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Real Estate and Construction

FG to shut Third Mainland Bridge for 6 months  

The Third Mainland Bridge is the longest of three bridges connecting Lagos Island to the mainland. 

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Fashola to fix 44 roads across Nigeria with Sukuk funds, The FederalThird Mainland Bridge, Housing: Tackling Nigeria’s huge housing deficit, Nigerian roads are not that terrible, Fashola says 

The Federal Government has announced plans to shut down the Third Mainland Bridge for maintenance work from July 24, 2020. 

This was disclosed by the Federal Controller of Works in Lagos, Mr Olukayode Popoola, during an interaction with the News Agency of Nigeria (NAN) on Monday July 6, 2020. 

In the conversation, Popoola said that consultations were on for another phase of repair works to commence on the Third Mainland Bridge. He told the News Agency of Nigeria that the consultations were towards developing a perfect traffic management architecture that will be very efficient and effective. 

According to PopoolaWe want to do maintenance work on Third Mainland Bridge very soon. Most likely on the 24th. We may close it from 24th of July.’’ 

READ ALSO: Update: FG increases fuel price to N143.80 per litre

“We are still working out the modalities and when we perfect the traffic management plan we will move to site. Everything being expected for the repairs of the bridge arrived the country that is why we want to start the repairs now,’’ 

The 11.8km bridge which has gone through series of rehabilitation works was last closed for repairs in August 2018 for 3 days of investigative maintenance check. 

Thereafter, some components needed for completion of repairs were sourced abroad because they were not available locally. 

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Meanwhile, a monitored report from Channels suggests that the closure might last for a period of 6 months.

READ ALSO: Nigeria to raise N163.32 billion through road concessions programme

There has been reports of some worn-out joints of the bridge, which has raised some serious safety concerns for the users of the bridge. The federal government will be working with the Lagos State Traffic Management Agency (LASTMA) on how best traffic during this period. 

The Third Mainland Bridge is the longest of three bridges connecting Lagos Island to the mainland. 

The bridge starts from Oworonshoki which is linked to the Apapa-Oshodi Expressway and the Lagos-Ibadan Expressway and ends at the Adeniji Adele Interchange on Lagos Island. 

It was opened for use 1990 and was the longest in Africa until 1996 when The 6th October Bridge in Cairo was completed. 

 

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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    Real Estate and Construction

    Bad loans to real estate up by 66.5% in 2020, as operators blame COVID-19

    Loans in the real estate sector rose by 12.87% to N56.03 billion at the end of 2020 from N49.65 billion in December 2019.

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    Nigeria’s real estate industry

    The total Non-Performing Loans (NPL) recorded by banks for the real estate and construction sectors increased by 66.57%, as the NPL rose to N226.62 billion in 2020 from N136.05 billion in the same period in 2019.

    This was disclosed by the National Bureau of Statistics (NBS) in its Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength report.

    READ: How to earn over 20% returns in real estate in Nigeria

    Highlights of Loans to the Real Estate Sector

    • Loans in the real estate sector rose by 12.87% to N56.03 billion at the end of 2020 from N49.65 billion in December 2019.
    • NPLs in the construction sector surged by 97.44% to N170.59 billion in December last year from N86.4 billion in 2019.
    • The construction sector contracted by -7.68% last year, compared to a growth of 1.81% in 2019 and 2.33% in 2018.
    • The real state sector shrank by -9.22% in 2020, compared to a contraction of -2.36% in 2019 and -4.74% in 2018.

    READ: Why property prices are expensive in Lagos

    What they are saying about Bad Loans in Real Estate

    Experts blamed the development on the challenges facing the real estate sector, especially with the COVID-19 pandemic, as they tasked the Federal Government to pay adequate attention to the sector.

    The Managing Director, Infinity Trust Mortgage Bank Plc, Dr Olabanjo Obaleye, explained that many companies affected by the pandemic had folded up, as housing subscribers were finding it difficult to service their mortgage payment.

    He said, “There are two companies that have just collapsed due to the inability of their owners to get foreign exchange for the importation of raw materials.

    “On the level of government support on COVID-19, there is nothing visible we have seen. We have read so many pronouncements on that from the government but we haven’t got any palliative in that respect. We have made proposals to government through our relevant authority but there is a need for certain funds to be set aside for this.”

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    READ: Why some real estate companies are at risk of bankruptcy

    A real estate practitioner and also the Vice President, Lagos Chamber of Commerce and Industry, (LCCI) Gbenga Ismail, said:

    “Now, people won’t be able to pay rents or buy houses as planned. We are not sure of where the monetary issues are going now and not sure if lending will continue in the real estate sector. We are yet to see some of these things going on.”

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    Real Estate

    FG to unveil dedicated portal for sale of houses to Nigerians

    The Federal Government has announced plans to launch a dedicated web portal for the sale of buildings to Nigerians in the next few weeks.

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    Nigeria needs N1.5 trillion within the next 3 years to fix roads - Fashola

    The Federal Government has announced plans to launch a dedicated web portal for the sale of buildings to Nigerians in the next few weeks.

    The platform is expected to help contributors to the National Housing Fund (NHF) access mortgage loans on a first-come, first-serve basis.

    This disclosure was made by the Minister of Works and Housing, Babatunde Raji Fashola while speaking at the ninth meeting of the National Council on Lands, Housing and Urban Development in Jos, Plateau State.

    Fashola, who was represented by the Minister of State for Works and Housing, Abubakar Aliyu, pointed out that the ministry is currently at the completion stages of the first phase of the national housing programme in 34 states of the federation, which provided land for it.

    READ: Thinking Of Getting A Mortgage In Nigeria? 10 Important Things You Must Know

    He said, “We urge the state governments to alert their residents to this opportunity for interested persons to apply.”

    Fashola commended the Federal Mortgage Bank of Nigeria (FMBN) for being at the forefront of the cooperative housing initiative at the federal level, adding that it has the advantage of allowing cooperative members to choose what they design and build to fit their budgets.

    They can leverage their members to get group discount for the purchase of building materials as well as the engagement of contractors.

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    Fashola disclosed that FMBN as the driver of the housing initiative has engaged 86 co-operatives in projects; approved N35, 784 billion cumulatively; disbursed N10.95 billion; and processed as at January, 57 co-operative housing development loans.

    Fashola emphasized that what the Federal Government can do directly in housing is limited compared to what states can do, just as state governments are also limited, compared to what the private sector and individuals can do.

    He said, “The majority of houses available for sale or rent belong to individuals and private companies compared to what states or Federal Government has available. Therefore, many of the tenants who owe rent, who face eviction or who seek to rent or buy property are dealing with private citizens or companies and less so with government agencies.’

    My recommendation for improving access and affordability to housing in the Covid-19 era is for private companies and individuals to give back some of what they control to citizens in the way the Federal Government has given back to citizens some of what it controls.’’

    He explained, “for example in cases where the rent of businesses or individuals are due for renewal, the private landlords can give back, by accepting monthly, quarterly or half-yearly rent instead of one year, two or three years rent in advance.”

    Bottom line

    Nigeria has been bedevilled by a housing crisis that has left Africa’s most populous nation ill-equipped to properly provide accommodation for its citizens and inhabitants.

    Jaiz bank

    Some of the housing problems in the country include unresolved rent tenure arrangements, high cost of building materials, access to infrastructure, deficiency of housing finance arrangements, stringent loan conditions from mortgage banks, time to process legal documents and inadequate government housing policies.

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