Some of the housing units in the Plantation City in Delta State
Notwithstanding the poor performance of the real estate sector last year, occasioned by the negative impact of the corona-virus pandemic, operators are optimistic that there could be an early rebound in 2021 if government lives up to its obligations.
For a sector hugely dependent on the economic dynamics, experts were cautiously optimistic that real estate will recover in the first quarter.
The optimism stems from better understanding of the covid-19 virus coupled with the positive moves by the Central Bank Nigeria in foreign exchange regulation, the recent World Bank report of possible 1.1per cent growth in the nation’s economy and the slight increase in oil price.
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A property development firm, the UT Financial Services Limited, has raised the hope of low income earners in Rivers State towards owning a home.
The firm said it was making frantic efforts towards building affordable low cost houses in the state for low and medium income earners.
The Chief Executive Officer of the firm, Ade Adebanjo, made this known while interacting with The Tide at the Port Harcourt International Airport Omagwa, last Thursday.
He said he was already in talk with the state government on the execution of such project.
He said his company was also negotiating with the Bayelsa State Government on the same issue, adding that the response was encouraging.
The International Monetary Fund (IMF) mission to Nigeria says exchange rate and monetary policy reforms, increased revenue mobilisation and structural reforms will unlock Nigeria’s growth potential.
The team lead, Ms Jesmin Rahman, said this in a statement issued on Friday in Washington D.C at the conclusion of the virtual mission.
The mission was conducted from October 30 to November 17, in the context of the 2020 Article IV Consultation with Nigeria.
Rahman said that the COVID-19 pandemic was exacting a heavy toll on Nigerian economy, already experiencing falling per capita income and double-digit inflation, with limited buffers and structural bottlenecks.
According to her, low oil prices and sharp capital outflows have significantly increased Balance Of Payments (BOP) pressures; together with the pandemic-related lockdown, led to a large output contraction and increased unemployment.