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Nigeria needs housing finance at 10% of GDP — MBAN

To adequately tackle shortage of affordable housing in Nigeria, there is an urgent need to increase the level of housing finance in Nigeria to 10 percent of Gross Domestic Product (GDP) from its current level of 0.5 percent. President, Mortgage Banking Association of Nigeria (MBAN), Mr. Femi Johnson, stated this last week, in Lagos, in his welcome address at the 3rd MBAN Housing Finance and Investment Conference and Exhibition, MBAN-HOFEX 2013, with the theme, “Mortgage Banking – A Catalyst for Capital Market Growth in Nigeria”. Johnson asserted that to attain that level, deliberate policies must be put in place and well executed to ensure the development of more robust housing finance systems in the country. His words: “Achieving this would require the creation of more resilient housing finance systems. Thus, channelling long-term capital into housing is a major priority, yet, our progress in ensuring this, is very very low.” He noted that a well functioning housing finance system is imperative for a prosperous economy, adding that it plays an important role in stimulating economic growth and job creation. He further remarked that the inadequacies of the country’s current housing finance systems are reflected in the slums across the nation. According to him, ensuring the necessary investment to meet the housing finance and delivery challenges will depend to a larde extent on the ability to mobilise adequate long-term finance from various sources, including the capital market.
Updated 6 Years ago

Insecurity: Banks halt lending to fund business operations in Northern states

MANUFACTURERS in the country are licking their wounds over streams of loses as a result of built up finished inventories of goods in their warehouses they can not sell. This is as a result of the insecurity in the Northern part of the country that has taken away part of their market. Many company chief executives who spoke to Vanguard said the north is important to their business as the region accounts for more than 30 per cent of the Nigerian market. Though the manufacturers see the market as huge, distribution of goods and services to this region is being hampered by security challenges in the affected states. This has led to significant reduction in turnover, reduction in sales force/ sales outlets; layoff of production staff by companies operating from other parts of the country due to high unsold inventory. From multinationals to small and medium size firms, the story is the same. Speaking on the issue, PZ Cusssons Plc Chairman, Professor Emmanuel Edozien, said its sales dropped by 1 per cent from N72.2 billion to N71.3 billion. In a review of the company’s performance for the financial year ended 2013, he attributed the drop in the company’s revenue to: “The social unrest in the Northern part of the country and the impact on the consumers’ spending power subsequent to the reduction of the fuel subsidy which exerted considerable pressure on the top line throughout the year.” According to him, profitability however, increased with profit before tax growing by 78 per cent from N4.3 billion to N7.7 billion off the back of reduced raw material prices and manufacturing and supply chain efficiencies. “ In addition, net profit after tax and minority interests increased by 102 percent from N2.4 billion to N 4.9 billion. “Though the top line results are not in line with our projections, the choice of investing in volume growth and improving the cost structure during the year, gives us the confidence that this will put our company on the right footing for profitable growth in the future. “Our focus during the year was to drive shareholder value through management of the cost base, and driving economies of scale from our suppliers through our procurement division. We leveraged our investments in supply chain and manufacturing to improve margins while maintaining the quality of our products,” he said. “The marketing of our products in the north is being hampered,” said Martin Woolnough, the immediate past Managing Director of Nestle Nigeria Plc. Describing the state of insecurity in some parts of northern Nigeria as “A stress on the economy”, he said: ”We can’t get our sales team up there. That’s likely to impact the middle to long term brand equity in the future. Nestle Nigeria’s first-quarter net income fell by 3.4 per cent to N5.99 billion ($38 million) from a year earlier. Revenue climbed 7 per cent to N30.7 billion. Distribution, administration and other costs rose five percent from a year earlier to N17.5 billion because of an increase in marketing spend,” Woolnough said. Woolnough, who noted that the company has about 140 sales staff in the country, said Nestle, the largest food company in Nigeria, temporarily withdrew about 10 of its sales staff from the three states for a week, the second time in four years it has evacuated employees since the insurgency began.
Updated 6 Years ago

Banks can’t fund N464 trn infrastructures – BGL Director

The N464 trillion needed for infrastructures over the the next five years in the country can’t be provided by banks alone, said Chibundu Edozie, Group Deputy Managing Director, BGL Plc. He said that the Nigerian banks don’t have the capacity to fund the infrastructure needed for Nigeria as government requires a mix financing options to meet the infrastructural gap. Speaking at the Chartered Institute of Stockbrokers (CIS) 17TH Annual Conference , he stated “N15 trillion deposits is in the banks and about N3.7 trillion in pension fund, but all these amount is not sufficient to provide the needed fund for infrastructure.” He harps on the low level of saving in the country, saying “Savings are very low in Nigeria. We don’t have reasonable saving culture; so the alternative is to seek capital market for additional funding.” Mr. Tola Mobolurin, Chairman, Capital Bancorp Plc in his own remark said “We need private sector involvement in sectoral reforms in order to have overall effect on the entire economy. There should be holistic regulatory requirements if Nigeria must be among top economies.” He further warned that the people should not be stampeded into Pubic Private Partnership (PPP) especially in some infrastructural projects, adding “The build and transfer system of the PPP has not benefitted the operators and should be carefully reviewed.” Mobolurin, advised that the government to bring down the cost of public expenditure, saying, “We need to bring down the cost of public expenditure. Government cannot fund all the projects with budgetary allocation. So the Nigerian capital market instrument should be used to fund some of the needed infrastructure in the country.”
Updated 6 Years ago

FG Generated N2.716 Trillion in Q3

The total revenue generated by the federal government in the third quarter of 2013 stood at N2.716 trillion, a report by the Central Bank of Nigeria (CBN) has shown. The central bank’s economic report for the third quarter of the year showed the amount represented a decline by 4.2 per cent and 1.58 per cent below the quarterly budget estimate and the level in the corresponding quarter of 2012, respectively. However, relative to the level in the preceding quarter, total federally-collected revenue rose by 14.4 per cent. Furthermore, it stated that at N1.622 trillion, gross oil receipts, which constituted 59.7 per cent of the total, declined below the proportionate budget estimate and the level in the preceding quarter by 16.1 and 10.5 per cent, respectively. The development relative to the preceding quarter was attributed to the decline in most of the components of oil revenue during the review quarter. “Non-oil receipts (gross), at N1.094 trillion (40.3 per cent of the total), was above the proportionate budget estimate and the level in the preceding quarter by 21.3 and 95.3 per cent, respectively. “The increase in non-oil revenue relative to the preceding quarter reflected, largely, the rise in receipts from corporate tax, independent revenue of the federal government, education tax and customs levies. As a percentage of projected third quarter 2013 nominal Gross Domestic Product (GDP), oil and non-oil revenue were 13.6 and 9.2 per cent, respectively,” it added.
Updated 6 Years ago

CBN to Extend Cashless Policy Nationwide Before June

The Central Bank of Nigeria (CBN) yesterday disclosed plans to extend the cashless policy to other states in the country before June 2014. The Deputy Governor (Operations), CBN, Mr. Tunde Lemo, revealed this Thursday in an interview with journalists at the 20th anniversary of the Nigeria Interbank Settlement System Plc (NIBSS) titled: “The Evolution to the Future Cashless Nigeria: Positioning the Nigerian Payment and Settlement Ecosystem for Cash-less Reality,” held in Lagos. The cashless policy, which was introduced in Lagos in January 2012 was extended to Abuja, Kano Rivers, Ogun, Abia and Anambra States in July this year. Its aim is to reduce the dominance of cash as a means of payment in the economy. According to Lemo, in order to ensure effective nationwide rollout by next year, the central bank would collaborate with other stakeholders in the payment system to integrate mobile phones into point of sale (PoS) machines. “We have been talking about how to enhance connectivity and one of the things agreed was to work with some service providers. But beyond that, we looked and decided what else to do, particularly outside Lagos now that we have rolled out the cashless policy to six other states. Today, we have licensed about 21 mobile money operators, so how do we now link mobile money to our PoS? If mobile phones can serve as touch points, our transactions would go up rapidly. “We hope to rollout to all the states by the second quarter of next year and we hope that by next year, as we roll out more PoS machines, we have to see how we can integrate the mobile phones into the network because in the hinterlands, the challenges would be more,” Lemo explained.
Updated 6 Years ago

 

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