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Nigeria’s real estate industry attracts foreign investors 

The Nigerian real estate industry is about to experience massive investments from the overseas, as foreign investors have expressed their interest to pump money into the rapidly growing sector. 

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Nigeria's real estate

The Nigerian real estate industry is about to experience massive investments from the overseas, as foreign investors have expressed their interest to pump money into the rapidly growing sector. 

Some foreign investors, who are seeking new opportunities in Nigeria, said that their interests in the country’s real estate sector were reignited by the growth of the industry. They made this known at recently-concluded construction exhibition in Lagos. 

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According to the Portfolio Director at DMG Events, the organisers of the exhibition, Muhammed Kazicompanies from over 20 countries such as China, Egypt, France, Greece, Germany, Italy, Saudi Arabia, Turkey and the United Arab Emirates had indicated interest to invest in the Nigerian market 

“We believe this is a great success and a clear indication of the country’s growing attractiveness in the global construction arena,” he said. 

The General Manager, Sales and Operations of the United Arab Emirates-based Grannitto – Al Khaleej Ceramics, Siva Gopal, also indicated that it had become important for his company to do business in Nigeria. 

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[READ MORE: PwC reveals Nigeria’s real estate is holding about $900 billion to ransom]

He said, “As per the information received through various media, investment in real estate is more stable compared to any other business venture in Nigeria.” 

Nigeria's real estate

More so, the Marketing Head, Abdullah Al Barrak Factory for Plastic Products, Mohammad Aslam, said the country’s economy was growing, and the growth was expanding across all sectors. 

Aslam’s words: “We will contribute our services towards the growth and development of the Nigerian construction market. The ABPF polycarbonate sheets have an ideal solution for a wide range of applications in construction, industrial, commercial and domestic segments.” 

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What you should know: The country’s real estate sector is not static. The industry is steadily advancing with investment approaches, evolving around market demands, investors’ choices and trends. 

Patricia

[READ MORE: Bank’s Credit to Nigeria’s Real Estate sector hits 5-year low]

Although the real estate sector was sluggish last year (2018), there are indications that the sector will experience a vast growth this year as the country’s economy has started gaining stability. 

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Business News

Microsoft Teams’ rival, Slack shares drop on withdrawal of full-year billings guidance

Slack reported steady revenue growth 50% in Q1 2020, compared with 49% recorded in Q1 2019 on an annualized basis this brought in more customers

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 Slack shares dropped as much as 17% yesterday after the company’s reported first-quarter earnings.

Investors and stock traders were not happy with Slack’s annual revenue forecast of $855 million to $870 million, up just slightly from Slack’s projection in March stock analysts, on the average, estimated $856.5 million, according to data obtained from Bloomberg.

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“Slack’s withdrawal of full-year billings guidance looks conservative to us and likely suggests a pull-forward of revenue amid faster new-customer additions due to remote work,” Mandeep Singh, a Bloomberg Intelligence analyst, wrote in a note yesterday.

Slack grew revenue 50% in Q1 2020, compared with 49% recorded in Q1 2019 on an annualized basis.

However, Slack reported steady revenue growth during  Q1 2020 brought in more customers, as organizations sought to keep communications going with their newly remote workforces during coronavirus pandemic. It had earnings per share of 2 cents loss per share, adjusted and adjusted revenue of $201.7 million

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(READ MORE: How to Profit from Directors’ Share Dealing Notifications)

Slack, in a statement, yesterday reported that it added a record 12,000 paid customers Q1 2020 as against two prior quarters when it added about 5,000 new customers. Slack’s top competitor, Microsoft’s Teams, has also experienced growth in recent months.

“What you saw with Zoom, what you saw with Teams is a great indication that this is not apples-to-apples and that the products are not truly competitive with one another,” Butterfield the Chief Executive Officer of Slack told Investment analysts on a conference call yesterday.

READ ALSO: Jumia is optimistic of COVID-19 boost, despite poor Q1 2020 earnings report

Paid users spent over 120 minutes per day in Slack at the end of the quarter, up from below 90 minutes one quarter earlier. 

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“I can’t care about the stock price on the level of individual days,” Butterfield said when asked about the reaction to earnings. “I just wouldn’t be able to do my job. I care about where the share price is five years from now and 10 years from now. This is just a very volatile time.” 

Patricia

 

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Business News

Precious metals slump, investors focus on Central Bank’s intervention

Gold fell on Friday morning to $1,717.10. as global investors await the release of Friday’s U.S non-farm payrolls data for May

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Nigeria Mining Sector shows growth prospect despite low bank credit provision, Gold hits eight-year high as global recession sentiments strengthened, Gold hits three weeks high, Investors rush to gold, Gold Future Drops to $1727.80 as Tensions Escalate between America and China, Precious metals slump, investors focus on Central Bank’s intervention

Spot gold went slightly lower, trading at $1,711.57 per ounce by 4 am local time on Friday morning and gold futures was down to $1,717.10.

Gold collapsed like a house of cards as investors overlooked civil unrest in the United States and heavily focused on hopes around central bank intervention and economic recovery,” said Lukman Otunuga, senior research analyst at FXTM.

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READ MORE: Why the NNPC wants $5 billion advance payments for Nigeria’s crude

Gold fall on Friday morning also came as global investors await the release of Friday’s U.S (United States.) non-farm payrolls data for May, scheduled to be released at 1.30 pm Nigerian local time.

“There are quite a few market participants still bargain-hunting gold given the fundamental backdrop of the coronavirus crisis and ongoing recession,” Julius Baer analyst Carsten Menke said.

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(READ MORE: Gold prices surge by 17.4% in 2 months due to global economic crisis)

However, investors are still waiting to see whether the easing of restrictions will lead to a second wave of infections, supporting demand for gold, Menke added.

Gold, Gold prices tick up as President Trump decides on China today, Gold Prices Surges, Protests Erupts In America, Precious metals slump, investors focus on Central Bank’s intervention

What you need to know about Precious metals: Precious metals include gold, silver, and platinum. Gold and silver are the most popular metals, and have been used by jewelers, and as wealth status symbols since ancient times. Global investors use precious metals to hedge against inflation.

READ ALSO: Global oil market to re-balance in 2 months’ time

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Meanwhile, palladium gained 0.34% to $1,947 an ounce, while platinum lost 0.31% to $833.91. Silver was down 0.63% to $17.9 4am local time, having hit a more than three-month high of $18.36 on Monday. 

Patricia

“Some people are buying silver just because it’s much cheaper than gold (or) platinum,” a trader from Tokyo-based retailer Tokuriki Honten said.

 

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Business News

Tether expected to surpass Ethereum, based on strength of the U.S dollar

The organic growth of Tether’s market capitalization is one of the major reasons for the gain Bitcoin (BTC) is presently having in the mid-term.

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Tether expected to surpass Ethereum, based on strength of the U.S dollar

Tether, the third most valuable cryptocurrency with a market capitalization of about $9.1 billion, is expected to pass Ethereum ($27 billion)) as the number two cryptocurrency, on the strength of the dollar.

Bloomberg News reported recently that there is a high probability that it expects Tether (USDT) to outsize Ethereum (ETH) in market capitalization.

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The report outlines the organic growth of Tether’s market capitalization as one of the major reasons for the gain Bitcoin (BTC) is presently having in the mid-term.

“Interest in digital links to the dollar represents the need to handle and store value in the world’s reserve currency without an intermediary.” 

(READ MORE:Bitcoin loses $1500 in 3 mins, pigs get slaughtered in BTC market)

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What you need to know: Tether is designed as a blockchain-based cryptocurrency whose digital coins in circulation are backed by the same value of traditional fiat currencies, like the U.S dollar, Japanese Yen, or the Euro. It trades under the ticker symbol USDT.

Tether expected to surpass Ethereum, based on strength of the U.S dollar

Recall that Nairametrics earlier reported how Tether had overtaken XRP (XRP) as the number three most valuable cryptocurrency by market capitalization. Bloomberg reports added that the momentum with the help of the U.S dollar is expected to make Tether gain and move to the second spot:

“Absent an unlikely reversal in predominant crypto trends, it should be a matter of time until Tether passes Ethereum to take the No. 2 spot in total assets behind Bitcoin. Receiving help from widespread adoption with a workable case as a proxy for the world’s reserve currency, there seems little to stop the increasing adoption of the dollar-linked stable coin.” 

READ MORE: Did Satoshi Nakamoto cause the panic sell-off in Bitcoin market

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Also, Bloomberg’s report expects Tether to rise based on Ethereum’s limited upside. 

Patricia

“We see little upside in the ETH price absent a rising tide from Bitcoin. The pre-eminent crypto is breaking away from the pack in terms of adoption and is supported by almost-ideal macroeconomic conditions for stores-of-value amid quantitative easing.  

“Tether is in a similar position. Strengthening Dollar Supports Stable Coins. The advancing dollar will fuel demand for the Tether stable coin, in our view. In terms of gold and Bitcoin, the dollar is depreciating, but it is going in the other direction vs. most other currencies.  

READ ALSO: Nigeria and China finalize currency swap deal; The low down explained

“The greenback appears best positioned as global currency values retreat, with all facing unlimited supply.  

“Tether and stable coins are gaining traction as vehicles for dollar exposure without intermediaries and for transferring value among the numerous highly speculative and volatile crypto assets.” 

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