NEWS AGENCY OF NIGERIA

Expert calls for affordable, revolving housing finance

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By Naomi Sharang

The Chief Executive Officer of NISH Affordable Housing Ltd., Dr Saheed Adelakun, has called for a sustainable, affordable, and revolving housing finance mechanism to address Nigeria’s housing deficit.

Speaking at the 7th Nigeria Affordable Housing Finance and Innovation Summit and Expo (NAHFIS 2024) in Abuja on Monday, Adelakun described the housing deficit as a pressing national issue.

He stressed the need to establish sustainable housing finance systems for Nigerians.

At the summit, themed ‘Disrupting Housing Finance for Inclusive Development’, Adelakun emphasised that housing is one of humanity’s basic needs.

“If you solve the housing needs of people, you would have done a lot of good, not only for the people but for the government and the economy.

“This is because the economy itself can be capitalised by housing development, so that is what moved us to start this event seven years ago,” he said.

He praised the government’s “renewed hope housing policy” and its potential to address the housing crisis, noting “We cannot leave everything to the government, and that’s the role we are trying to play”.

Adelakun explained that the strategic goal of NAHFIS is to develop solutions to meet the housing needs of low- and middle-income earners through innovative approaches.

“If Nigeria is to rapidly deliver affordable housing at scale, there is an urgent need to optimise the traditional mortgage housing finance model”.

In his remarks, the Chairman of the occasion, Prof. Ibrahim Gambari, former Chief of Staff to President Muhammadu Buhari, urged greater collaboration among housing finance institutions.

“I urge prospective homeowners to enhance their access to decent homes by imbibing the cooperative culture of self-help.

“Through membership of housing cooperatives, off-takers can aggregate savings, obtain housing loans at moderate costs, eliminate or reduce risks associated with middlemen, and secure equity payments,” Gambari said.

Glen Jordan, the CEO of Empowa, challenged the assumption that poverty is the root cause of the housing crisis.

“It is assumed that poverty creates this lack of housing, but it’s not poverty. It’s actually the financial systems that are not fit for purpose.

“We have imported structures, policies, and procedures from the developed world that are not applicable for Africa. So, it’s time for change.

“It’s time for us to introduce new mechanisms, new funding processes, and new technologies that meet the needs of Africans and Nigerians,” he said.

Mark Weinrich, Secretary General of the International Union for Housing Finance in Germany, highlighted the need to reduce housing costs for citizens.

“The reduction of the cost of capital is an issue to address. If the cost of capital remains high, we will never overcome the challenge of housing because it requires such a significant investment.

“There are international experiences in some countries which have proven to work really well that could also fit for Nigeria,” he said.

The summit focused on exploring innovative strategies to tackle Nigeria’s housing deficit while promoting inclusive development. (NAN) (www.nannews.ng)

Edited by Ifeyinwa Okonkwo and Rotimi Ijikanmi

Solution Journalism: Breaking free from problem-reporting

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Solution Journalism: Breaking free from problem-reporting

 

An analysis by Kevin Okunzuwa, News Agency of Nigeria (NAN)

In an effort to shift from the problem reporting to solutions-focused storytelling, a group of editors gathered in Lagos recently for a transformative training that set them on a stronger pedestal to influence newsrooms and impact communities with this modern approach to journalism.

 

The training was a Solutions Journalism Masterclass at the School of Media and Communication (SMC), Pan-Atlantic University (PAU), Lagos State.

 

The four-day intensive training was facilitated by the Nigeria Health Watch (NHW), a Non-Governmental Organisation (NGO), with support from PAU.

The 10 editors represented some top Nigerian media organisations such the News Agency of Nigeria (NAN), Nigerian Television Authority, Voice of Nigeria (VON), Channels Television, The Guardian Newspapers Ltd., and the Nation newspaper.

 

The editors were equipped with the skills and knowledge to effectively identify and report solutions to societal problems.

 

By adopting a solutions-focused approach, these editors aim to contribute to a more deliberate and constructive public discourse, that highlights efforts and initiatives that are making positive impacts on communities.

 

Setting the ball rolling at the masterclass, NHW’s Managing Director, Mrs Vivianne Ihekweazu, said that NHW, as a health communication and advocacy organisation, sought better healthcare for Nigerians.

“We have worked to actively engage and support the government in raising awareness and increasing knowledge on a wide range of health issues in Nigeria,” she said.

 

Ihekweazu said the NGO aimed to hold duty bearers accountable for delivering affordable and quality healthcare to Nigerians.

 

“The unique capacity of Nigeria Health Watch lies in the combination of its communication and health expertise, which enables the organisation to provide solutions for evidence-based communications and advocacy in the health sector.”

 

She said since its launch in Nigeria in 2015, NHW used multimedia platforms to disseminate health information and advocate that Nigerians should be better informed.

 

“The organisation produces radio and video contents in addition to a podcast series to discuss and highlight important health issues,” she said.

 

Ihekweazu disclosed that NHW had helped to train and support newsroom and freelance journalists across the country to investigate and report how people were responding to various social problems.

 

Welcoming the participants, the Dean of SMC, Dr Ikechuwu Obiaya, congratulated the editors, who he described as the privileged ones among over 100 editors who applied for the programme.

He expressed confidence in the abilities of the resource persons to impart the needed knowledge.

 

In his presentation, Dr Richard Ikiebe, an award winning Nigerian journalist and trainer, outlined the essential elements that defined impactful approach to storytelling.

 

He taught “The concept of Solutions Journalism and its Place in Jurnalism Practice”.

 

According to Ikiebe, the key components of solutions-focused journalism include highlighting effective responses to social problems.

 

He said that solutions-focused journalism would be rigorous and must involve research, interviews and fact-checking.

 

Ikiebe added that such storytelling must be evidence-based by relying on credible data to support claims.

 

He emphasised collaboration and community engagement, saying that the storyteller must work with experts, community leaders and other stakeholders to ensure accurate and informative reporting.

 

According to him, by incorporating these elements, journalists can create compelling solutions-focused stories that inspire and empower audiences.

 

He added that a solutions-focused journalist should seek to understand the complexities of the issues being reported, including the historical, social and cultural contexts.

 

He said that such a storytelling model would respond to social problems, highlighting effective solutions and exploring their implications rather than emphasising problems alone.

 

Ikiebe also presented a paper on: “Revisiting the Agenda Setting Theory and Practice: Nexus with Solutions Journalism”.

 

The editors, divided into two groups, were made by Ikiebe to formulate ideas and write solutions-focused stories.

 

They also analysed solutions-focused stories to test their understanding of the subject matter.

 

Mr Chibuike Alagboso, NHW’s Deputy Director of Media Programmes, took the editors through a session on “Story Identification and Production” which enlightened the editors on practical steps in finding and developing solutions-focused stories of public interests.

 

Alagboso also took the editors through “Balancing Solutions and Accountability”, urging balanced and critical news reporting.

 

Mr Ikeddy Isiguzo, a media trainer and advocate of solutions journalism, trained the editors on: “Understanding Journalism for Change”, “Creativity and innovation in News Writing: Solutions Journalism angle”, and “Workshop on Solutions Journalism”.

 

At the sessions, the participants carried out tasks such as using the solutions journalism model to analyse stories to test their knowledge.

 

Beti Baiye, a news writer and Editor, taught the trainees how to do solutions-focused storytelling in newsrooms and how they could guide their teams in getting responses to social issues.

 

Mr Tom Vincent trained the editors on: “Introduction to Advocacy Skills, while Prof. Ngozi Okpara taught “Ethics of Journalism: The solutions Journalism Angle”.

 

Dr Ruth Orji, a journalist and solutions journalism advocate, spoke on, “Making Language Work for You in Writing and Reporting”.

 

At the session, Orji emphasised that a solutions-focused journalist must be proficient in the use of grammar to be able to effectively inform the public.

 

The editors ended the training with pitching, with each hoping to win a grant to promote solutions journalism in his/her organisation’s newsroom.

 

They thanked NHW and PAU for the training, and called for its sustenance.

 

One of them, Millicent Nwoka from Channels Television said, “I particularly like the fact that the training happened at PAU because I had not experienced its teaching style.

 

“Now, I have, and I am impressed.”

 

Mrs Blessing Enebeli of VON, said: “The benefits of this training are substantial. Thanks to this approach to journalism that emphasises going beyond highlighting problems to focusing on solutions.”

 

For Mr Tope Olaiya of The Guardian newspaper, the training could not have come at a better time.

 

“As newsroom leaders, it behoves on us to not only incorporate this in our team members but also push for this across our spheres of influence,” he said.

 

Mr Kevin Okunzuwa of NAN described the training as a worthwhile experience.

 

He said: “The class was quite essential, and we were lucky to have some of the best resource persons in the field.

 

“It was a well-structured training, especially for me, because of where NAN management wants the agency’s editorial operations to be in the nearest future.

 

“The essence of the class is to expose what solutions journalism stands to offer.”

 

The training facilitators are convinced that as news gatekeepers, editors play crucial roles in amplifying the impact of solutions-focused journalism.

 

They are convinced that increasing the number of editors trained in solutions journalism will yield more meaningful and far-reaching results. (NANFEATURES)

***If used, please credit the writer and the News Agency of Nigeria (NAN)

Lagos Security Trust Fund postpones 18th Annual Town Hall Meeting

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By Peter Amine

The Lagos State Security Trust Fund (LSSTF), has postponed the proposed Town Hall Meeting with Gov. Babatunde Sanwo-Olu earlier scheduled to hold on Thursday, Nov. 28.

A statement by Dr Abdurrazaq Balogun, its Executive Secretary and Chief Executive Officer, said that the meeting, which would focus on security, is now to hold on Dec. 18.

The statement was issued on Tuesday in Lagos.

The News Agency of Nigeria(NAN), reports that the meeting has “Data & Technology-Driven Security: The way forward”, as its theme.

 

 

Balogun said that the venue of the event – Civic Centre, Victoria Island, Lagos – had also been changed to Lagos House at Ikeja, with the event scheduled to start  at 11 a.m.

“The postponement is due to exigencies beyond our immediate control,” Balogun explained.

He urged invitees and members of the general public to kindly accept the apologies and regretted the inconvenience it might cause.

“We count on your usual support and cooperation as we look forward to the new date,” Balogun said.(NAN)
Edited by Ephraims Sheyin

Centre wants public civic places in Ikorodu accessible to PWDs

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By Lilian U. Okoro

The Centre for Citizens with Disabilities (CCD) has canvassed for Persons With Disabilities (PWDs) to be given their fundamental civil rights to access public civic spaces within the Ikorodu Local Government Area of Lagos State.

The Programme Assistant of CCD, Tosin Aniramu, made the call at an advocacy programme titled: “One-Day Grassroot Awareness On Free Civic Space For PWDs In Ikorodu”, in Lagos.

Aniramu said the advocacy was as a result of denial of PWDs access to public civic spaces including banks, hospitals, schools, religious centres etc within Ikorodu area of Lagos.

According to her, the programme is in line with CCD’s statutory responsibility and commitment to advocate and promote the lots of PWDs in Nigeria.

Delivering a presentation entitled: “Introduction To Disability And Disability Rights”, Aniramu sensitised participants on the Concept of Disability Clusters, Models of Disability and Disabilities Rights.

She emphasised that PWDs had the fundamental rights to access civic spaces not only at Ikorodu, but also in other parts of the country.

Quoting statistics, Aniramu said  that about 16 per cent of the world’s population (1.3 billion persons) lived with one form of disability or the other, and about 29 million Nigerians had one disability or the other as at 2018.

According to her, the World Bank disability growth rate in Nigeria is increasing, owing to consistent conflict, violence, accidents and poor healthcare system.

She, however, said that the best model of disability was the ‘Human Right Model’ which emphasises the dignity of persons with disabilities and their human, political, economic, social and cultural rights.

She said, “The ‘Religious Model’ regards disability as a punishment from God due to sins of the individual or the family.

 

“The ‘Medical Model’ regards disability as curable and avoidable, while the ‘Charity Model’ describes PWDs as victims of circumstance who are suffering tragic situations and as such should be pitted as they need special services and institutions.

“Unfortunately, on a daily basis, the rights of PWDs are infringed upon by many factors, including ‘Attitudinal Barriers’ stemming from discrimination and stigmatisation, lack of social acceptance, poor parental and guardian attitude.

“Perceptions and beliefs about PWDs; ‘institutional barrier, as lack of implementation and enforcement of legal frameworks, bureaucracy and corruption, low budget allocation for social welfare and low level of awareness on disability inclusion”.

Aniramu said for successful inclusivity of PWDs, the CSOs and media should lobby for inclusive budgeting as well as track budget utilisation and mainstream disability activities, saying  that processes and operations should be disability-inclusive.

She also called for more advocacy to influence social change as well as strict enforcement of relevant legal framework and creating more awareness and report violation of PWDs rights.

Aniramu, therefore, recommended using the UN Approved Disability-Inclusive Terminologies when referring or addressing the PWDs. (NAN)(www.nannews.ng)

 

Edited by Vivian Ihechu

 

FG, Brazilian coy sign MoU to boost agribusiness

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By Salif Atojoko


The Ministry of Agriculture and Food Security and Fundação Getulio Vargas (FGV) of Brazil have signed a Memorandum of Understanding (MoU) to boost fertiliser production, hybrid seed technology and agricultural finance.

The MoU was signed on behalf of the Federal Government by Mr Temitope Fashedemi, Permanent Secretary at the ministry, and Prof. Carlos Leal, the President of FGV, on the sidelines of the G20 Leaders’ Summit in Brazil.

Fashedemi explained that with the MOU, private-sector projects on fertiliser production, hybrid seed technology and agricultural financing were projected to attract 4.3 billion dollars in private-sector investment. 

According to him, the project will identify and support one agribusiness in Nigeria’s 774 local government areas with technical and financial resources, driving sustainable development and economic growth over the next five years.

“This partnership paves the way for Brazil to engage with Nigeria’s dynamic and rapidly growing agricultural sector.

“Together with FGV, we are poised to unlock the potential of private sector investment in key areas critical to our food security,” said Fashedemi. 

He said the agreement marked a new phase of strategic collaboration between Nigeria and FGV, the Green Imperative Project (GIP) lead implementer, one of the largest international agricultural technology transfer initiatives. 

“Conceived in 2018, GIP is a 1.2 billion dollar cooperative effort between Brazil and Nigeria, designed to modernise Nigeria’s agricultural sector through Brazilian expertise in tropical agriculture. 

“Since the MoU was conceived in 2018, both parties have engaged in many meaningful discussions to advance its design and implementation.

“The project, supported by Deutsche Bank, aims to deliver transformative agricultural technologies and knowledge transfer over its 10-year duration,” Fashedemi stated. (NAN) (www.nannews.ng)

Edited by Ismail Abdulaziz

Stakeholders seek youth empowerment for sustainable peace in Nigeria

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By Joshua Olomu

Leadership experts and stakeholders from different backgrounds have called on government at all levels to prioritise empowerment of Nigerian youth to build lasting peace and security across the country.

The News Agency of Nigeria (NAN) reports that the stakeholders made the call at the 14th edition of the annual Peace Achievers International Conference and Awards on Saturday in Abuja.

The conference is with the theme,” Building Bridges for Sustainable Peace and Security: Integrating Sectors for Harmonious Future.”

It brought together heads of organisations, seasoned entrepreneurs, members of the diplomatic community, traditional rulers and the academia from across Nigeria and beyond.

According to the stakeholders, for Nigeria to effectively curb the challenges of insecurity and its perennial sectional conflicts, there is need to productively engage its teeming youths.

Amb. Kingsley Amafibe, Project Coordinator of Peace Ambassador Agency, organisers of the conference, said there was urgent need to create economic opportunities for Nigerians youth to get them occupied.

“In fact, we are sitting on a time bomb and our leaders should take this very seriously, as our major problem is youth unemployment.

“Young people are out there graduating from school every day without job, and even those who want to create the jobs as private individuals do not have access to finance.

“I think every of our leader know what to do, because they all have a blueprint before they come into power, but very often when they get into power they forget these things.

“They travel abroad and see how these things are done, but they come back to Nigeria and still subject people to poverty.

“For the past 14 years, we have been able to impact and reach out to communities with our peace campaign and have over 1,000 children under our scholarship,” he said.

Amafibe urge Nigerian youths to take responsibility for themselves to build that future of their dreams through hard work and discipline.

According to him, the failure of successive governments to build a better society should not be an excuse for youths to remain unproductive.

“I take myself as an example and I like to share my story because I came to Abuja without nothing, but today I have been able to put things together.

“The problem with many young people is that they tend to divert their attention to any trending opportunity without focusing their energy in one craft and say,” he said.

The project coordinator added that Nigerians as well as Africans of goodwill, who have used their resources to positively affect society would be honoured at the award ceremony.

Mr Felix Achibiri, who made a presentation on Peace Building and through Sectoral Partnership, said youth economic empowerment was a catalyst for sustainable peace.

He, however, noted that government alone cannot create jobs, adding that there was need for private organisations to take youth empowerment as part of their Corporate Social Responsibility

“There is a clear nexus between job security and building a harmonious and peaceful environment or society, and there is also a need for the corporate sector to invest in community social responsibility.

However, the government on this part has a greater role to play by making sure that an enabling environment is created for the private sector to thrive.

“There is urgent need to embrace technology to unlock value because today, African digital economy is projected to hit about 185 billion dollars , so what are we doing as a nation to take advantage of this?

“There is need to develop the ICT sector and set up incubation and acceleration centers in our primary schools and secondary schools, to unlock value and prepare our youth for the great ahead,” he said.

Mr Michael Bartlett-Vanderpuye, President and Group Chairman M&C Group Global, said there was need for African youths to challenge themselves and take their future in their hands.

“We have a dependent culture and it is across Africa where somebody is a university graduate but he is waiting for his father’s uncle’s friend who is in government to connect him to work.

“In Europe and in the U.S., most of the time, by 16 years they are already selling, working at Walmart, and they are teaching them to be independent, not to be dependent.

“In Africa, some of 40-year old men are still living in their father’s houses, and the father inherited it from the grandfather.

“So we have to cut that dependent culture to create avenues for wealth creation,” he said.

Dr Victor Enebeli, Director of Studies, Justice Mary Odili Judicial Institute, said Nigeria’s leadership challenges were local and therefore need workable solutions that are unique to them.

“What Nigeria needs is a peace summit that involves the grassroots by involving the 774 local governments.

“They will tell us what their problems are and what the solutions are , and at this point, we are not importing solutions anymore as we have the solutions here in Nigeria with us,” he said.(NAN)(www nannews.ng)

Edited by Joseph Edeh

Nedeevah Foundation reiterates commitment to children’s rights, quality education

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By Angela Atabo

Nedeevah Foundation, a Non-Governmental Organisation (NGO), on Saturday reiterated its commitment to ensuring access to quality education, healthcare services, and empowerment programmes for those in need.

Ms Claire Benson-Idoko, Founder and Executive Director of Nedeevah Foundation, said this in Abuja during the foundation’s 2024 Anniversary Summit tagged “Transforming Africa’s Future through Health and Education for Children”.

She said the foundation was celebrating four years of advocating the rights of children, health and educational interventions as well as support for community rehabilitation efforts.

Benson-Idoko while reflecting the anniversary journey, said the foundation was established in 2020 with a mission of transforming the lives of vulnerable and internally displaced children through comprehensive support systems.

She said that the foundation operating primarily in Northern Nigeria, has its presence in Abuja, Makurdi, Kaduna, and Jos.

“At the core of our work lies a deep commitment to compassion and equality.

“Our dedication to making a positive impact on the lives of these vulnerable children drives us to continually push the boundaries of what is possible.

“What motivated me to embark on this journey was a strong passion for ensuring impactful change in the lives of underserved populations, especially children and women.

“Those post-pandemic conversations with friends just showed gaping needs around education and healthcare with the most vulnerable children that we could not ignore,” she said.

Benson-Idoko reiterated the foundation’s commitment to serving humanity and expressed optimism that the foundation would expand its ‘Edu4Changed’ scholarship opportunities to reach more children.

She added that the foundation’s zero Malaria programme initiative would also be extended into remote areas, and the child protection programmers would be strengthened through collaboration with local authorities.

The Project Coordinator, Jechira Terfa, said by incorporating period care packages in the foundation’s education support, a significant increase in school attendance was witnessed.

“This integrated approach has been important in reducing stigma and enhancing overall student well-being.”

Also, the Head of Operations, Jayden Akale, said:  “One of the biggest challenges has been finding consistent funding and resources.

“However, we have been able to develop a data-driven, community-oriented approach over the years, which have proven to be more feasible to sustain and scale.

“Its ability to adapt to situations and performances is also one of its major successes.”

The Social Media Manager, Fatu Idoko, said that the foundation had been able to fine-tune their programmes in light of feedback from the communities served.

She said that the foundation adopted flexible learning schedules to accommodate children with health challenges and carried out culturally sensitive awareness campaigns to have community buy-in. (NAN) (www.nannews.ng)

Edited by Folasade Adeniran

NDIC reassures Heritage Bank depositors of prompt payment

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By Grace Alegba

 

The Nigeria Deposit Insurance Corporation (NDIC) has assured depositors of the defunct Heritage Bank that challenges delaying access to guaranteed sums above N5 million are being resolved.

 

Mr Bello Hassan, Managing Director, NDIC, gave the reassurance on Saturday during the 2024 edition of the NDIC Editors Forum in Lagos.

 

The theme of the conference is: “Strengthening Nigeria’s Financial Safety-Net: The Role of Deposit Insurance”.

 

Hassan, represented by NDIC’s Executive Director, Operations, Mr Mustapha Ibrahim, said that the corporation was working diligently to facilitate payments.

 

Hassan explained that depositors with amounts above the maximum insured limit of N5 million were being reimbursed through liquidation dividends derived from asset recovery and debt realisation efforts.

 

“The corporation has initiated the process of debt recovery and realisation of investments as well as physical assets of the defunct bank to ensure timely payment of uninsured deposits,” he said.

 

 

He added that NDIC’s responsibilities also extend to creditors of the defunct bank, who would receive payments after all depositors had been fully reimbursed.

 

“This orderly process, based on asset realisation and prioritisation of claims, is essential for maintaining public trust in the banking system and promoting financial stability,” Hassan noted.

 

 

According to him, the theme of the conference is in line with the corporation’s recent engagement with business editors and finance journalists.

 

He emphasised NDIC’s mandate to protect depositors, especially the uninformed, and its commitment to financial system stability.

 

Established over three decades ago, the commision’s boss said that NDIC safeguards depositors’ funds and mitigates risks in the banking sector.

 

Responding to questions, Hassan provided updates on Fortune Bank, liquidated over a decade ago.

 

He told the News Agency of Nigeria (NAN) that NDIC faced challenges collating depositor data due to the absence of Bank Verification Numbers (BVN) at the time of the bank’s operation.

 

Bello, however, assured Nigerians of prompt payment of depositors of defunct Fortune Bank Plc.

 

He stated that litigation also delayed NDIC’s intervention, but added that payments had started for insured deposits, with efforts underway to pay the uninsured portion and other claimants.

 

“We’ve already paid the insured portion and are now paying the uninsured portion and other claimants,” Hassan said.

 

He assured of the commision’s continued awareness efforts to encourage more depositors to come forward.

 

Hassan commended the media for its role in the successful implementation of the deposit insurance system.

 

The Managing Director of the News Agency of Nigeria (NAN), Malam Ali Muhammad Ali, described the forum as an “eye-opener” for editors, enhancing their understanding of global financial sector trends.

 

Ali said the theme of the conference was apt and addressed worries caused by turbulence in the financial sector, especially in the banking sector.

 

Ali praised NDIC’s ability to secure 98 per cent to 99 per cent of depositors’ funds, reinforcing public confidence in the banking system.

 

According to him, the forum is a learning curve every year and editors are kept abreast with new information on the health of the global economy and the Nigerian economy.

 

Mr Eze Anaba, President of the Nigeria Guild of Editors, emphasised the forum’s importance, stating, “It is reassuring to know our banking sector remains stable despite the challenging economic situation.”

 

“We know how challenging the economic situation is. And it will be a double job if our banks are also not healthy. And listening to you here today, it’s reassuring for us to know that things are well,” he said. (NAN)

 

Edited by Olawunmi Ashafa

Tinubu departs Brazil after G20 summit

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By Salif Atojoko

President Bola Tinubu departs Galeao Air force Basa (SBGL) Airport, Rio de Janeiro, Brazil, on Saturday, for Abuja after attending the 19th G20 Leaders Summit in Rio de Janeiro, Brazil.

The President is due to arrive at the Presidential Wing of Nnamdi Azikiwe International Airport, Abuja, at 10.00 p.m (Nigerian time).

Tinubu had attended the G20 Leaders summit where he endorsed the global alliance against hunger and poverty, which he said was pivotal.

The President also held bilateral talks with Kristalina Georgieva, the Managing Director of the International Monetary Fund, who commended his administration’s economic reforms and their positive indicators.

He also presided over the signing of $2.5 billion Letter of Intent between the Nigerian government and the JBS S.A., a Brazilian company, and one of the top three largest meat processing companies globally. (NAN) (www.nannews.ng)

Edited by Chinyere Joel-Nwokeoma

Developer calls for affordable housing reforms

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By Lydia Ngwakwe
A construction professional, Mr Ayotunde Bally, has urged the Federal Government and policymakers to create a more favourable environment for investment in affordable housing.

Bally, who is the Chief Executive Officer of Dembally Ltd., a real estate development company, made the call in an interview with the News Agency of Nigeria (NAN) on Friday in Lagos.

Highlighting major challenges faced by developers in providing affordable housing in Lagos State, Bally described the high interest rates as the significant obstacle.

He said, “The high interest rates as the prime lending rate of 17.5 per cent makes it difficult to secure long-term funds.

“Properties approval and title paperwork is another hurdle, with uncertainty surrounding land documentation and delays in the process hindering loan development.

“The Land Use Act of 1978 also poses a challenge, making land transfers difficult, time-consuming, and costly.

“Additionally, infrastructural inadequacy and high construction costs due to reliance on imported materials contribute to the challenges.’’

Bally was reacting to the rising cost of living, which has made it difficult for Nigerians to afford basic amenities, including housing.

According to him, making it easier to build affordable housing, especially through government collaboration, will help more people own homes.

“To make it easier to build affordable housing, the government needs to change the laws that govern land ownership to make it simpler and faster to buy land.

“The government must make the process of officially registering property ownership easier and quicker.

“Government must build roads, water pipes, and electricity lines to support new housing developments.

“They must ensure that new homes have access to essential services like water, electricity, and sewage.

“Also, provide government-backed loans and subsidies to help developers and homebuyers afford housing,’’ Bally said.

The construction professional also advised the government to offer incentives and support to developers to encourage more investment in affordable housing.

He said that reducing taxes on housing-related activities could make it more attractive for developers and investors.

Bally said that government subsidies could help offset costs and make housing more affordable for low-income individuals and families.

“The government can offer loans with lower interest rates to reduce the overall cost of financing housing projects.’’ he said.

Bally said that streamlining regulatory processes and simplifying property registration would also help reduce costs and increase efficiency.

He said that Public-Private Partnerships could bring together financial resources, technical expertise, and infrastructure to support affordable housing development.

He suggested two innovative financing models such as Microfinance Schemes and Cooperative Housing Models and Rent-to-Own and Lease-to-Own Models, would make housing more accessible.

NAN recalls that the government, through the Minister of Finance, Wale Edun, recently approved the setting up of a N250 billion real estate investment fund, aimed at providing affordable, long-term mortgages to Nigerians.

The approval is part of efforts by the present administration to address the 22 million housing deficit in Nigeria and stimulate long-term economic growth.

The new initiative will offer low-cost mortgages to individuals seeking to own homes, with interest rates targeted at single-digit or low double-digit figures. (NAN)(www.nannews.ng)

Edited by Chinyere Joel-Nwokeoma

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