The real estate assiduity in Nigeria has witnessed remarkable growth over the times, transubstantiating into a dynamic and vibrant sector.

To understand its present state, it’s pivotal to claw into the origins of the real estate business in Nigeria.

Let’s explore the literal development of the assiduity, pressing crucial mileposts, challenges and openings that have shaped its line as we also look beyond the 63 years and take if farther to the Nigeria We Want.

The Beginning

The roots of the real estate business in Nigeria can be traced back to the pre-colonial period.

Traditional societies rehearsed land power and allocation, albeit with different systems and customs across regions.

With the appearance of social powers, land operation systems passed significant changes as the British introduced formal land power enrollment and land term systems.

Following Nigeria’s independence in 1960, rapid-fire urbanization and population growth fueled the demand for casing and civic structure.

The real estate assiduity began to crop as inventors responded to the rising requirements of a burgeoning civic population.

The establishment of state casing pots and government- patronized casing schemes aimed to address the casing deficiency, but the scale of demand outpaced force.

The 1980s witnessed a significant shift in the real estate geography as the Nigerian government introduced structural adaptation programs, leading to profitable liberalization and privatization.

These reforms encouraged private sector participation in real estate development. Private inventors began to play a more prominent part in meeting the casing requirements of Nigerians, particularly in civic centers.

To insure translucency, professionalism, and consumer protection, the Nigerian government legislated colorful laws and regulations to govern real estate deals.

The establishment of professional bodies, similar as the Nigerian Institution of Estate Surveyors and Valuers( NIESV), further contributed to the professionalization of the assiduity. These developments enhanced the credibility of real estate interpreters and eased trust among buyers, merchandisers, and investors.

Despite its growth, the real estate assiduity in Nigeria faces several challenges. Limited access to backing, shy structure, land use issues, and regulatory backups pose obstacles to development. still, these challenges also present openings for invention and investment.

See video for responseshttps://youtu.be/OVPA1jUnJAQ?si=gozU6urUE5Y-VfkO

Funding and Mortgage

Average Nigerian Mortgage Rate is 22.04% – Mortgage Rates for All Nigerian Banks.

In agreement with the translucency and full exposure station of the Central Bank of Nigeria, the Monetary Policy Committee decided that all lending rates by Deposit Money Banks will be made public to guide business opinions. Now what are the challenges of mortgage?

See video for responses. https://youtu.be/OVPA1jUnJAQ?si=oP6nd7Ffo15ASlYY

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How Can The investor Access finances?

For expiring real estate investors in Nigeria, access to finances is always a challenge.

While numerous have tried the route of seeking out- takers for their off- plan systems, the reality of the request is that a inventor who goes through thatpath must also have some finances to protest start a design if off- takers where to show any serious commitment.

See video for response.https://youtu.be/OVPA1jUnJAQ?si=gozU6urUE5Y-VfkO

So, the appointment of Architect Ahmed Musa Dangiwa as the Minister of Housing and Urban Development by President Bola Ahmed Tinubu has been described as signal of a new period of progress and invention in the housing sector.

It also underscores current administration’s commitment to addressing the critical challenges of housing and civic development in Nigeria.

His trip from a fulfilled mastermind and academic to the former Chief Executive Officer/ Managing Director of the Federal Mortgage Bank of Nigeria( FMBN), and now as Minister, indicates his dynamic capability to shape the course of urbanisation in Nigeria.

ECONOTES

TIMELINE OF NIGERIA HOUSING INDUSTRY

· The first National Development Plan of 1962 – 1968 saw Nigeria establishing state-owned housing corporation which was for the provision of urban infrastructure and industrial estates in three key areas— Lagos in South West, Port-Harcourt in South East and Kaduna in the North.

· The second National Development Plan from 1970 to 1974 saw the establishment of National Council on Housing and the creation of Federal Housing Authority (FHA) in charge of housing Nigerians and the establishment of National Housing Programme (NHP) to construct about 59,000 housing projects. That was when the Staff Housing Loans Board was established.

· The third National Development Plan from 1975 to 1980 saw activities of federal government’s direct intervention in housing when about 220,000 dwelling units were proposed. 50,000 units in Lagos, then 8,000 units in each of the then 19 states. At the end, only 15 percent of the projection was achieved.

· There were other housing programmes such as the establishment of committee on standardization on housing types and policies in 1975. There was also an anti-inflation task force in 1976.

· There was also a Rental Panel in 1976, and then the Land Use Panel in 1977. The Nigeria building society was also converted to Federal Mortgage Bank of Nigeria (FMBN) in 1976 with a special capital base of about N20million, then increased to about N150million later on in 1979.

· The last of these government housing programmes seemingly ended with the second civilian administration from 1979 to 1983 during which period there was an elaborate national housing programme based on the concept of affordability and citizens’ participation. This was the period of low-cost housing by the President Shehu Shagari at the federal level and Lateef Jakande in Lagos.

· The vision of the National Development Plan, 2021-2025 is consistent with the pursuit of socio-economic transformation of the country as envisioned in the long-term aspiration of Nigeria, encapsulated in the Nigeria Agenda 2050.

· During the Plan period, government will focus on sectors with great potentials to generate jobs for our people and with multiplier effects on other sectors.

· Government will invest on critical infrastructure such as Power and alternative energy, Rail, Roads, and Housing and ensure macroeconomic stability, enhance business and investment environment and improve the living conditions of Nigerians.

The Nigerian Maritime Administration and Safety Agency (NIMASA) is the apex regulatory and promotional maritime agency.

The Agency was created from the merger of National Maritime Authority and Joint Maritime Labour Industrial Council (former parastatals of the Federal Ministry of Transport) on the August 1, 2006.

The obligation of regulating the Maritime industry in Nigeria rests on the Agency through the relevant instrument.

Let’s x-ray the Nigerian maritime industry since it was established.

The Agency was established primarily for the administration of Maritime Safety Seafarers Standards and Security, Maritime Labour, Shipping Regulation, Promotion of Commercial Shipping and Cabotage activities, Pollution Prevention and Control in the marine environment, the Agency also implements domesticated International Maritime Organization

The Triple “S” Performance Organogram Of Nigerian Maritime Industry

The Triple “S” also known as the NIMASA Performance Tripod is designed as the compass of the NIMASA’s executive management in charting the course of the Agency within the three cardinal concerns that truly reflect NIMASA’s composite of mandates as both the regulator and harnesser of Nigeria’s maritime domain.

It is a three-point strategic agenda of the critical elements of the NIMASA commission drawn from the various legal and statutory instruments governing the agency’s existence and operations.

All of the various policy initiatives, interventions, plans, and partnerships of NIMASA are expected to be pursued on the platform of the tripod of Maritime Security as Existential Priority, Maritime Safety as Operational Necessity, and Shipping Development with Economic Urgency.

Origin Of Maritime Industry – National Maritime Authority

The National Maritime Authority (NMA), predecessor of NIMASA, was established by the Shipping Policy Decree of 11 May 1987, and was supervised by the Federal Ministry of Transport.

Its mandate was to ensure orderly development, protection and manpower training in the shipping industry.

The NMA also was given responsibility for monitoring marine pollution and spillage in Nigerian waters.

The oil platforms off the Niger Delta are vulnerable, and the decree recognized the role of maritime cargo carriage in defense.

Foreign Shippers

In 1988, the NMA granted six Nigerian shipping lines “national carrier” status, including the state-owned Nigerian National Shipping Line.

The NMA had plans to extend this status to more domestic companies so as to reduce control of trade by foreign-owned lines.

For reasons of national pride, the NMA did not encourage domestic shipping lines to engage in feeder services, bringing goods to a distribution point for direct onward shipping, preferring direct-line services.

Dependence on foreign shippers, who were carrying over 80% of cargo by 1992, made the country vulnerable.

When the NMA attempted to impose a dock charge of $0.25 per tonne of crude oil loaded in Nigerian ports and oil terminals, the shipping companies threatened to go elsewhere, saying the charge would make Nigerian oil uncompetitive.

The NMA had no choice but to suspend the fee.

The NMA charges on shipping lines that called into Nigerian ports were increased in 2003, with a surcharge being added to taxes on all Nigerian freights.

In December 2004, based on recommendations from the World Bank, the government announced that all NMA charges would be scrapped as of January 2005. There were delays in implementing the change.

Creation Of Nigerian Maritime Administration And Safety Agency

NIMASA was created on 1 August 2006 when the National Maritime Authority was merged with the Joint Maritime Labour Industrial Council.

Both were formerly parastatals of the Federal Ministry of Transport. Under the act establishing NIMASA, 5% of annual income would support the Maritime Academy of Nigeria (MAN) and 35% of income would be used to develop maritime infrastructure.

The agency provided funding to MAN for a jetty and boat project. In December 2009 the agency said it was setting up a fund which would cover 40% of the cost of a nautical education, with the student being responsible for the remainder.

In June 2010 it was confirmed that NIMASA was encouraging Nigerians to enter the maritime industry.

The agency was enforcing the directive that all ship operators engaged in the cabotage trade, whether Nigerian or foreign-owned, must have Nigerian cadets on board so they could gain sea-time experience.

However, there was still a severe shortage of trained sailors.

As of 2011 the agency was still spending large amounts on training Nigerians in India, Glasgow and Egypt because MAN lacked the capability to provide complete training.

Norwegian Minister Visits Nigerian Maritime Administration And Safety Agency

In the meantime, The Norwegian government commended Nigeria for its leading role in ensuring safety and security in the Gulf of Guinea.

Norway’s Foreign Affairs Minister, Anniken Huitfeldt made this known during a courtesy visit to the Nigerian Maritime Administration and Safety Agency (NIMASA).

The team toured the Marine Environment Management Laboratory and the Command, Control, Computer, Communication and Information Center, otherwise known as the C4i Center of the Deep Blue Project, both located at the agency’s operational office at Kirikiri, Lagos.

IN 2022, The Director General of Nigerian Maritime Administration and Safety Agency (NIMASA) Dr Bashir Jamoh said the agency was working towards September 2022 for the commissioning of its Maritime Safety and Regional Security Training Center in Lagos, Nigeria’s south-west.

In order to complement it’s National Seafarers Development Program (NSDP), he said the agency was setting up skill aquisition centres in the six geopolitical zones of Nigeria to develop teaming youths.

Jamoh made this known when a team from the American Embassy led by its Defense Attache, Col Williams Schaum paid a courtesy visit to the agency’s corporate office in Apapa Lagos.

According to him, the center would serve the 25 African countries in the Gulf of Guinea region as a center for research, training and ultimately to reduce the scourge of piracy in the waterways.

Former President Muhammadu Buhari, GCFR, on Thursday, June 10, 2021 in Lagos performed the official launch of the assets under the Integrated National Security and Waterways Protection Infrastructure, also known as the Deep Blue Project.

Now, According to Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, quote “With the deployment of the assets of the Deep Blue Project, we are entering another level of national security designed for total spectrum maritime security and better domain awareness using some of the latest technology”.

So, What Is Bashir Yusuf Jamoh Hope For A New Nigeria. He says he wants to see Nigeria blue.

Why Has Nigeria Established A New Ministry For The Blue Economy?

The blue economy is the sustainable use of ocean and coastal resources for economic growth.

It integrates environmental, social, economic and institutional objectives into the use of marine resources. It includes a wide range of sectors and resources related to oceans, seas, coasts and waterways.

The Ocean Economy Supports 90% Of Global Trade And Provides Millions Of Jobs. It Includes Shipping, Tourism And Offshore Energy Valued At US$24 Trillion.

Marine fisheries and reefs, sea grass and mangroves are worth US$6.9 trillion; trade and transport US$5.2 trillion; and coastline productivity and carbon absorption US$12.1 trillion.

Nigeria’s establishment of a ministry of marine and blue economy is a strategic move. I believe the ministry will tap the country’s rich marine resources as an element of the national economic framework.

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The increasing integration of the transport sector with the growing economy is underscored by the need to move huge amounts of natural resources and merchandise to support mining, agriculture, energy and manufacturing.

Efforts to bridge such infrastructure gaps, particularly in road and railway systems, has led successive governments to allocate funds to transport projects.

Despite the governance challenges and budgetary constraints, several large-scale projects have boosted Nigeria’s capacity to move goods and people between inland communities and growing coastal cities.

Road Transport
Organized public transport services exist in the form of Bus Rapid Transit (BRT), the LAGBUS and the corporate Taxi scheme which were introduced a decade ago as part of government efforts to make Lagos a global and competitive megacity.

Lagos-Ibadan Rail Line – The Journey So Far

A project to restore Nigeria’s railways has been underway since 2009.

Lagos-Ibadan railway was built by Chinese which the construction started in 2007, and it is built to link Nigeria’s southwestern cities of Lagos, Abeokuta and Ibadan. It was officially commissioned by President Muhammadu Buhari in June 2021.

Airport Transport In Nigeria

The history of Nigerian aviation will be incomplete without the mention of Maiduguri and Kano city, where the first aircraft landed in Nigeria on November 1, 1925.

Mallam Aminu Kano International Airport is the oldest in Nigeria, with operations starting in 1936.

The year 1960 was a very significant year in aviation development in Nigeria.

It was not just about the Independence but also marked the final process of the complete takeover of the airline after holding 51 per cent stake in the carrier.

In fact, in 1960, the airline had 17 aircraft in its fleet comprising one Dove, eight Herons and eight DCs.

Precisely in 1961, the Nigeria Airways, formerly known as West African Airways Corporation (WAAC), became the national carrier of Nigeria, operating different brands of aircraft like Airbus, Boeing 737 and Douglas, among others.

Apart from having a strong presence in West Africa, WAAC Nigeria, which became Nigeria Airways in 1971, had footprints in Europe and America.

March 1979, General Obasanjo opened Murtala Muhammed International Airport.

In its heydays, Nigeria Airways was not only a pride of the country but the entire West Africa with as many as 30 operating aircraft.

But, from the 1980s to 90s, the fortunes of the airline nosedived until 2003 when it was liquidated.

But from 1960 till date – up till the time of liquidation of the Nigeria Airways – many airlines were established but couldn’t survive beyond 10 years.

Among the defunct airlines were Flash Airline, Gas Airline, Hold Trade Airline, Jambo Express, Chanchangi, Albarka Airline, Mid-West Airlines, Hak Air, Intercontinental Airline, EAS Airline, Virgin Nigeria and ADC Airline.

Today, Nigeria Has 20 Airports And Many Regulated Airstrips And Heliports; 23 Active Domestic Airlines; 554 Licensed Pilots; 913 Licensed Engineers And 1700 Cabin Personnel. Nigeria Being Africa’s Most Populous Country Is An Important Destination For Over 22 Foreign Carriers.

The current Minister of Aviation and Aerospace Development of Nigeria is Festus Keyamo. He was appointed on 21 August 2023 by President Bola Tinubu.

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Nigeria has indeed come a long way in the transportation sector, trying to key in through innovations. But a lot still needs to be done for it to measure up with her counterparts abroad. Till then, we’ll continue to bring you updates as it happens.

Thanks for watching.

Watch out for space.com on LN247

Savica Waterfall is a magnificent and tall waterfall that is located in the Bohinj Basin which is in the northwestern part of the small Republic of Slovenia.

Being one of the most popular sights in the country, the waterfall is fed by the waters from the Valley of the Triglav Lakes and Pršivec that flow to it through a horizontal cave tunnel, however, during heavy rains when the water supply is much larger the waterfall is in its majestic and very inspirational form.

The total height is 78 meters (256 feet) and to get to this alluring place a short hike of about 20 minutes is necessary, where it is a moderate walking on stone steps and also there is a small entrance fee, which is not mandatory in the late afternoon.

What is more interesting is that at the bottom of the waterfall, there is an artificially created lake, where a small dam is located.

The dam is considered to be built some time in 1909, together with the construction of the Bohinj railway tunnel. From there, the Savica Waterfall continues as a river with the same name, and flows into the Bohinj Lake from where it is the beginning of the Sava Bohinjka, which forms the Sava River after joining with the Sava Dolinka.

Still, the Slovenians are really proud of their natural treasure that even the waterfall is immortalized by the Slovene poet France Prešeren in his poem “Krst pri Savici”, and as it is part of the Triglav National Park, Savica Waterfall shall continue to be one of the most important, and also most visited places in Slovenia.

In the high Nevadan desert near the Oregon border lies an enormous deposit of lithium, a metal that is essential in the production of electric car batteries.

President Joe Biden wants to get it out of the ground. But its exploration is dividing communities which are usually on the same side of political arguments.

Environmentalists and native people cannot agree on whether a new rush for this “white gold” should be supported or fiercely opposed.

“The entire environmental community is split on this thing,” says Glen Miller, who used to be on the board of local environmental charity Great Basin Resource Watch, which is opposed to mining.

In March, the diggers moved into a stunningly beautiful area called Thacker Pass, 4,000ft (1,219m) above sea level.

It was formed by an ancient volcano and has sagebrush valleys ringed by desolate mountain tops.

After years of legal battles, Lithium Americas had finally won its bid to mine the area.

The location of the Thacker Pass Project highlighted on a map
Mr Biden has said explicitly that he wants the US to be the world leader in electric cars – and wants the lithium that is key to making them to be mined in the US.

Last year he said that America had to import “close to 100%” of its lithium from countries like Australia, Chile and China.

But some environmentalists say mining more lithium is the wrong approach.

More than 2,400 people have died in earthquakes in Afghanistan, the Taliban government announced on Sunday, the deadliest to shake the earthquake-prone mountainous country in years.

The United States Geological Survey (USGS) said Saturday’s earthquake in the west of the country occurred 35 kilometers northwest of the city of Herat, with a magnitude of 6.3.

This is one of the world’s deadliest earthquakes this year, after quakes in Türkiye and Syria killed about 50,000 people in February.

Janan Sayeeq, a spokesman for the disaster ministry, said the death toll had risen to 2,445, but he revised the number of injured down to “more than 2,000”.

Previously, he said 9,240 people were injured.

Sayeeq also said 1,320 homes were damaged or destroyed.

The death toll rose from the 500 reported earlier on Sunday by the Red Crescent.

Sayeeq said in a press conference that 10 rescue teams were present in the border area with Iran.

A Herat health department official, who identified himself as Dr. Danish, said more than 200 of the dead were taken to various hospitals, adding that most of them were women and children.

Mr Danish said the bodies were “taken to many places – military bases, hospitals”.

Photos posted on social media showed beds had been set up outside Herat’s main hospital to accommodate victims.

Suhail Shaheen, head of the Taliban political office in Qatar, said in a message to the media that food, water, medicine, clothes and tents were urgently needed.

The Federal Government earlier this week announced that it had issued licences to 17 Independent Electricity Distribution Network operators, among which 11 are currently operational.

This was disclosed by the Federal government in the 2022 Market Competition Report released on Tuesday by the Nigeria Electricity Regulatory Commission, an agency of the Federal Government.

The report reads in part, “The commission has also licensed 17 Independent Electricity Distribution Network operators of which 11 are operational.”

The 11 operators include:

1. Gateway Electricity Limited
2. Energy Company of Nigeria Plc
3. PIPP LVI Disco Limited
4. Bodituv Nigeria Limited
5. Uraga Power Distribution Company
6. Ariaria Independent Energy Distribution Network Ltd
7. Ladol Integrated Logistics Free Zone Enterprise
8. Babcock Consulting Limited
9. Constant Independent Electric Power Distribution Company Ltd
10. Alausa Distribution Limited
11. Notore Industrial City Limited.