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Lamudi, Top Real Estate Agents Speak On Market Trajectory for 2015

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The real estate sector in Nigeria promises to be at its all time high this year, following the expressions of top agents in the country. In a bid to provide indepth understanding of what the real estate market for 2015 may hold, Lamudi Nigeria conducted a survey among selected top real estate agents in Nigeria.

Apparently, the agents believe that the impact of the electioneering and the devaluation of the Naira will be felt in the market in the beginning of the year, however, the market will definitely appreciate towards the last half of the year.

Here are their predictions for the sector in 2015.

Tope Ayodele, MD, Covenant Real Estate, said “At first quarter, the purchasing power of people will be low.  Because of the Naira devaluation the market is presently unpredictable but in the short run the market will boom. The second quarter there will be a considerable rise but unpredictable because of oil price and elections”

Emeka Agu, MD, Emeka Agu & Co, said, “We are hoping we have a stable country, with a stable State business will boom and thins will kick off!”

Lawal Olaide Tresvant, Business Development, Efficacy Homes Limited “2015 is going to be a wonderful year! Because of the elections period there might not be much cash, but we have a wonderful package for our clients: very affordable housing and new investments as low as N10million”

To Bala Ishaku, Beverly & Sam, “The first quarter is going to be slow for residential but there shall be more interest in the commercial as new businesses are coming up. Elections is a factor but the flip side is there is a lot of trading in property; people selling in the high hand and developers looking to buy. It will kick up after the elections even though the purchase power will be low”

Also, Kola Ashiru-Balogun, MD, ARM Properties “The first Quarter is going to be dull because of elections. We foresee only 6 months of activities. It’s going to be a tough year but the demand is still there! People will reduce the price of their property to create a semblance of sales. The office demand will remain strong. Business is not as sensitive as people (households). But there would not be quality Class A space this will only be in 2016.”

Emmanuel Akpa, MD, Emma Akpa & Co said it will be good, “because some any upscale properties are coming such as: Rainbow town in Port Harcourt, Atlantic City or Lakowe in Lagos and Centinary City in Abuja as well as some new residential building on Gerard road, Ikoyi.”

Bosu Okusaga, Managing Partner, Babajide Okusaga, said, “We will witness stability in property transactions especially in the price until the middle of the year. In the fourth quarter things will start to kick off. Real estate will the best place to invest as interest rates will not be attractive thus people won’t go to banks also the price will be more realistic.”

Anthony Iraoya, Managing Partner, Pius Omeife and Co “The market is bright especially in Abuja. Politicians are selling properties to get fund but after Election they will start reinvesting. The market will be booming as the oil and gas crisis will be temporary. With 2 million housing deficit in Nigeria the demand is very high the only issue are the prices. If you build affordable homes before you market it they are off the market!”

Ayodele Thomas, MD, KingsCourtRealtors, also said “Due to uncertainty in the global economy as a result in fall in oil prices and slow demand from America and China. I foresee a bit of slowdown in real estate development in Nigeria, especially in luxury real estates, as a result of scarcity of funds. Investors’ sentiments are likely to change in terms of real estate investment.

“However, I see a boost in the rental market, and especially in the middle range housing. Other areas to watch out for are retail and recreational developments. Real estate opportunities will be driven in 2015 by new opportunities in middle income areas, especially around the Lekki-Epe Axis. Is 2015 a good year to invest? Yes, better to get in when prices are bottoming up than when rising. With the low demand in real estate in 2015 and scarcity of funds, prices will have to come down in 2015.

“We will however, see an upward shift from the 3rd to 4th quarter of this year. 2016 will be a golden year for Real Estate”.

Mr Motunde Aladeitan, head of Practice, Motunde Aladeitan & Associates also reiterated that”…The first quarter will be Dull as a result of the election, value will be static as reality of the crash in Naira will have its toil. Appreciation will improve only when there is trust on the economy…”

Mr Gbenga Odusiga (Partner), Gbenga Odusiga & Co.. noted that “…Activities in real estate market for residential properties  in Abuja will improve by the middle of 2015,rents will not necessarily increase because supply and demand will be at equilibrium owing to the near completion of various on-going  estates developments especially the mass housing & request for purchase of estate plots…”

And to Fola Obabiyi, managing partner, Bosiva Realtors, Real Estate and Property Consultancy…. “The property market in 2015 as regards Abuja, the F.C.T. Promises to be an exciting one, though it is starting rather on a slow note due to a lot of economic factors such as the devaluation of the Naira and non payment of civil servants salary knowing fully well that the major workforce in the F.C.T are the Civil servants.

“But it would definitely pick up in the coming months because it is an election year, new politicians would be sworn in into various offices and they are coming with a retinue of aides and of course their families. This means houses that are in the market both for lease and for sale would be occupied by these people. But if the after election violence can be avoided, then the property business promises to be exciting this year

Mr Fergus Esezobor, partner, Sheffieldoaks Real Estate Solutions, said “Another factor why the property market is slow is because of the outcome of the election, would be investors are waiting to know what would be the aftermath of the election before investing, they don’t want to invest now and find out that they have to leave their investments and relocate to their states because of the violence that might erupt after the general elections…”

“…The industry has achieved exponential growth over time given the existing rapid rate of urbanization and high property rates. My first instinct is that it is election year, most buyers and sellers’ perception of the market is negative. So, i expect properties to remain fairly consistent throughout the year. I do not see a big dip in values or a rapid increase in the market values. What i predict is a very small gain more than likely to occur throughout the year…”

Engr. Ayodele Ogunlana, Baocam and Truss LTD “…As we go into the year 2015, prices of properties both for sell and lease are likely to remain stable throughout the year; we might witness a little dip in the prices of luxurious properties across the nation; ardently more in the Federal Capital Territory.  With the dwindling oil prices and the recent devaluation of the Naira amidst the prevailing economic situation, fewer cash would be available for Government in the state and federal levels to investment in the real estate sector.

“However, I perceive that more Public Private Partnerships (PPP) would be entered into this year compared to the presiding year, as the stake holders would be more confident to deal, knowing that the Public Official would have at least four years in the case of Governors and President to be in office.

“In general, most of the real estate transactions to be done this year would be post February 14th  presidential election, with a sharp rise after a successful May 29th Democracy day…”


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Dufil Takes Donation of Indomie Noodles Cartons to Vulnerable Communities in Abuja and Environ

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In line with its commitment to provide critical support to indigent members of communities around the country in the face of the ongoing economic challenges, Dufil Prima Foods Limited, makers of Indomie Instant Noodles, in partnership with Golan Helps Abuja Food Bank Initiative (GHAFBI) and Meluibe Foundation on Wednesday, April 17 distributed Indomie noodles cartons to vulnerable communities in Kuje and Kubwa Local Government Areas in Abuja.

With the goal of alleviating hunger and supporting communities across Nigeria, Indomie Instant Noodles has committed to donating a substantial quantity of noodle packs to various NGOs working tirelessly to address food insecurity.

These organizations play a crucial role in reaching remote and underserved areas, ensuring that nutritious meals reach those who need them most.

“We are deeply committed to making a positive impact in the communities where we operate,” said Olusola Olayinka Idowu OON, former Permanent Secretary, Budget and National Planning, and the CEO/Founder of GHAFBI.

“At GHAFBI, we believe that everyone deserves access to wholesome and nourishing food. Our partnership with Dufil Prima Foods to donate Indomie Noodles packs is a big step towards addressing food insecurity and supporting vulnerable communities in Abuja”, said Idowu who was also the former National Conveyor, UN Food System Dialogues in Nigeria.

Speaking in the same vein, Obialunanma Nnaobi-Ayodele, Executive Director, The Meluibe Empowerment Foundation, expressed her gratitude to Indomie Noodles for the partnership. “Our vision as an NGO is to change the world one step at a time, by providing relief and support to vulnerable communities.

This is achieved through collaborations and partnerships, one of which is what we have done with Indomie Noodles. We remain grateful for their support through this food relief initiative”, she said.

By partnering with NGOs, Indomie Instant Noodles works closely with local leaders and community heads in directly engaging with rural communities to distribute noodle packs and provide immediate relief to families facing hunger and ensuring that food assistance reaches those who are most in need, especially in hard-to-reach areas.

“We are grateful for the opportunity to collaborate with NGOs and community leaders to make a meaningful difference in the lives of people facing food insecurity”, said Temitope Ashiwaju, Group Corporate Communications and Events Manager, Dufil Prima Foods Limited. “Together, we bring hope, love and relief for all”.

The community leaders and some of the beneficiaries also expressed their immense gratitude to Indomie for the support, stressing the impact the products donated will have in alleviating hunger in their communities.

Speaking at the outreach centre, His Royal Highness, Muhammed D. Jibril, Community Leader of Gbazango Community in Kubwa Local Government Area said: “I am very grateful to Indomie Noodles for coming to our aid in these challenging times. I pray for more expansion and growth for the business and may God bless Indomie Noodles”.

Other communities who benefited from the product donations include Wunmi, Tondo, Godoji and Shazhi communities in Kuje Area Council of Abuja.

Dufil Prima Food’s donation of Indomie Noodle packs underscores its commitment to corporate social responsibility and its dedication to supporting communities in need. By providing essential food relief, Dufil Prima Foods is contributing to the well-being and resilience of vulnerable populations in Nigeria.

Indomie Instant Noodles remains dedicated to bringing joy to mealtimes and making a positive impact in communities around the world.


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Verra Certifies d.light’s Clean Cookstove Projects in Sub-Saharan Africa

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A series of pioneering projects by d.light, the global provider of transformational household products and affordable finance for low-income households, to distribute 600,000 energy-efficient clean cookstoves in Kenya, Nigeria, and Uganda have been officially certified by global verification body Verra.

This certification confirms the d.light projects as trusted, verified sources of high-quality carbon credits in the voluntary carbon markets (VCMs).

The d.light projects aim to simultaneously reduce carbon emissions, tackle indoor air pollution, and reduce deforestation through the sale of highly efficient biomass cookstoves subsidized by the revenues from the sale of carbon credits.

Since their launch in late 2022, the projects have positively impacted more than one million lives and are projected to transform more than three million lives by 2025.

Commenting on the news, Karl Skare, d.light’s Chief Product and Strategy Officer, emphasized the projects’ positive impact, “With these projects, we’re not just addressing environmental concerns but also enhancing quality of life for millions.

“Each project underscores d.light’s commitment to practical, innovative solutions that address both environmental and social challenges, as part of our mission to transform the lives of one billion people by 2030.”

Each year, domestic cooking emissions contribute more than two percent of total global GHG emissions and up to 25 percent of anthropogenic black carbon emissions.

Highly energy-efficient cookstoves solve this problem by reducing biomass use by up to 70 percent compared to traditional cooking methods, cutting emissions of both carbon dioxide and black carbon.

The d.light projects are expected to reduce emissions by up to 12 million tons, contributing to climate change mitigation. These emissions reductions will be registered as carbon credits in the voluntary carbon market.

As well as reducing emissions, clean cookstoves are also a benefit to public health. According to the World Health Organisation, exposure to smoke from cooking fires causes an estimated 3.2 million premature deaths worldwide each year and is still one of the predominant causes of pollution-related illness and death in Africa.

In Uganda, for example, less than one percent of the population has access to clean cooking, household air pollution is the one of the largest risk factors for death and disability.

In addition, switching from traditional three-stone open fires to cleaner, energy-efficient cookstoves significantly reduces deforestation and reduces threats to wildlife and biodiversity caused by habitat loss.

Skare explained, “By subsidizing energy-efficient cookstove costs through carbon financing, d.light makes clean cooking accessible to more households, which in turn leads to healthier living conditions and conserves natural resources as well.

“Our projects in Kenya, Nigeria and Uganda are models of how sustainable investments can yield multiple co-benefits, aligning with global efforts to combat climate change and also promoting socio-economic development.

Skare added, “d.light now has projects certified by both Gold Standard and Verra, the world’s two leading certifiers of carbon credits. Organizations looking for ways to offset their own emissions can be confident that when they purchase carbon credits in d.light’s clean cooking projects in sub-Saharan Africa, they are investing in transformative initiatives that reduce harmful emissions, improve people’s health and quality of life, and help conserve the environment as well.”

 


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Remedial Health Unveils New App with Digital POS to power operations for Africa’s Neighbourhood Pharmacies

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Remedial Health, a health tech startup that develops solutions to make Africa’s pharmaceutical value chain more efficient has unveiled an updated version of its customer-facing app, designed to function as an operating system for neighbourhood pharmacies and Proprietary Patent Medicine Vendors (PPMVs) across the continent.

The new app comes with a digital POS terminal to support payment collection, virtual business accounts to receive payments, an in-built barcode scanner feature for recording product sales and store-switch functionality to enable the seamless management of multiple stores, as well as inventory management solutions for restocking and easily identifying short-dated products.

The app also offers comprehensive financial reporting to manage profit and loss, and data analytics to inform decision making.

Despite accounting for 85 per cent of retail medicines sold in Africa’s pharmaceutical industry (projected to reach $70 billion market size by 2030), the absence of bespoke digital tools to manage their unique sales and inventory management needs means neighbourhood pharmacies and Proprietary patent Medicine Vendors (PPMVs) are unable to run their operations as effectively and profitably as possible.

At the same time, the reliance on paper-based inventory and sales management processes means manufacturers have limited empirical insights into customer behaviour to inform their decisions on production and distribution.

The new Remedial Health app has been designed specifically for healthcare businesses in Africa, with tailored features that have been designed to support effective decision making to drive business growth and profitability.

Starting in Nigeria, healthcare businesses can access vetted medicines, and manage their sales and inventory on one easy-to-use platform, freeing up time and capacity to effectively serve their customers and communities.

The app also enables Remedial Health to provide consolidated, real-time data on market behaviour to manufacturers for increased profitability and better decision-making across the value chain.

According to Samuel Okwuada, CEO, and co-founder of Remedial Health, “Neighbourhood pharmacies and PPMVs represent the frontline of healthcare delivery in Africa but they have historically been left to their own devices to figure out how to be efficient and profitable.

“Our mission is to empower these essential service providers with the tools they need to manage day-to-day operations and seamlessly run their practices effectively. We spent a lot of time interacting with our customers in the process of delivering this product and the feedback has been great.

“We are excited by the opportunity to get the app into the hands of pharmacies and PPMVs across the country to support their ongoing success, as well as the health and wellbeing of the nation”.

In 2023, Remedial Health sold more than 300 million individual packs of medicines to 7,500 hospitals, neighbourhood pharmacies and PPMVs across all 36 states of Nigeria.

Its customers also improved their profits by 30 per cent on average, with access to more than 8,000 vetted products at the same, or better than, open-air medicine market prices.

They can also access same-day delivery and leverage inventory financing to minimise cash-flow friction for routine orders and maximise sales opportunities.


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