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AfDB calls for integrated approach to address housing deficit in Nigeria, Africa

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African Development Bank (AfDB)

The African Development Bank (AfDB), has reiterated the need for an integrated approach to address housing deficit in Nigeria and the African continent.

 

The AfDB Director-General, Nigeria Country Department, Lamin Barrow said this at the Annual Africa International Housing Show( AIHS) with the theme, “Beyond Rhetoric to Homes: Making Housing Happen”.

 

According to Barrow, the theme of the event cannot be more apt considering the urgency in bridging Nigeria’s soaring housing deficit.

He said the discussions was therefore important to accelerate actions towards achieving the United Nations (UN) Sustainable Development Goals (SDG) 11 targets across the continent.

Barrow quoted the Central Bank of Nigeria (CBN), as saying that Nigeria’s housing deficit increased from 14 million units in 2010 to 20 million units in 2019.

He said while the Federal Mortgage Bank of Nigeria (FMBN) estimated current deficit at 28 million units, the Bank of Industry (BOI) estimated that N21 trillion would be required to bridge the housing gap.

“The imperative for increasing access to adequate housing cannot be over-emphasised.

“Considering the fact that improved access to decent housing and related basic services for households have direct impacts on health, education, and productivity of the population.

“It is fair to say that to a large extent, life outcomes are linked to access to decent housing. “So improving the enabling environment and development of housing value chains are therefore key for Africa to achieve its ambitions for inclusive growth and socio-economic transformation,” he said.

On AfDB’s interventions, Barrow said it was informed by the goal to promote human development, which is a key focus of our High 5 strategic priority
to Improve the quality of life for Africans.

He said it was also in line with AfDB’s Urban Development Strategy, which sought to support the transformation of African Cities to serve as engines of economic growth and social development.

He said:“urbanisation is taking place in Africa at an unprecedented pace. The UN projects that by 2050, African cities will grow by an additional 900 million inhabitants.

“This creates a huge need for Governments, private sectors, Non-Governmental Organisations and other key actors to increase the supply of affordable housing and invest massively in the provision of urban infrastructure services.

“An integrated approach is therefore needed to address the housing deficit, especially for low-income households.
“ Home ownership and the contribution of the housing sector to economic growth remain low in Africa, which signal a huge untapped opportunity.”

According to the director-general, boosting business activity in the housing value chains will stimulate rapid and inclusive economic growth.

“Especially to support post-pandemic economic recovery, address the huge unemployment challenges faced in many African countries, at scale and opportunities provided by the AfCFTA.

“Building a competitive and responsive financial system is also essential for realising the potential of Africa’s housing sector and providing bankable solutions to increase home ownership and create sustainable jobs.

“The limited supply of mortgage financing leaves millions of Africans unable to afford decent housing,” he said.

According to Barrow, the unmet demand for resources to plug this gap cannot be filled by the public sector alone or solely by the private sector.

“Hence, the urgency to expand partnerships to unlock finance and foster innovations in housing delivery, including diversifying mortgage secutitisation instruments and mechanisms.

“As your trusted partner, AfDB will continue its efforts to support Regional Member Countries (RMCs) and the private sector initiatives to develop the continent’s housing sector,”he said.

He said the bank was supporting the Government of Nigeria, Family Homes Funds (FHF) and Primary Mortgage Lenders (PML), through the 60 million dollars Family Homes Funds Project.

He said this was aimed at stimulating the provision of affordable mortgage financing to households; deepen the housing finance system and strengthen linkages between primary and secondary mortgage markets under a risk-sharing mechanism.

According to Barrow, it is envisaged that through the partnership, FHF and the participating PMLs will underwrite at least 16,000 affordable housing mortgages.

He said it would impact about 79,500 beneficiaries in low- and middle-income households, with a specific earmark for female headed households.

While stating similar projects which the bank had embarked upon in Zambia and Kenya, Barrow said AfDB had also improved access to building materials and basic infrastructure services, thereby improving access to housing.

He said these included investments in the transport sector, expanding access to water supply and improved sanitation services, and energy supply to promote decent and resilient human settlements.

According to Barrow, achieving the SDG 11 target on access to decent housing will require bolder actions by all stakeholders, leveraging an ecosystem approach from both the supply and demand sides.

“ And promoting greater private sector investment through Public-Private Partnerships (PPP) to unlock innovations for housing delivery and attract institutional investors in housing value chains.

“Besides showcasing their products and services, this landmark event provides a unique platform for stakeholders, including developers, construction companies, financiers, suppliers and manufacturers.

“To share experience and insights on driving the agenda to move beyond rhetoric to transform the housing sector and increase its contribution to the growth of Nigerian and other African economies.

“The African Development stands ready to support innovative approaches and partnerships that drive action and help us move beyond rhetoric to provide solutions to improve the quality of life for the people of Africa.

“Together, let’s forge win-win partnerships to deliver affordable, adequate and safe housing for all in Africa,” the director-general added.

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Seplat Energy celebrates a decade of Dual Listing with Bell Ringing Ceremony at Nigerian Stock Exchange

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[L-R: Mr. Roger Brown, CEO Seplat Energy Plc; Mr. Temi Popoola, Group CEO, Nigerian Exchange (NGX) Group; Mr. Udoma Udo Udoma, Board Chairman, Seplat Energy Plc; Mr. Jude Chiemeka, Ag. CEO, NGX; Alhaji (Dr.) Umaru Kwairanga, Group Chairman, NGX Group; Sen. Heineken Lokpobiri, Hon. Minister of State for Petroleum Resources (Oil), at the NGX Closing Gong Ceremony to mark a Decade of Listing of Seplat Energy on the NGX and the London Stock Exchange … on Tuesday]
The Nigerian Exchange (NGX) reverberated with the jubilant sound of the bell as Seplat Energy PLC, a leading independent indigenous energy company, celebrates a significant milestone – a decade of its dual listing on both the Premium Board of the Nigerian Exchange (NGX) and the Main Market of the London Stock Exchange (LSE). This commemorative event, attended by esteemed representatives from Seplat Energy, the NGX, the Nigeria government, and other institutional partners, marks a decade of strategic partnership and commitment to excellence in the energy sector.

 

During his speech at the anniversary, Mr. Roger Brown, CEO, Seplat Energy, expressed delight over the feat, reiterating Seplat Energy’s commitment to leading Nigeria’s energy transition, adding that the power of indigenous companies is to bring growth and prosperity to their home countries and the people. “One example of how Seplat Energy is making an enduring difference to Nigeria and host communities where we operate is that nearly $50m had been invested by our Joint Venture partnerships in communities since our inception to date,” Brown said.

 

“Truly, Seplat Energy has delivered significant value by enhancing strategic, operational and financial achievements in 10 years as a listed company,” he added.

Sen. Heineken Lokpobiri, Hon. Minister of State for Petroleum Resources (Oil); Alhaji (Dr.) Umaru Kwairanga, Group Chairman, NGX Group; ; Mr. Udoma Udo Udoma, Board Chairman, Seplat Energy Plc; Mr. Roger Brown, CEO Seplat Energy; and Mr. Bello Rabiu, Senior Independent Non-Executive Director, Seplat Energy, lead other Directors and Management of Seplat Energy, at the NGX Closing Gong Ceremony to mark a Decade of Listing of Seplat Energy on the NGX and the London Stock Exchange … on Tuesday

In his comments, Mr. Temi Popoola, CEO, NGX Group, emphasized the significance of Seplat Energy’s decade of dual listing stating, “If we were to look back to our market and tried to find landmarks, the last major landmark you will find in the last ten years is this transaction that we are celebrating today, and the market is very grateful for that”.

Congratulating Seplat Energy on this milestone, in his welcoming remarks, Alhaji (Dr.) Umaru Kwairanga, NGX Group Chairman, highlighted the importance of partnerships between the NGX and companies like Seplat Energy in driving economic growth and development stating that “Seplat’s journey symbolises resilience, innovation, and a commitment to excellence, making them a beacon of corporate governance and operational expertise. Seplat Energy has emerged as a leading indigenous energy company, deeply integrated into Nigeria’s economic landscape and the NGX Group remains committed to supporting companies like Seplat Energy as they drive economic growth and contribute to our nation’s prosperity”.

Reflecting on the significance of the decade of dual listing, Mr. Udoma Udo Udoma, Board Chairman, Seplat Energy remarked, “Seplat Energy is committed to driving Nigeria’s transition to sustainable and affordable energy, harnessing its power to improve lives by transforming the economy. We have ambitious goals. We are investing in Nigeria. We will support the federal government’s energy transition policy, and we will partner with FG in whatever area they want us to do so. That is our commitment. We will grow Seplat while also maintaining the highest standard of corporate governance”.

Also commending Seplat Energy on the decade of listing, Jude Chiemeka, Acting CEO, NGX stressed the importance of the capital market in helping companies raise funds and creating wealth for all, stating that “Seplat Energy was listed at 576 Naira at listing and yesterday it closed at 3,370 which is an increase of over 484%. The figures show that in the last 10 years, the company has paid out $575m in dividend payments to shareholders in Nigeria and London where they are also listed, so this company has given investors a huge opportunity to really participate in wealth creation. Reports show that Nigeria would be among the top 20 countries in the next 25 years, and I think Seplat is poised to be one of the institutions driving growth, prosperity, and inclusion in our nation”.

Also gracing the closing gong ceremony was Sen. Heineken Lokpobiri, Minister of State, Petroleum Resources (Oil), who gave kudos to Seplat Energy on their laudable achievements while also assuring of the Federal Government’s commitment to providing support to the company. “I am happy to be part of today’s celebration and Seplat’s exceptional performance in the last ten years and as Minister of State, Petroleum Resources, I assure that we will partner with Seplat to expand their investments, not only for the benefit of its shareholders, but also for Nigeria. The least the government can do anywhere in the world is to create an environment where companies like Seplat continue to thrive”.

Seplat Energy remains focused on driving value for its shareholders, pursuing strategic acquisitions, and championing sustainable practices in the energy sector, with ongoing projects such as the acquisition of Mobil Producing Nigeria Unlimited and the development of the ANOH Gas processing plant. The company’s diversified portfolio, including eight onshore and shallow water assets strategically located in the Niger Delta region, has enabled it to maximize hydrocarbon production while actively contributing to Nigeria’s energy security and economic development.

Seplat Energy’s robust gas portfolio, highlighted by the ANOH Gas processing plant project, underscores its pivotal role in Nigeria’s transition to gas. This aligns with Nigeria’s broader energy goals, promoting cleaner energy sources, reducing reliance on traditional fossil fuels and driving a greener and more sustainable energy landscape in Nigeria.

With commitment to corporate governance, corporate citizenship, and making significant corporate social investments, as reflected in its rigorous approach to performance assessment and its investment in community development initiatives, Seplat Energy is poised for continued success in the years to come.

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Naira Appreciates To ₦‎1,280/$ At Parallel Market

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The naira, on Friday, appreciated to N1,280 per dollar at the parallel section of the foreign exchange (FX) market.

 

The current FX rate signifies a 5.19 percent appreciation from the N1,350/$ reported on March 27.

 

Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the buying rate of the greenback at N1,260 and the selling price at N1,280 — leaving a profit margin of N20.

“The price of the dollar as well as other major currencies have been falling. It is affecting our business as some customers prefer to keep their currencies than change it with us,” a currency trader identified as Aliyu told TheCable.

At the official section of the FX market, the local currency depreciated by 0.69 percent to N1,309.39/$ on March 28 — from N1,300.43/$ on March 27.

Meanwhile, the Central Bank of Nigeria (CBN), on March 29, said the economy recorded over $1.5 billion in foreign exchange (FX) inflow this month, indicating its monetary policy initiatives are effective.

The apex bank said the naira is headed in the right direction, and the administration of Yemi Cardoso, CBN governor, remains committed to ensuring the stability of the market and the appropriate pricing of the naira against other major currencies worldwide.

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