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Vanguard Newspaper 09 February 2021

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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.

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