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Experts project into Nigeria’s real<br />
estate sector performance in 2021<br />
—Say sector to do better<br />
Vanguard, TUESDAY, FEBRUARY 9, 2021 — 23<br />
FG's condolence visit to late Prince<br />
Tony Momoh's family in Abuja<br />
By Kingsley Adgboye<br />
with Agency report<br />
THE year 2020,<br />
although filled with<br />
mixed feelings and many<br />
hurdles, was a year packed<br />
with lessons. The year<br />
emerged with unforeseen<br />
turn of events that initiated<br />
unprecedented trends in the<br />
Nigerian market, and the<br />
world at large, with severe<br />
impact on supply chains,<br />
economic activities, and<br />
international trade.<br />
Economies are trying to<br />
manage unemployment by<br />
reductions in interest rates,<br />
and other governmental<br />
actions that impact<br />
industries – mainly travel,<br />
tourism and hospitality.<br />
Currently, global markets<br />
are trying to recover, the<br />
IMF warns of a slower<br />
2021, and individuals and<br />
businesses are left to<br />
wonder, “how long will this<br />
trend continue?”<br />
This pandemic will<br />
forever change all that we<br />
know, and have taken for<br />
granted as being ‘normal’,<br />
and it would be naive of us,<br />
almost catastrophic in fact,<br />
to think that things will<br />
simply just go <strong>back</strong> to<br />
normal as they were earlier<br />
last year.<br />
This new reality has<br />
changed us as consumers,<br />
and the organisations we<br />
lead must change too, if we<br />
are to survive and thrive in<br />
the coming era of work.<br />
While every country is at a<br />
different stage of the<br />
pandemic, and many<br />
businesses are struggling to<br />
tackle the ‘here and now’<br />
situation, it’s important that<br />
we also start to focus our<br />
attention on the future<br />
sooner, rather than later.<br />
According to Bilaad<br />
Realty, a real estate journal,<br />
“But, how best can business<br />
owners and investors plan<br />
for 2021, help rebuild the<br />
economy, invest wisely and<br />
get value for their money?<br />
This is what a few industry<br />
experts have to say.<br />
“For businesses and<br />
individuals to thrive in<br />
2021, amidst increasing<br />
prices of commodities in<br />
the country, there is need to<br />
prioritize our expenses. We<br />
must carefully think<br />
through all business<br />
decisions as regards<br />
spending and come up with<br />
cost-cutting measures to<br />
stem the tide of increased<br />
cost of living.<br />
“In 2021, businesses<br />
should do more; be flexible<br />
in carrying out their<br />
businesses and increase<br />
focus on online sales –<br />
proven over time to help<br />
grow businesses<br />
organically,” Eze Nwogu<br />
noted.<br />
“We are projecting<br />
recession in the second<br />
quarter or at the end of the<br />
first quarter of 2021. So, it<br />
is important that we keep<br />
an eye on certain sectors<br />
like the real estate market,<br />
to ensure that spending<br />
continues in that sector in<br />
*Residential estate under construction.<br />
order to stay on top of the<br />
economic recession and<br />
mitigate the impact of<br />
COVID-19”, Alfred Friday<br />
Okoh said.<br />
“Real estate still remains<br />
the asset of choice when it<br />
comes to investment and<br />
this has proven more than<br />
ever before to be so, in 2020.<br />
Buyers should be careful<br />
where they put their money<br />
in 2021. Extensive research<br />
should be carried out<br />
before making any<br />
investments, to ensure they<br />
work with companies with<br />
proven track record of<br />
delivering value”,<br />
Abdulmalik S. Mahdi<br />
stated.<br />
Managing Partner,<br />
Modern Shelter, Mrs.<br />
Amina Lawal, opined that<br />
“The Nigerian economy<br />
has been hit with both the<br />
Covid-19 pandemic<br />
outbreak, dip in oil price<br />
and Foreign Exchange<br />
(FX) volatility. The society<br />
at large has become less<br />
interested in investments,<br />
with capital savings<br />
yielding negative returns in<br />
the wake of rising doubledigit<br />
inflation currently at<br />
13.7%. It is important for<br />
organisations to prioritize<br />
spending and postpone<br />
expenses that will not add<br />
value in the current<br />
situation”.<br />
On collaboration, she said<br />
“In 2021, we should look out<br />
for more meaningful and<br />
life-changing<br />
collaborations between<br />
Government (Public) and<br />
Private Sector. The private<br />
sector will come to the<br />
rescue of the deficit budgets<br />
being experienced by the<br />
Government, and will<br />
channel their investments to<br />
providing infrastructure and<br />
capital projects that will<br />
create an enabling<br />
environment for Small and<br />
Medium Scale businesses to<br />
thrive and on the other hand,<br />
increase the Gross Domestic<br />
Product (GDP) of the<br />
Nation.”<br />
Wildlife species in Nigeria<br />
have declined dramatically<br />
— WildAid<br />
By Gabriel Olawale<br />
WildAid and the Nigerian<br />
Conservation<br />
Foundation have expressed<br />
great concern over increasing<br />
illegal wildlife trade in<br />
Nigeria which has led to<br />
drastic decline in wildlife<br />
species over the past 50<br />
years, noting that this illegal<br />
wildlife trade is estimated<br />
to be worth between<br />
$7 billion and $23 billion<br />
annually.<br />
Speaking in Lagos during<br />
the unveiling of a survey report<br />
on Widespread bush<br />
meat consumption across<br />
Nigeria post-COVID,<br />
WildAid West African Representative,<br />
Mr. Linus Unah,<br />
said that the report showed<br />
that consumption of wildlife<br />
or ‘bush meat’ is widespread<br />
in Nigeria’s top cities, regardless<br />
of potential links to<br />
zoonotic diseases such as<br />
COVID-19.<br />
He identified the need to<br />
educate urban Nigerians<br />
who typically live far away<br />
from forests where bush<br />
meat is often harvested, about<br />
the risks of zoonotic<br />
diseases, “the conservation<br />
impact of bush meat trade<br />
and the fact that current<br />
wildlife laws prohibit the<br />
hunting and trade of several<br />
species.<br />
“Today, Nigeria has fewer<br />
than 50 lions, 100 gorillas,<br />
500 elephants and between<br />
1,400 to 2,300 chimpanzees<br />
left in the wild. Between<br />
2016 -2019, over half of the<br />
pangolin scales seized globally<br />
came from Nigeria.<br />
The illegal wildlife trade is<br />
estimated to be worth between<br />
$7 billion and $23 billion<br />
annually.”<br />
Corroborating his views,<br />
the Chief Executive Officer,<br />
WildAid, Peter Knights said<br />
that with support from<br />
WildAid, GlobeScan conducted<br />
the survey of 2,000<br />
people in Lagos, Abuja, Port<br />
Harcourt and Calabar with<br />
majority of respondents citing<br />
taste, culture and health<br />
concerns as reasons for consumption.<br />
“More than 50 per cent of<br />
respondents who had consumed<br />
bush meat within<br />
the last year cited taste as<br />
the main reason while 30 per<br />
cent said it was part of their<br />
culture and 25 per cent said<br />
that it is healthier and<br />
fresher than regular meat<br />
and fish.<br />
• From left: Former Chief Judge of Edo State and sister to late Prince<br />
Tony Momoh, Justice Contance Momoh; wife of the deceased, Mrs. Jane<br />
Momoh, and leader of the Federal Government, FG's, Delegates and Chief<br />
of Staff to the President, Prof. Ibrahim Gambari, during the condolence<br />
visit by FG's delegation, to the family of Prince Tony Momoh, in Abuja,<br />
yesterday. Photos: Abayomi Adeshida.<br />
• From left: Minister of State for Environment, Sharon Ikeazor; Chairman,<br />
APC Caretaker Committee, Governor Mai Mala Buni of Yobe State;<br />
Prof. Ibrahim Gambari, and the son of the late Prince Momoh, Rasheed<br />
Momoh, during FG's delegation visit to the Momoh family, in Abuja, yesterday.<br />
• Minister of State for Environment, Sharon Ikeazor, signing the Condolence<br />
Register for late Prince Momoh, during the visit, yesterday.<br />
• Minister of Information and Culture, Alhaji Lai Mohammed, signing<br />
the Condolence Register, at the Late Prince Momoh residence, in Abuja,<br />
yesterday.