Halkalı Halı Yıkama Beylikdüzü Halı Yıkama Bahçeşehir Halı Yıkama seocu

WeWork Leases Leave Landlords Exposed to $40bn Rent Commitments

Hundreds of landlords are exposed to WeWork via $47.2bn of rental commitments, with little recourse if the office space company fails to pay. More than 220 landlords have leased space in the US to WeWork and more than 50 in the UK, according to CoStar, a real estate data firm, as the company expanded rapidly to become the largest office tenant in Manhattan and central London.

The CoStar data show that TIAA-CREF, Boston Properties, Beacon Capital Partners and Moinian Group are among the biggest US landlords to WeWork, which published its prospectus last week ahead of a highly anticipated initial public offering. WeWork sublets the space to businesses from start-ups to large corporations on a short-term basis. The mismatch in rental periods is seen by many in the industry as a potential weakness in its model during a recession.

“There are so many WeWork leases in town, and I think there are a lot of landlords who are very cautious, not about the quality of service but about the financial model. I’m one of them,” said one large London-based landlord who has opted against direct exposure. If WeWork does hit trouble, there are limits to what landlords can do to enforce rental commitments.

The company, like others in the shared office sector, creates special purpose vehicles for its leases, meaning landlords do not have direct recourse to the parent company if it fails to pay rent. In the past, companies in the sector have changed the terms of their leases when downturns hit. Regus, now IWG, renegotiated leases in 2002 when the end of the tech boom cut into its customer base. More recently, an IWG subsidiary that leased a site near Heathrow airport applied for voluntary liquidation.

To counter such concerns, WeWork has guaranteed a portion of its rental payments, though a small fraction of the overall obligation. About $4.5bn of rent payments are backed by corporate guarantees and $1.1bn by bank guarantees, according to the group’s pre-IPO filing. It has paid more than $268.3m in cash deposits to landlords and used another $183.9m of surety bonds, a form of insurance.

That leaves more than $40bn of rent payments, stretched over a typical 15-year lease length, with no such backing, though the group maintains in its filing: “Our business, reputation, financial condition and results of operations depend on our subsidiaries’ ongoing compliance with their leases.” WeWork’s $47.2bn of lease obligations dwarf the £6.6bn held by its largest rival, IWG; its leases last a typical 15 years, against IWG’s 10 years.

Meanwhile, landlords have paid cash to WeWork in the form of “tenant improvement allowances”, upfront payments that enable the group to transform buildings into its signature style. WeWork collected almost $455m of these in the first six months of 2019. Analysts at Fitch said: “We believe WeWork assumes an even greater proportion of gross capital expenditure being funded by landlords [in the future].”

As WeWork tends to lease offices from large landlords, it makes up only a small percentage of any individual landlord’s portfolio. But the group and its flexible office competitors are increasingly important to the health of certain markets. In London, shared office groups together have accounted for 15 per cent of all new deals by square footage over the past five years, according to the property agents JLL. In the UK, the property developer Almacantar has about 280,000 square feet devoted to WeWork and the owners of Canary Wharf Group have more than 280,000 sq ft, although the financial risk is borne by the European Medicines Agency, which sub-let its office there.

Other landlords with exposure include Columbia Threadneedle, the German fund Deka and the Tesco pension fund. Another big UK landlord said: “There’s potentially a question of ‘will the whole thing explode at some stage?’. But that’s a question you need to apply to a bunch of companies in every landlord’s portfolio.”

Source: ft

Regent’s Park Properties are the Cream of the Crop

In June, a leasehold property on Chester Terrace, a grand run of John Nash-designed homes on the edge of Regent’s Park in north-west London, sold for £15.5m. The house is on one of the best-preserved Regency terraces in the capital, but even at £3,449 per sq ft, it is a relative steal compared with some of the trophy homes that overlook Hyde Park — it is less than half the £7,000 per sq ft achieved by a property in the One Hyde Park development.

According to data from LonRes, the average price per sq ft in Regent’s Park is £1,133. In Mayfair, on the eastern edge of Hyde Park, the price per sq ft is £2,214; in Knightsbridge, on the southern edge, be prepared to pay £2,181. For some local residents, though, there is no comparison. “Hyde Park is like a motorway,” says Gilda Hamilton, the tenant of a two-bedroom apartment on York Terrace West, beside the southern boundary of Regent’s Park.

“This feels like a village.” Many properties in and around Regent’s Park are owned by the Crown Estate and are leasehold, which puts off some international buyers, agents say. In contrast, houses overlooking Hyde Park are typically freehold, and even the apartments in One Hyde Park are sold with leases of up to 999 years. Sentiment may be changing, though. “Since 2002 the lengthening of leases from 60 to 150 years by the park’s freeholder, the Crown Estate, has made buying a home there more of an attractive long-term investment,” says Rosy Khalastchy of Beauchamp Estates, an agency.

“The improvement of neighbouring Marylebone and St John’s Wood high streets has made living in the park more appealing.” The 486-acre park was conceived by Nash in 1810 as a vast garden for a new palace for the Prince Regent, later George IV. The palace was never constructed and only nine of the planned 56 villas were built — along with six designed by neoclassical architect Quinlan Terry, built between 1988 and 2004. In the 1920s, many of the large villas were taken over by public institutions, but they have since been sold back into private hands — and in some cases, royalty.

Nuffield Lodge is owned by the Sultan of Oman, St John’s Lodge belongs to Prince Jefri Bolkiah of Brunei, and The Holme, on Regent’s Park Inner Circle, is owned by the Saudi royal family. Hanover Lodge, a Grade II*-listed mansion, is being refurbished into what Beauchamp Estates expects to be among the most expensive properties in London, with a projected value of £200m-£250m. Winfield House — once known as Hartford Villa — was rebuilt in the 1930s and is now the US ambassador’s residence.

The owners of the terraces lining the park enjoy protected views over it — no new buildings will suddenly appear to obscure them — but they must paint their properties “Crown cream” every five years and are vetted before buying (purchasers must provide financial and personal references to the Crown Estate). “The fact that not many houses have private gardens pushes some buyers to St John’s Wood, as does a preference for houses across fewer floors,” says Marc Schneiderman of Arlington Residential, an estate agency. On Grade I-listed Chester Terrace — which has a 300-metre communal garden and its own security-controlled private road — there is a six-bedroom house for sale at £12.5m through Arlington. An elegantly refurbished five-bedroom townhouse on the same terrace is for sale at £14.5m through Beauchamp Estates.

“I modelled it on the classic style of The Peninsula Hotel in Hong Kong — luxurious yet homely,” says its owner, Anglo-American interior designer Tiggy Butler. “I love the tranquillity and the lack of light pollution that comes with having a vast nature reserve on my doorstep with only the sounds of ducks or herons.”

Buyers today mostly hail from the US, the Middle East, Russia and India, say agents. Americans are attracted to the area by the American School in St John’s Wood. “Chinese buyers are increasingly keen on the park for its combination of nature and history,” says Schneiderman. Apartments in and around the park — there are 367 in total — are increasingly appealing to British and European downsizers, agents say.

“Buyers swap large family homes in Hampstead or Highgate worth more than £10m for generous lateral apartments,” says Khalastchy. Beauchamp is selling what he calls an “entry level” three-bedroom apartment on Cumberland Terrace for £3.75m. Three-bedroom mews houses on Chester Terrace cost around £2.5m. A major building project is taking place on Park Crescent on the park’s south-eastern corner, near the Regent’s Park tube station. Here, a swath of offices is being redeveloped into luxury residences by CIT. Prices start at £2.9m, available through Knight Frank.

Source: ft

Optimism Returns to Johannesburg Housing Market

Cyril Ramaphosa hailed a “new era” for South Africa when he was sworn in as president after May’s general election. In Johannesburg, the country’s largest and most populous city, it is hoped he can restore stability to a country blighted by corruption and inefficiency. But what will Ramaphosa’s presidency mean for the city’s property market?

In theory, the city has a lot going for it. “Jo’burg is very much the commercial hub of South Africa,” says Richard Smith, an area manager at Pam Golding Properties, estate agent Savills’ associate in South Africa. “If you are coming for a big corporate job, this is where you will come.”

According to the local government website, the city is home to 74 per cent of South Africa’s corporate headquarters and generates 16 per cent of the country’s economic output.

The housing market, however, is less eye-catching: prices rose 3 per cent last year, real estate services company CBRE has reported. This took the average price to just over R3m ($200,000), which is less than half the R8m figure for Cape Town, where values increased 8.7 per cent over the same period.

Growth has also slowed, notably in high-end areas such as Randburg and Midland, where values increased 0.4 per cent and 2 per cent respectively last year despite the areas’ proximity to the city centre. In Sandton, a prestigious neighbourhood popular with expats, prices fell 1.7 per cent in 2018, with prices now averaging around R3m. City-wide, the first quarter of 2019 saw price growth decelerate for the 13th consecutive quarter.

Still, there is optimism, says Andrew Golding, chief executive of Pam Golding Properties. “The generally market-friendly result will in all likelihood create a degree of certainty and go some way towards addressing the issues currently affecting confidence in the South African economy — and as a consequence have a positive effect on the South African residential property market,” he says.

The market will not pick up immediately, however, predicts Smith. “There are not huge numbers of investment buyers around, as rental returns are down, but there has been a push by developers to deliver housing at different price levels, which creates an oversupply of stock,” he says.

Oversupply extends to the top end of the market. Because of this, “virtually all properties” in areas where average prices exceed R3.6m have sold for less than the initial asking price so far in 2019, according to the FNB Residential Property Barometer. The difference between asking and selling prices in the second quarter of 2019 was 9.9 per cent.

Until the economy improves, that pattern is likely to persist. What Johannesburg really needs, says Smith, is investment. “To revive interest, we need political stability, growth, lower unemployment and a return of business confidence. In other words, we need to improve the feelgood factor.”

With Ramaphosa in for a five-year term, agents’ outlook for the next quarter has shifted from neutral to “general optimism”, according to the FNB report.

But any uptick in prices will take time to materialise, Smith predicts. “We’ve probably got another six months to a year before prices rebound. If we can see positive stuff coming through from the government, in terms of encouraging growth and rescuing state-owned enterprises, that will send out a positive message,” he says.

Source: propertylistings.ft

nigeria as the poorest country

FG To Deliver 1m Houses Per Year

The Federal Government on Saturday promised to address housing deficit by delivering one million houses per year to close the 17 million shortfalls by the year 2033.

The Minister of State, Works and Housing, Mr Abubakar Aliyu, disclosed this in Abuja on Saturday during an inspection of the Federal Housing Authority (FHA) mass housing project in Zuba, Federal Capital Territory.

Aliyu said the government had decided to improve on current construction of 100,000 houses per years in order to meet the basic needs of the people.

“The production now is low; we are constructing 100,000 houses per year and we hope to improve it by constructing one million houses per year in order to close the gap of 17 million to 20 million housing deficits by the year 2033.

“That is the target of government, we are committed to doing that and to ensure that the programmes, policies are accomplished.

“We will provide enabling environment to attract investors into the sector to help solve the problem of housing deficit in the country and to achieve the government’s goal by 2033,’’ he said.

Aliyu also said that the problems associated with acquisition of lands would be addressed.

Speaking on the Zuba project, the minister said it was designed specifically to address the huge housing deficit for the middle and low-income earners.

He said the project which was to be completed by August was delayed because of the rainy season.

The minister gave assurance that the government would deliver the project as soon as possible.

“We will ensure that the project is completed soon, because it is one of our primary focuses.

“That is why it is our first point of call after inauguration,’’ he said.

Mr Umar Gonto, Acting Managing Director, FHA reiterated government’s commitment to ensuring that the common Nigerians have access to affordable housing.

He said that the project was among many others spread across the country by the federal government.

Gonto said that the houses were designed for low-income earners both in the public and private sector and the self-employed, once they meet up with the criteria.

Mr Ibrahim Shuaibu, the Project Manager, who took the minister round the site, said the 764 housing units were at 75 percent completion stage.

The housing project is located near the Zuba Model Market, the Zuba Spare Parts Market and the FCT College of Education.

Source: pmnewsnigeria

Dubai Residential Property Prices Continue to Dip

Residential property prices in Dubai continued to fall, extending the correction process that has been under way for quite some time.

While apartment sales prices in the first half of 2019 are 11.7 per cent cheaper than they were two years ago and dropped 3.9 per cent compared to second half 2018, villa prices have become 12.1 per cent cheaper than they were in 2017, according to data in the ‘Property Finder Trends’ report, released earlier this month.

Apartments for sale fared worse than rentals, with low to mid-single-digit percentage drops right across the country, the report said.

“The ongoing correction is expected to bring prices down further along with the rentals that have yet to see the bottom as overall residential stock in Dubai is expected to reach 637,000 units by the end of next year, an increase of 10 per cent,” said Meeran Najeeb, managing partner of Almas Real Estate Brokers.

Most experts believe a price correction and higher supply will promote Dubai as an affordable market, aside from offering residents and investors an opportunity to bargain a better property deal in one of the most popular and developed cities of the world. Analysts at Kamco Research said that the highest rental declines in second quarter was witnessed in the affordable housing category – compared to two years ago, apartment rents are more than 20 per cent cheaper.

The Property Finder Trends report said that for Dubai apartments, the median advertised price is Dh1,163 per square foot. Ras Al Khaimah apartments for sale had the biggest decline in prices in first half 2019, dropping 6.2 per cent to an advertised median price of Dh560 per square foot; exactly half the median advertised price in Abu Dhabi which dropped 4.4 per cent to Dh1,120.

Ajman, with a median square foot advertised price of just Dh269, is still by far the cheapest. Prices dropped 3.9 per cent in first half. Sharjah apartments held their value best in first half as they have done for the last couple of years. They declined modestly by 1.5 per cent during this half-year to a median advertised price of Dh475 per square foot. Villa prices in Dubai dropped 4.3 per cent to an advertised median price of Dh855 per square foot compared to H2 2018. They are 12.1 per cent cheaper than they were in 2017. New affordable off-plan offerings in Dubai South, Dubailand and Town Square were popular with buyers, said the report.

Villa communities in Dubai that experienced the biggest decline in sales prices in H1 2019 were Damac Hills (-8.2 per cent), Emirates Hills (-6.6 per cent), Green Community Motor City (-5.4 per cent), Dubai Silicon Oasis (-5.2 per cent), Al Furjan and The Villa (-5.1 per cent). Communities like Living Legends, District One in Mohammed Bin Rashid City, Mirdif, Green Community DIP and Palm Jumeirah Signature Villas recorded zero or a very marginal drop in villa sales prices.

Lynnette Abad, director of Data & Research, Property Finder, said that as new affordable villa communities are getting completed and handed over, there has been a migration to these communities from popular areas such as Dubai Marina. “Families are choosing to live a little further out in the suburban areas of Dubai in order to gain access to a larger property with outside space. We have also seen a large influx of renters converting to home buyers, especially in these new villa communities,” Abad said.

Apartment transactions in Dubai also saw a decline of five per cent but villa sales are up by 35 per cent while overall sales transactions are steady and in line with 2018.

“Dubai apartments remain the preferred property type, and although their year-on-year transaction numbers have declined, the value has increased. This is reflective of an end-user driven market. End-users tend to buy larger apartments and those in prime locations, while studios and 1-bed apartments that offer higher yields are preferred by investors,” said the report.

According to the report, Downtown Dubai saw the most apartment sales in H1 2019 at 1,586, of which 1,288 were off-plan transactions. Dubai Hills Estate (972 off-plan apartment transactions) and The Lagoons in Dubai Creek Harbour (853 off-plan apartment transactions), both Emaar developments, were also popular. Apartment communities in Dubai that witnessed the biggest sales price drop in H1 2019 were Al Sufouh (-10.5 per cent), Remraam (-9.6 per cent), Downtown Dubai (-7.4 percent), Old Town (-7.2 per cent) and Jumeirah Lakes Towers (-6.5 per cent). Mirdif, Jumeirah Village Triangle, Dubai South, Arjan and Al Furjan stayed resilient and resisted the price drop.

Source: khaleejtimes

FCT Undeveloped Plots

Preparatory to the planned revocation of lands in the serviced areas of the Phases I, II & III of the Federal Capital City, Abuja, the FCT Administration has taken inventory of undeveloped plots of land.

The FCT Director of Land Administration, Adamu Hussaini, said this in his office, while receiving Masters students of the Federal University of Technology, Minna,  that were in Abuja for a study tour.

Hussaini, received the group led by the Director of the Centre, Prof Mohammed Nuhu.

He said, “The affected allottees have been reminded that failure to carry out improvement or development of such plot (s) contravenes the terms of Rights of Occupancy accepted by such allottees.”

Source: Punchng

Home to Over Half the Population, Nigeria’s Cities Continue to Boom

In an article for Bloomberg, Judd Devremont and Todd Moss highlight the rapid urbanization of Africa, arguing that the success or failure of Africa in the global economy will depend on its cities. In Nigeria, this can be seen most clearly in Lagos.

At independence in 1960, Lagos had an estimated population of 763,000; today it is about 13 million. Together with Lagos state, the population reaches 21 million. While Lagos is by far the largest city in Nigeria, security concerns, rural poverty, and hopes for greater economic opportunity are driving people to cities all over the country. In the decade between 2007 and 2017, Nigeria’s urban dwellers increased from 41 percent of the population to about 50 percent. In 2019, there were 7 cities with a population of one million or more, 80 with a population ranging between one hundred thousand and one million, and 248 with a population between ten thousand and one hundred thousand.

But much of this urbanization is unplanned and chaotic. According to a World Bank report about African cities, “Africa’s cities feel crowded precisely because they are not dense with economic activity, infrastructure, or housing and commercial structures.” They lack “formal housing in reach of jobs, and without transport systems to connect people living farther away,” forcing residents to “forgo services and amenities to live in cramped quarters near their work.”

The realities of life in Nigerian cities are hard. In Lagos, about two of every three people live in a slum. Less than 10 percent of residents have access to piped water (for those that do, it is often riddled with sediment and unsafe to drink), forcing urban households to purchase water from vendors at up to three times the normal price charged by Lagos state. Only six percent of urban households have a flushing toilet that is connected to a sewage system.

But life goes on. For all its shortcomings, Lagos is the center of much of what is dynamic and vibrant about Nigeria, a point Judd and Todd stress about African cities in general. The informal economy provides employment incompletely captured by statistics. In Lagos, there are few beggars; everyone has a hustle. Vendors working the city’s ubiquitous traffic jams (“go slows”) sell everything from mops and buckets to juju materials to the complete works of Shakespeare.

Others provide services, such as washing the feet of market ladies several times a day. It is the home of Nollywood, a home-grown film industry that is widely influential in Africa and spreading around the world. It is the center of Nigerian telecommunications, and cell phone use is ubiquitous. The Nigerian Communications Commission stated that Internet users in Nigeria numbered 116 million in March 2019—well over half of the country’s estimated population.

The most modern of financial and other services are available to clients in the Lagos-Ibadan corridor, the capital Abuja, and sporadically elsewhere. Information technology and sophisticated financial services are starting to power the modern sectors of the economy, though not to the same extent as in South Africa or Kenya, though the economy of Lagos state is larger than that of Kenya. Hence, as Judd and Todd argue, they require attention for their enormous potential, both good and bad.

Source: cfr

Role of Real Estate Valuation in the Economic Development of Nigeria

Today, real estate is a cliché in every country. Real estate property is attributed as a sure-bank investment for persons who can afford this intangible form of assets, and unlike money, it is ranked higher than financial instruments.

This article is not to argue about its societal placement as a form of an asset over other forms of assets but its role through valuation in the economic growth and development especially Nigeria.

There are several determinants of Economic development in the world. They include real estate development, inflation, money supply and interest rates, to mention a few. The main focus is on real estate as other determinants evolve around the statistical calculations of demand and supply.

Demand and supply are not really a major factor in valuing real estate, as there are other significant factors such as the people’s purchasing power, the category of the real estate, the soil composition and geographical location of the land which would also factor in natural and man-made disasters, etc.

Real estate is synonymous to land and everything that is permanently affixed to it. This includes buildings, structures, etc.

Real estate has various categories such as residential, industrial, commercial and development, and agriculture. These categories are usually depicted in the Certificate of Occupancy granted to either statutory or customary holder of the land for a term of years.

The Land Use Act of 1978 is the primary law governing land in Nigeria. The act vests all land in the state, that is, land in its entirety within each 36 states territory and boundary in the Governor of each state.

Just like every profession has its representatives, real estate has its representatives and they are called Estate Surveyors and Valuers (ESV).

These set of people provide information, contribute and advise persons (individuals, corporate entities, and governments) on the knowledge and strategies to build infrastructures, maintain infrastructures, and on national development.

Some roles of real estate valuation include:

Auctioneering: arriving at the initial value which the property will be auctioned i.e. guide price

Evaluating and valuing monetary value for property either for loan purpose, mortgage purpose, Construction purpose, assignment or transfer purpose, business startup, etc.

Consulting on statistical compensation required for the revocation of property for public interest

Splitting businesses based on its assets

Economic Development and Growth

Economic growth is defined as the process of growing or expanding a country’s economy geometrically through macro-economic indicators especially gross domestic product (GDP) per capita.

ALSO READ Christianity, Faith: Desire, Discomfort, Doubt, Giving Up and Indecision

It is also defined as the expansion of an economy’s total output which is measured with GDP to determine the improved standard of living and quality of life among the population. Therefore, when the output per capita is greater than or outgrows the population, there is economic growth.

Economic growth remains sustainable through economic development. Economic development is synonymous to an environment which is synonymous to Real Estate or Land.

As reiterated earlier, there are determinants of economic growth such as real estate development, interest rate, money supply, and inflation but the focus is on real estate development.

The Role of Real Estate Valuation in the Economic Development of Nigeria

The role of real estate valuation cannot be overemphasized. Valuing a property goes to the root of establishing the propensity of appreciations or stagnation over a certain period of time. Property valuation determines the exact value or worth of a property.

This determination gives the owner an insight into the possible returns on his investment or informs a seller on the value of his or her property before sale; likewise buyer.

When valuing a property, an Estate Surveyor and Valuer consider three key approaches: a cost approach, comparable sales approach, and the income approach. These three approaches determine the return on investment on a property in any geographical location.

In Nigeria, real estate valuation plays a role in economic development as real estate is one of the contributory factors of the economic GDP. A property rightly valued, can either be developed, maintained or sold.

When public infrastructures or assets are developed or built and maintained to serve the growing populations, especially in urban and semi-urban areas targeting low and middle-income earners, the outputs generated from these infrastructures will be one of the contributory factors of economic development and growth in Nigeria.

Conclusion

Valuing real estate is crucial for economic development. Several countries in the world turn to experts in the field to consult on the worth of a property and its projected value in future before committing to it.

Source: businesspost

NACC, Stakeholders Seek Stiffer Penalties for Building Collapse

With the recurring incidences of building collapse in the country, the Nigerian Society of Engineers (NSE), has called for stiffer penalties to be placed on owners of collapsed buildings and the project handlers.This according to the president of NSE, Adekunle Mokolu, said would serve as a deterrent to the practices of care-free developers in the country.

Mokolu, who was represented by the Managing Director, Hurlag, Olasoji Olagunju, stated this at the Nigerian-American Chamber of Commerce (NACC’s) August breakfast meeting in Lagos, saying that to address building collapse, it was high time government across various levels enforced building regulations to check against the menace.

He urged government to ensure owner/developer whose property was not covered by a valid building approval plan should regularise the property, and this will be after ascertaining the structural stability of the building.

He said a qualitative structural assessment will reveal inherent dangers and havoc that is associated with existing defective buildings.“Re-certification/validation of the buildings is necessary to ensure they conform to the purposes for which they are being used and building plan suitable for the locality where the building is situated. This no doubt could be a proactive or preventative step in curbing the incessant building collapse,” he added.

He noted that another common and worrisome risk are structures that have existed for ages, stressing that most of these structures within the area where collapse has occurred in Lagos State as an example were built without the requisite approval plan or due regularisation with the government, and as a result, do not conform to the building specifications and standard of the location.

“There is a need for state governments to implement integrity audit of all these old and aged structures within the location where a previous collapse has been recorded,” he averred.

The acting General Manager, Lagos State Government Building Control Agency (LABSCA), Olabodurin Oki, said most of the drawings for construction in Lagos, are drawn by quacks, calling on the State Government to increase the number of enforcement teams in a bid to cover the state more effectively.He noted that developers are making regulations difficult in the State, adding that after getting approvals for a particular building, they set up structures they did not get approval for.

“They have two types of approval. One for approval and the other for construction, and most times they change the use of the building at their will without any form of appraisal or consultation,” he said.

The Group Managing Director, Adron Homes and Properties Limited, Dr Adetola Emmanuelking, said the government has yet to come to terms that housing is critical to the national economy.He added that most of the structures in the country were built without building plan approval; hence, the need for re-certification of building plan approval is vital.

Meanwhile, the Vice President, NACC, Ehi Braimah, said the rate of building collapse in the country has become so disturbing that various accusations and counter-accusations are now the order of the day.He said in most cases, the government as a key stakeholder, accuses professionals in the building industry of engaging in sharp practices.

In his words, “And on the other hand, critics have constantly accused the government and its officials of corruption and negligence, because most of the funds for monitoring and evaluation are either misappropriated or diverted to personal pockets leading to structural failures.”

He added that the incidence of building collapse has become a recurring decimal in many parts of the country, which has raised much concern and anxiety about the safety of lives and property.He pointed out that the predominant rate of building collapse in Nigeria poses a grave concern and challenges to all the stakeholders in the building construction industry including professional bodies and associations, building consultants, governments, developers, landowners and building users.

Source: guardianng

Feeding Nigeria’s 200m People Impossible without security, Electricity, Roads

The first time Best Foods Fresh Farms Limited used rail to bring a consignment of tomatoes to Lagos from Kaduna, the owners found out on arrival that it was put in a wagon that had no window.

“In the heat, it took three days to arrive here by which time the tomato had cooked itself. This was 1,400 crates of tomato,” said Emmanuel Ijewere, the company’s CEO.

At the next attempt, through Naija Pride Agribusiness Limited, another company Ijewere controls, the company requested the tomatoes be put in a wagon with ventilation, but just outside Lokoja, Kogi State, there was an incident that caused a 48-hour delay. By the time it arrived in Lagos, Ijewere recalled they were able to retrieve not more than 30 percent to sell.
If the company returns to road transport, where it would face bad, unpredictable roads, there would be other issues to contend with.

“With the worsening security situation, it means there are more checkpoints on the road, from 28-30 to now about 40,” Ijewere said, implying more delays and extortions from truck drivers.

Without physical security, there can be no food security, and in Nigeria, this concept reverberates with even more emphasis. BusinessDay’s interaction with some stakeholders, experts, and investors in the agric sector has shown security ranks as the top priority, which has to be fixed in order for the country to maximise its agricultural potentials, and invariably achieve food security. Other factors, considered important but not as much as security are electricity and roads.

“If there is no security, our people cannot go to their farms,” said Kabiru Ibrahim, national president, All Farmers Association of Nigeria (AFAN), in a phone interview. “I even wrote a letter to the president on it, and that is why I think they are putting more efforts now to make sure they restore security.”

Ibrahim did not divulge details of the letter he says was sent to President Buhari in July, but stated, “There is consensus that insecurity is limiting (agricultural) productivity in the country.”

“From a business cost perspective, the cost of engaging security to protect business operations in certain areas adds to operational costs,” buttressed Mezuo Nwuneli, managing partner, Sahel Capital Agribusiness Managers Ltd.

The cost of moving goods across the country is impacted by kidnapping, armed robbery, and limits the ability to operate in some parts of the country.

In other climes, one can move at any time of the day, and even late at night, but in Nigeria, it is often already risky even during the day, and the risk goes up exponentially at night.

“That in itself reduces economic activities, and ability to operate,” Nwuneli said. “Roads and power may be ranked equally, but security ranks top.”

For Ibrahim, any emphasis on electricity (or even roads) is not necessary now.
“These are salient issues around agriculture. They are worth mentioning,” he said, but emphasising his preference, added, “We can harp on insecurity.”

The AFAN president, however, also acknowledged, “If you don’t do well in transport, you are certainly going to do something very bad to agriculture.”

Post-harvest losses (in Nigeria) have been estimated to range between 5 and 20 percent for grains; 20 percent for fish and as high as between 50 and 60 percent for tubers, fruits and vegetables, and without electricity not much can be done in storage or even processing for value addition. Good roads also play a role in ensuring agricultural produce would not only be saved from losses, but in fact, get to the market and enable farmers get the best returns.

Post-harvest loss is not just a crop thing, it affects even dairy where if one milks a cow and it is not properly preserved within three hours, it will go completely bad. As some researchers have noted, increased food production is not the final solution to food security. It has to be complemented by good harvest and post-harvest practices to reduce the amount of food loss. A 50 percent reduction in post-harvest food loss in Nigeria will also reduce the need for food importation.

Augustine Okoruwa, senior project manager, Post-harvest Loss Alliance at the Global Alliance for Improved Nutrition (GAIN), told BusinessDay that all factors (security, electricity, and road) are important and need to be addressed simultaneously.

“We need to reduce post-harvest losses in order to achieve food security,” he said. “In order to reduce post-harvest losses, infrastructure has to be on ground. There has to be security, because if you have to move produce from one place to the other, the farmers’ security is important.”

As he noted, if farmers cannot go to the farm to plant, they cannot go to the farm to harvest and, invariably, the country will not achieve food security.

Even as the country is incentivising farmers to produce more food, as stakeholders have noted, there is a need to ensure they are secured enough to produce food, and that the road infrastructure is good enough for them to access the market. It is also imperative that there is power for proper storage and processing, which will reduce post-harvest losses and increase value addition, respectively.

Source: businessdayng

japon seks - ajans seks - esmer seks - public agent seks - seks hikayeleri - sohbet numaraları
Translate »
escort sakarya escort edirne escort kayseri escort konya escort ısparta escort bornova
Kıbrıs gece kulüpleri