has been politicised. if you politicize everything and you go to the national assembly, ask them to budget funds and the money is appropriated and at the end of the day, the money is shared. How can policies be implemented when the government has no money”, he said.

Source: Chinedum Uwaegbulam

 

Sovereign fund to boost power generation with N50 billion

A subsidiary of the Nigeria Sovereign Investment Authority (NSIA), InfraCredit, has opened a N50 billion 600MW Shiroro Hydro Electric Infrastructure Green Bond to boost the plant and power generation nationwide.

Launched in partnership with GuarantCo, KfW Development Bank and Africa Finance Corporation, the deal is covered by the North South Power Company Limited’s (NSP) N8.5 billion 15-year 15.60 per cent Series 1 Guaranteed Fixed Rate Senior Green Infrastructure Bonds Due 2034, operator of the 30-year concession programme.

In a statement, the Executive Vice Chairman/CEO, NSP, Dr. Olubunmi Peters, relished the milestone move.

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The Chief Executive Officer, InfraCredit, Chinua Azubuike, noted: “With the completion of the Series 1 Guaranteed Green Infrastructure Bond issuance, the company has established a long envisioned link with a more sustainable long-term, local currency financing required to implement its ambitious strategic power generation expansion plan through the capital markets.

“Infrastructure assets like Shiroro Hydroelectric Power Plant generate social, environmental and economic impact such as contributing to greenhouse gas emission reduction, revitalising disenfranchised areas, improving access to services and creating employment.

“Shiroro Hydro is an extremely essential and resilient asset with a 30-year consistent production history. North South Power, with the acquisition of a 30-year concession in 2013, has demonstrated the competence and ability to deliver on its business targets from restoring capacity target to 600MW and a 45 per cent increase in power generation.”

He added: “We believe that a sustainable and inclusive implementation of the eligible customer framework in a manner that generates economic benefits for all stakeholders will accelerate the industry’s strategic growth. With the success of this first-in-kind transaction, InfraCredit has further demonstrated its pioneering commitment to promoting financial inclusion.

Fund Manager, African Local Currency Bond Fund, James Doree remarked: “The first corporate green bond in Nigeria, issued by North South Power and supported by InfraCredit, sets a benchmark for the domestic and regional capital market.

Register to be part of the conference at the 13th Abuja Housing Show click here

North South Power’s ongoing investments in the Shiroro power station since 2013 have restored nameplate capacity with minimal environmental impact and NSP is now able to generate more than 2,000 GWh on a yearly basis.”

Source: Mathia Okwe

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Emefiele Still CBN Governor

The Central Bank of Nigeria (CBN) has dismissed claims that the CBN governor, Godwin Emefiele has been sacked.

Responding to enquiries from The Nation on Monday, the Director Corporate Communications of the CBN Mr. Isaac Okorafor told The Nation that “the governor is in his office working. I don’t know what you’re talking about.”

Another official of the CBN also told The Nation Correspondent that “there is nothing like that, the governor is here, his tenure expires in June.

In fact he has functions to attend to tomorrow, one of which is to meet with stakeholders in the cotton value chain on Tuesday March 5, 2019.”

Register to be part of the conference at the 13th Abuja Housing Show click here

An online medium had reported on Monday afternoon that the CBN governor has been sacked by the presidency and given two weeks to clear his table and “handover to an unnamed successor.“

Source: NationOnline

Odu’a signs N3.5bn housing deal with UK-based firm

Odu’a Investment Company Limited says it has signed a Memorandum of Understanding with United Kingdom-based Iconic City Limited for the development of a 3.8-hectare land in Alakia, Ibadan, the Oyo State capital, into a residential housing estate.

Odu’a said the agreement was in pursuit of its growth strategy predicated on unlocking value from its huge asset base for sustainable development.

Odu’a Investment Company Limited says it has signed a Memorandum of Understanding with United Kingdom-based Iconic City Limited for the development of a 3.8-hectare land in Alakia, Ibadan, the Oyo State capital, into a residential housing estate.

Odu’a said the agreement was in pursuit of its growth strategy predicated on unlocking value from its huge asset base for sustainable development.

According to the firm, the proposed residential housing estate which has been code-named ‘Westlink Iconic Estate’ is a medium density luxury estate consisting 124 households and will cost about N3.5bn.

“It comprises various housing types to allow for different market segmentation subscribers. The housing products are 60 units of three-bedroom apartments, 42 units of four-bedroom terrace houses, 14 units of five-bedroom semi-detached duplexes, eight units of six-bedroom fully detached duplexes and 36 commercial and business units,” the firm said.

It said the initiative was hinged on the Federal Government’s Economic Recovery and Growth Plan which had human capital development as one of its cardinal objectives with housing provision as key factor in achieving that goal.

The statement read in part, “The housing deficit in the country is over 22 million if not more, and investment in housing remains a worthwhile and profitable venture, especially when affordability is considered.

“Odu’a Investment Company Limited has identified partnership as a veritable strategy to add tremendous value to her existing property portfolio, earn remarkable return, strengthen her brand image and increase her socio-economic footprint for the benefit of its shareholders and stakeholders. The Estate which is scheduled for completion in 30 months will boast of state-of-the-art features.”

Raji was quoted to have said the N3.5bn joint venture investment with Iconic City was another landmark initiative to unlock value from the property portfolio of the Odu’a Group and bring on board a new dimension in structured and luxurious community living in Ibadan.

“This is in line with the vision of the board and management of the company to live the mandate of our shareholders to be the engine room of the economic development of the West,” he said.

Ogunmuyiwa was also quoted as saying the partnership would give his firm the opportunity to utilise its professional experience from training, working and living in the UK to build a world class mixed luxury residential estate in Ibadan.

“The designs and model types are exquisite and the finishing inviting and affordable,” he added.

Source: punchng

Letting adverts that discriminate against tenants on housing benefit could be banned

Ministers in England are set to meet representatives of landlord associations, tenant groups, property websites and mortgage providers in a bid to clamp down on discrimination against people on housing benefit in the private rented sector.

Housing Minister Heather Wheeler said that adverts which specify that a home will not be rented to people on housing benefit could be banned and she called on landlords and letting agents to stop saying No to DSS claimants.

 

She pointed out that out of 4.5 million households living in private rental accommodation, 889,000 receive housing benefit to help pay their rent. Yet the latest figures show around half of landlords said they would not be willing to let to tenants on Housing Benefit.

‘I will be meeting key stakeholders to tackle the practice of No DSS, to underline the need for immediate change,’ Wheeler confirmed.

Justin Tomlinson, Minister for Family Support, Housing and Child Maintenance, said that everyone should have the same opportunity when looking for a home, regardless of whether they are in receipt of benefits.

‘With Universal Credit, payments can be paid directly to the landlord, and we continue to listen to feedback and work with landlords to improve the system.

Landlords can already receive rent from tenants on Housing Benefit and Universal Credit, meaning payments can be paid directly into their accounts,’ he pointed out.

Wheeler also announced that some £19.5 million is to be provided to local authorities in England to provide homes for people at risk of losing their or who are already homeless, it has been announced

Wheeler said that it will help people to get into the rented sector and the funding will go to 54 projects around the country.

Councils will use the funding boost to help vulnerable people secure their own tenancy through support such as, paying deposits or putting down the first months’ rent and Wheeler said that th

African cities become the new home to over 40,000 people every day, many of whom find themselves without a roof over their heads. With that in mind, IFC has committed to do more to develop the property sector, both to provide new and affordable housing and to encourage an industry that requires significant building materials and has the potential to be a major employer. In May, IFC and Chinese multinational construction and engineering company, CITIC Construction launched a $300 million investment platform, CITICC (Africa) Holding Limited, to develop affordable housing in multiple African countries. The platform will partner with local housing developers and provide long-term capital to develop 30,000 homes over next five years. IFC estimates that each housing unit will create five full-time jobs – resulting in nearly 150,000 new jobs on the continent. Kenya and Nigeria are high on the priority list for the new effort. Kenya’s housing shortage is estimated at 2 million units, while Nigeria is in want of 17 million units. The soaring demand is being met by scant new supply. Africa’s housing market has few local developers with the technical and financial strength to construct large-scale projects. The IFC-CITIC Construction platform will work with local housing companies to develop affordable housing projects across Sub-Saharan Africa, each ranging in size from 2,000 to 8,000 units. CITIC Construction has a proven track record in constructing and delivering large scale housing projects. The platform will start by developing homes in Kenya, Rwanda and Nigeria, expanding to other countries as operations ramp up. “In Angola, through planning, financing, construction and post-construction operation, CITIC Construction has successfully completed the 200,000 units housing program, new city of Kilamba Kiaxi, with relative infrastructure and utilities in four years. CITIC Construction has also founded the CITIC BN Vocational School in Angola which helps youth acquire the skills they need to become professionals”, said Hong Bo, Assistant President of CITIC Group and Chairwoman of CITIC Construction, “CITIC Construction will take advantage of our engineering experience and delivery capability to develop more affordable houses for Africa through the platform with IFC.” “As Sub-Saharan Africa become more urbanized, the private sector can help governments meet the critical need for housing”, said Oumar Seydi, IFC Director for Eastern and Southern Africa. “The platform will help transform Africa’s housing markets by providing high quality, affordable homes, creating jobs, and demonstrating the viability of the sector to local developers. IFC will work with financial institutions to support mortgages and housing finance that will allow people to purchase the units.” The new housing units will be constructed in accordance to IFC’s green building standards, delivering homes that are environmentally friendly and sustainable. The World Bank Group estimates that by 2030, three billion people, or 40 percent of the world’s population will need new housing units. To date, IFC has invested more than $3 billion in housing finance in over 46 countries world-wide. IFC focuses on regions where large portions of the population live in sub-standard housing and have limited access to credit to build, expand, or renovate their homes.is should give them an opportunity to make a home in a property they may otherwise not have been able to access.

‘I want everyone to have the security, dignity and opportunities they need to build a better life and at the heart of which is ensuring everyone can find a safe and secure home to call their own,’ said Wheeler.

‘This funding will make a huge difference in opening up the private rented sector to people who need it and give them the chance to rebuild their lives.

This helps strengthen the choices and opportunities available for those on benefits to secure the homes they and their families need,’ she added.

In a third move, local authorities can now also bid for a share of up to £26 million of Rapid Rehousing Pathway funding for 2019 to 2020.

This extra investment can be used to fund innovative local schemes which help those sleeping rough and struggling with mental health problems or substance misuse issues.

The Private Rented Sector Access Fund will also support minimum tenancies or existing tenancies for a period of 12 months.

Source: Propertywire

weah_in_studio

Liberia President Launches Low Income Housing in Rural Areas

Liberia President, has launched a housing program for rural dwellers known as the Sasstown development project targeted toward a better living environment.

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The former World best footballer took to his official social media page to make the announcement on Sunday, March 3.

President Weah revealed he was excited with the project expected to improve living condition of Liberians, who will be encouraged to go into agriculture after the residential buildings are ready.

gwp

“I’m excited to announce that my vision to transform the standard of living of our rural dwellers, precisely by upgrading their homes from mud brick homes to concrete homes; has started with the Sasstown development project,” President Weah’s statement read in part.

A further breakdown of the Sasstown development project revealed that existing residential cities will be converted to agricultural zones once the new buildings are completed.

In an effort to avoid demolition of their existing homes; which will prevent them from being homeless during the construction period.

“We have devised a strategy wherein we will build the new homes at a different location; and once the construction is done, they can then move into the newly constructed homes while we demolish the old ones and encourage them to do agriculture at the site of their old homes,” he said.

The President assured Liberians that his government would use every available cent on developing the country..

Source: Legit.ng

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Foreign Trade volume hits N32.26Trn in 2018

The National Bureau of Statistics, NBS, said Nigeria recorded a total trade value of N32.26 trillion year-on-year in 2018, representing 39.3 per cent increase over the corresponding period in 2017.

The trade value for 2017 stood at N23.16 trillion.

The NBS said this in Foreign Trade in Goods Statistics for Fourth Quarter of 2018 posted on its website.

The bureau said the volume of total merchandise trade in 2018 was the highest recorded since 2014, nearly double pre-recession levels.

The Bureau said during the fourth quarter of 2018, total merchandise trade stood at N8.60 trillion compared to its value of N9.06 trillion recorded in third quarter of the year.

It said the total export component of the trade recorded at N5.02 trillion, represented an increase of 3.5 per cent over third quarter 2018 and 28.5 percent over fourth quarter 2017.

African cities become the new home to over 40,000 people every day, many of whom find themselves without a roof over their heads. With that in mind, IFC has committed to do more to develop the property sector, both to provide new and affordable housing and to encourage an industry that requires significant building materials and has the potential to be a major employer. In May, IFC and Chinese multinational construction and engineering company, CITIC Construction launched a $300 million investment platform, CITICC (Africa) Holding Limited, to develop affordable housing in multiple African countries. The platform will partner with local housing developers and provide long-term capital to develop 30,000 homes over next five years. IFC estimates that each housing unit will create five full-time jobs – resulting in nearly 150,000 new jobs on the continent. Kenya and Nigeria are high on the priority list for the new effort. Kenya’s housing shortage is estimated at 2 million units, while Nigeria is in want of 17 million units. The soaring demand is being met by scant new supply. Africa’s housing market has few local developers with the technical and financial strength to construct large-scale projects. The IFC-CITIC Construction platform will work with local housing companies to develop affordable housing projects across Sub-Saharan Africa, each ranging in size from 2,000 to 8,000 units. CITIC Construction has a proven track record in constructing and delivering large scale housing projects. The platform will start by developing homes in Kenya, Rwanda and Nigeria, expanding to other countries as operations ramp up. “In Angola, through planning, financing, construction and post-construction operation, CITIC Construction has successfully completed the 200,000 units housing program, new city of Kilamba Kiaxi, with relative infrastructure and utilities in four years. CITIC Construction has also founded the CITIC BN Vocational School in Angola which helps youth acquire the skills they need to become professionals”, said Hong Bo, Assistant President of CITIC Group and Chairwoman of CITIC Construction, “CITIC Construction will take advantage of our engineering experience and delivery capability to develop more affordable houses for Africa through the platform with IFC.” “As Sub-Saharan Africa become more urbanized, the private sector can help governments meet the critical need for housing”, said Oumar Seydi, IFC Director for Eastern and Southern Africa. “The platform will help transform Africa’s housing markets by providing high quality, affordable homes, creating jobs, and demonstrating the viability of the sector to local developers. IFC will work with financial institutions to support mortgages and housing finance that will allow people to purchase the units.” The new housing units will be constructed in accordance to IFC’s green building standards, delivering homes that are environmentally friendly and sustainable. The World Bank Group estimates that by 2030, three billion people, or 40 percent of the world’s population will need new housing units. To date, IFC has invested more than $3 billion in housing finance in over 46 countries world-wide. IFC focuses on regions where large portions of the population live in sub-standard housing and have limited access to credit to build, expand, or renovate their homes.

Meanwhile, the bureau said the import component stood at N3.58 trillion in fourth quarters 2018.

The figure showed a drop of N631.6 billion or 15.0 per cent compared to third quarter, 2018 but an increase of 69.6 percent when compared with the corresponding quarter in 2017.

However, it said the increase in export value and decrease in import value (relative to third quarter 2018) resulted in a favourable trade balance of N1441 billion, or 125.5 per cent over the preceding quarter.

According to the report, crude oil export has been the main stay of the economy, accounting for the largest share of total exports (84.2 per cent) in the fourth quarter of 2018 at N4.228 billion.

Non-oil products accounted for 4.6 per cent of total exports while other oil products accounted for 11.2 per cent of total exports in the quarter under review.

 

Source: DailyTrust

home

Affordable Housing in Africa

Rapid urbanization is pushing up demand for housing in Sub-Saharan Africa.

African cities become the new home to over 40,000 people every day, many of whom find themselves without a roof over their heads.

With that in mind, IFC has committed to do more to develop the property sector, both to provide new and affordable housing and to encourage an industry that requires significant building materials and has the potential to be a major employer.

In May, IFC and Chinese multinational construction and engineering company, CITIC Construction launched a $300 million investment platform, CITICC (Africa) Holding Limited, to develop affordable housing in multiple African countries.

African cities become the new home to over 40,000 people every day, many of whom find themselves without a roof over their heads. With that in mind, IFC has committed to do more to develop the property sector, both to provide new and affordable housing and to encourage an industry that requires significant building materials and has the potential to be a major employer. In May, IFC and Chinese multinational construction and engineering company, CITIC Construction launched a $300 million investment platform, CITICC (Africa) Holding Limited, to develop affordable housing in multiple African countries. The platform will partner with local housing developers and provide long-term capital to develop 30,000 homes over next five years. IFC estimates that each housing unit will create five full-time jobs – resulting in nearly 150,000 new jobs on the continent. Kenya and Nigeria are high on the priority list for the new effort. Kenya’s housing shortage is estimated at 2 million units, while Nigeria is in want of 17 million units. The soaring demand is being met by scant new supply. Africa’s housing market has few local developers with the technical and financial strength to construct large-scale projects. The IFC-CITIC Construction platform will work with local housing companies to develop affordable housing projects across Sub-Saharan Africa, each ranging in size from 2,000 to 8,000 units. CITIC Construction has a proven track record in constructing and delivering large scale housing projects. The platform will start by developing homes in Kenya, Rwanda and Nigeria, expanding to other countries as operations ramp up. “In Angola, through planning, financing, construction and post-construction operation, CITIC Construction has successfully completed the 200,000 units housing program, new city of Kilamba Kiaxi, with relative infrastructure and utilities in four years. CITIC Construction has also founded the CITIC BN Vocational School in Angola which helps youth acquire the skills they need to become professionals”, said Hong Bo, Assistant President of CITIC Group and Chairwoman of CITIC Construction, “CITIC Construction will take advantage of our engineering experience and delivery capability to develop more affordable houses for Africa through the platform with IFC.” “As Sub-Saharan Africa become more urbanized, the private sector can help governments meet the critical need for housing”, said Oumar Seydi, IFC Director for Eastern and Southern Africa. “The platform will help transform Africa’s housing markets by providing high quality, affordable homes, creating jobs, and demonstrating the viability of the sector to local developers. IFC will work with financial institutions to support mortgages and housing finance that will allow people to purchase the units.” The new housing units will be constructed in accordance to IFC’s green building standards, delivering homes that are environmentally friendly and sustainable. The World Bank Group estimates that by 2030, three billion people, or 40 percent of the world’s population will need new housing units. To date, IFC has invested more than $3 billion in housing finance in over 46 countries world-wide. IFC focuses on regions where large portions of the population live in sub-standard housing and have limited access to credit to build, expand, or renovate their homes.

The platform will partner with local housing developers and provide long-term capital to develop 30,000 homes over next five years. IFC estimates that each housing unit will create five full-time jobs – resulting in nearly 150,000 new jobs on the continent.

Kenya and Nigeria are high on the priority list for the new effort. Kenya’s housing shortage is estimated at 2 million units, while Nigeria is in want of 17 million units. The soaring demand is being met by scant new supply. Africa’s housing market has few local developers with the technical and financial strength to construct large-scale projects.

The IFC-CITIC Construction platform will work with local housing companies to develop affordable housing projects across Sub-Saharan Africa, each ranging in size from 2,000 to 8,000 units.

CITIC Construction has a proven track record in constructing and delivering large scale housing projects. The platform will start by developing homes in Kenya, Rwanda and Nigeria, expanding to other countries as operations ramp up.

“In Angola, through planning, financing, construction and post-construction operation, CITIC Construction has successfully completed the 200,000 units housing program, new city of Kilamba Kiaxi, with relative infrastructure and utilities in four years.

CITIC Construction has also founded the CITIC BN Vocational School in Angola which helps youth acquire the skills they need to become professionals”, said Hong Bo, Assistant President of CITIC Group and Chairwoman of CITIC Construction, “CITIC Construction will take advantage of our engineering experience and delivery capability to develop more affordable houses for Africa through the platform with IFC.”

“As Sub-Saharan Africa become more urbanized, the private sector can help governments meet the critical need for housing”, said Oumar Seydi, IFC Director for Eastern and Southern Africa.

“The platform will help transform Africa’s housing markets by providing high quality, affordable homes, creating jobs, and demonstrating the viability of the sector to local developers.

IFC will work with financial institutions to support mortgages and housing finance that will allow people to purchase the units.”

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The new housing units will be constructed in accordance to IFC’s green building standards, delivering homes that are environmentally friendly and sustainable.

The World Bank Group estimates that by 2030, three billion people, or 40 percent of the world’s population will need new housing units.

To date, IFC has invested more than $3 billion in housing finance in over 46 countries world-wide.

IFC focuses on regions where large portions of the population live in sub-standard housing and have limited access to credit to build, expand, or renovate their homes.

 

Source: ifc.org

London Property Prices Grew 86% in a Decade

Despite currently facing Brexit woes and a slumping market, London ranks as the most lucrative investment hotspot in the U.K. over the past decade, according to a report today from Benham and Reeves.

Since the end of the recession in 2009, house prices in London have increased 86%, to an average of £472,901 (US$627,144) in November 2018 from £253,596 in June 2009, the sale and lettings agents said.

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London’s inner boroughs are driving the growth, with prices up 94% in the same time, compared to 88% across outer London.

Across the U.K., average prices have seen bumps of 45%, from £230,630 to £159,561.

“Much has been made about the demise of London since the EU Referendum and the resulting slowdown in house price growth, attributed largely to a withdrawal of foreign interest and investment,” Marc von Grundherr, director of Benham and Reeves, said in the report. “However, London remains the pillar of the U.K. property market and the ultimate jewel in the crown for both native and foreign investors. In fact, the number of EU residents buying in London alone is up from 10% in 2015 to 14% in 2018.”

“Those finding themselves in a Brexit-based limbo with regards to buying should rest assured that when the capital does resume business after a brief political respite, its market pedigree will help ensure continued price growth,” Mr. von Grundherr said.

In fact, Benham and Reeves predicts that future home buyers in London could be paying over £4 million for their first homes by 2052, Mansion Global previously reported.

Outside of London, the popular commuter regions of the East of England and the South East have logged the highest price growth of the past decade, up 69% and 62%, respectively.

Only in Northern Ireland have prices yet to recover, still down 5% on pre-recession levels, the report said.

Source: mansionglobal.com

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