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Sankore Investments to fund student housing, agribusiness in Lagos and other areas

@SankoreInvests has increased its business portfolio with the introduction of Real Wealth Fund and Sankore Agricultural Fund. Both funds have been created to financially support the capital needs of growth companies in the real estate business and agric market in Nigeria.

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Sankore Investment, Infrastructure in Nigeria, Ikeja City Mall, Maryland mall, Shoprite supermarket in Nigeria, About Sankore, Nairametrics news

Investment company, Sankore, has expanded its business portfolio with a focus on Real Estate and Agriculture. These investment products were created to financially support the capital needs of growth companies in the Real Estate business and Agric market in Nigeria.

During an Investor Gathering, which was covered by Nairametrics, Sankore Investment’s Chief Executive Officer, Titi Odunfa Adeoye said there’s a growing demand for some Agricultural produce by the end product manufacturers, due to its profitability.

[READ ALSO: Three quick ways to find out if a stock is overvalued]

Adeoye also stated that there’s shortage of supply, compared to the demand for specific Real Estates in Nigeria. According to her, Sankore believes investors can take advantage of the rising demand for affordable, yet profitable property development within the country.

Sankore Investor Gathering

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Speaking about how the company arrived at the two sectors as being best for creditors to invest in, Adeoye said Sankore understands there’s “a need to offer clients a broad range of assets. And looking at Nigeria at the time (2010), we have already spent some time to think through where the investment opportunities will be.

“And at the time, we thought the best way to think of where to invest should come from where the problems are. What are the problems Nigeria has and how do we solve them?

“So, even as far back as 2010-2011, we were kind of focused, trying to identify these places, and at that time, we came out with the idea that we need to look much more deeper into two specific sectors, and those two are Agriculture and Real Estate.

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“We also found there were few other areas to look at, and those are technology and education. These four areas are the key problems we think we need to solve in Nigeria.

“And for us, we are strong believers in the transformative ability of well-deployed investment. And for us, that’s one of the things that drive us. We really believe that investment can grow our country, investors can change us.”

[READ MORE: Debt servicing gulps N7.04 trillion under President Buhari’s administration]

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Sankore Investment Titi Odunfa, Infrastructure in Nigeria, Ikeja City Mall, Maryland mall, Shoprite supermarket in Nigeria, About Sankore, Nairametrics news

Sankore Investment Chief Executive Officer Titi Odunfa Adeoye

Focus of Real Wealth Fund: Adeoye said, considering the need and demand in society, the company’s focus for now is streamlined to the following Real Estate.

  • Student/Professional housing
  • Commerce

According to her, majority of Investment Funds are diverted into luxury apartments and hotels, and that investment direction needs to change due to the poor return on investment from the luxury apartments experienced by High Networth Investors. She said HNIs could instead invest in Student Housing because it has higher yields and demands are high.

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[READ FURTHER: Flying Doctors’ Founder, Ola Brown, discusses Challenges facing Nigeria’s Healthcare Industry]

Investment for the student and professional housing will be in some areas of Lagos, with Yaba in focus.

Focus of Sankore Agricultural Fund: The crops that the company intends to disburse interested investors’ funds on are:

  • sorghum;
  • soya; and
  • maize.
Sankore Investment, Infrastructure in Nigeria, Ikeja City Mall, Maryland mall, Shoprite supermarket in Nigeria, About Sankore, Nairametrics news

Sankore Investment CEO, Adeoye and Afex Commodity Exchange representative at the event

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What drives choice of crops: It was explained that these crops were selected because they are easy, liquid, and the cashflow can be monitored end-to-end very easily. Also, the crops are industrial crops with the big buyers.

Nairametrics learnt that in addition to Real Estate, the other sector that was thought to be extremely important to the country’s growth, was Agriculture. Agriculture was selected because of its impact on job creation and the fact that Nigeria still imports majority of the things that are consumed in the country. Sankore is therefore certain that investors can get the worth of their investments if disbursed into these crops business.

[READ THIS: 46-years after, Mr. Bigg’s is not so big anymore]

Adeoye explained that Sankore had to partner with 5th Harvest some years back to understand the agric market and the extent of exposure needed because investors are always jittery about investing in agric business.

To ensure sales, partners like Afex Commodity Exchange, an agric business in Nigeria, has a binding agreement with end product manufacturers like beverage companies for the supply of these agricultural produce.

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To derive value from investment for investors and derisk investment, Sankore has partnership with companies that are Real Estate-dependent and are deep into the agric business. Some of the companies are Shoprite and Afex Commodity Exchange.

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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FEATURED

Official: Imo State is unemployment capital of Nigeria

According to NBS, 75.1% of the total employable people in Imo State are either underemployed or unemployed.

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Ogun, Imo States give free hand sanitizers

Data from the National Bureau of Statistics reveal Imo State, located in the South-Eastern part of Nigeria has the highest unemployment rate in the country.

In contrast, Anambra State is the state with the least unemployment in the country with 13.1% unemployment rate. The national average for the unemployment rate is 27.1%

Imo State has an unemployment rate of 48.7% as at the second quarter of 2020, by far the highest when compared to any other state in the country.

According to the data, 75.1% of the total employable people in the state are either underemployed or unemployed.

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  • Total number of employable people – 2.48 million
  • Fully employed people – 618, 481
  • Unemployed people in the state – 593. 347
  • Underemployed – 656, 394

Imo State is largely a civil service town and has been unlucky with state governors over the last 20 years. Private sector jobs are hard to come by in the serene state with most industries setting up show in nearby cities like Aba, Port Harcourt, and Onitsha.

The city was once notorious for ritual motivated murders and kidnappings but has since overcome these challenges.

States Unemployment Rates – Q2 2020

Other States

Akwa Ibom State is next on the list with an unemployment rate of 1.14 million people. The state’s underemployed population is about 551k people while the unemployment and underemployment rates combined is 66.9%.

The best: The state with the lowest unemployment rate in Nigeria is Anambra State with 13.1% out of the total working population of 2.25 million people. The state was 37 out of 37 states in the ranking of unemployment by state. About 1.9 million people in Anambra State are either fully employed (1.57 million) or under-employed (384k) in the state.

Lagos State, Nigeria’s commercial capital and where most graduates rush to for jobs currently has an unemployment rate of 19.5% and sits at 27 in the state by state unemployment ladder. The data shows about 6.8 million people make up the labour force population in Lagos State out of which 3.99 million people are fully employed and another 1.5 million people are underemployed. About 870k Lagosians who are employable did absolutely nothing.

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Concentration: In terms of the concentration of unemployed people, Rivers State came first with a whopping 1.7 million people out of jobs in the state. The state as a working population of 3.9 million. Rivers State unemployment rate is 43.7 and ranks third as the worst. 21.7 million Nigerians are unemployed.

Lagos State had the most employed persona with about 3.99 million people out of a total of 35.5 million.

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Economy & Politics

Nigeria’s unemployment rate jumps to 27.1% as at 2020 Q2

Nigeria’s unemployment rate as at the second quarter of 2020 is 27.1% meaning about 21.7 million Nigerians remain unemployed.

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unemployment

Nigeria’s unemployment rate as at the second quarter of 2020 is 27.1% indicating that about  21,764,614 (21.7 million) Nigerians remain unemployed.

Nigeria’s unemployment and underemployment rate (28.6%) is a combined 55.7%. This means the total number of Nigerians who are unemployed or underemployed as at 2020 Q2.

This is contained in a recently released unemployment data report published by the National Bureau of Statistics. Nigeria’s unemployment rate was 23.1% in Q3 2018 confirming it increased by 4% points between then and the second quarter of 2020.

Key highlights

  • The number of persons in the economically active or working-age population (15 – 64 years of age) during the reference period of the survey, Q2, 2020 was 116,871,186.
  • The number of persons in the labour force (i.e. people within ages 15 -64, who are able and willing to work) was estimated to be 80,291,894. This was 11.3% less than the number persons in Q3, 2018. Of this number, those within the age bracket of 25-34 were highest, with 23,328,460 or 29.1% of the labour force.
  • The total number of people in employment (i.e. people with jobs) during the reference period was dwellers, it rose to 31.5% from 22.8%, while the rate among urban dwellers rose to 23.2% from 58,527,276.
  • Of this number, 35,585,274 were full-time employed (i.e. worked 40+ hours per week), while 22,942,003 were under-employed (i.e. working between 20-29 hours per week). This figure is 15.8% less than the people in employment in Q3, 2020
  • The unemployment rate during the reference period, Q2, 2020 was 27.1%, up from the 23.1% recorded in Q3, 2018. The underemployment rate increased from 20.1% in Q3, 2018 to 28.6%.
  • For the period under review, Q2, 2020, the unemployment rate among young people (15-34years) was 34.9%, up from 29.7%, while the rate of underemployment for the same age group rose to 28.2% from 25.7% in Q3, 2018. These rates were the highest when compared to other age groupings.

The data is coming after nearly two years when the last data was published. The bureau last published jobs data in the third quarter of 2018 citing funding as a major challenge.

Key Take-aways

  • Nigeria’s youth remain the hardest hit by unemployment with over 13.9 million people aged between 15 and 34 years unemployed.
  • The data also shows 7.6 million of this subset did nothing.
  • Women also continue to bear the brunch of bad economy with about 12.2 million out of jobs from the 27 million currently unemployed.
  • Graduates and post graduates combined made up about 2.9 million of the total Nigerians that are unemployed.
  • In a surpising data, out of the 35.5 million Nigerians that are fully employed, 28.8 million of them never attended school (6.29 million) or did not have a tertiary education (22.5).
  • In fact, most fully employed people in Nigeria with SSS (Senior Secondary School certificates) are a whopping 13.2 million.

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Coronavirus

COVID-19: Nigeria, 6 other African countries to start antibodies tests next week

These countries are the first set of countries to commit to the testing.

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Nigeria and 6 other African countries will start conducting coronavirus antibodies tests as early as next week, as part of efforts to understand the extent of the outbreak on the continent.

Apart from Nigeria, the other African countries that will benefit from this include Sierra Leone, Zambia, Zimbabwe, Cameroon, and Morocco.

While making the disclosure in Addis Ababa, the head of the African Centres for Disease Control and Prevention, John Nkengasong, said that these countries are the first set of countries to commit to it.

Western countries have been using antibody tests to discover how many of their citizens have been infected by the coronavirus disease, with the expectation that will help them reopen their economies.

This new development is coming some days after the Nigerian Government started negotiations with prospective COVID-19 vaccine distributors to the country ahead of their availability.

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The Vice President, Yemi Osinbajo, who kick-started the negotiation on behalf of the Federal Government, in a virtual meeting with representatives of the vaccine candidate, told the co-discussants that Nigeria must be given priority when COVID-19 vaccine is ready for distribution.

Nkengasong said that Africa has so far conducted 9.4 million coronavirus tests, a 10% increase over last week. These tests show whether people currently have the coronavirus disease.

Experts said that the low levels of testing in many countries mean that Africa’s infection rates could be higher than being reported.

He said that 25 African countries still have full border closures, with 23 imposing tests at entry points. He also stressed on the need to harmonize border testing and recognize certificates in order to facilitate travel.

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