Experts projected that the Dangote refinery would spur the growth of real estate along the Lekki-Epe area of Lagos State.
The Chief Executive Officer of UACN Property Development Company Plc, Odunayo Ojo, said this in a chat with our correspondent.
Ojo said, “It will have a net positive impact. That is a massive infrastructure. The first thing that is going to happen is that it is going to create an ecosystem of demand. Thousands of workers are going to be working there directly, and hundreds of thousands of workers are going to be working there indirectly.
“Someone is going to provide food, uniforms, transportation, security, and cleaning services. Someone is going to provide housing for the people who are going to be working there. There is going to be a multiplier effect. It is going to be a huge driver.
“That is why you have economies all over the world clamouring for companies to come and set up in their countries. I am surprised that many states in the country did not clamour for Dangote to set up in their states, and give him free land, and incentives because one way or the other, it will crystalise. If he is in a Free Zone and it does not pay taxes, the people working there will pay, and the person selling water will have to pay. That is the first thing, economies of scale.”
In the same vein, the Treasurer of the Nigerian Institute of Building, Philips Ayotunde, said the impact of the Dangote refinery would be great, adding that the construction of the refinery had opened up the entire Epe-Ajah axis.
He said, “We need more of such development that will be a catalyst to real estate development in Nigeria.
“Everyone in that area is about to reach a level of prosperity because economic activities will be driven to that area. Land value in that area is going to appreciate.”
He added that structurally, the economic nodes in Lagos would be expanded from Victoria Island and Ikeja to now include the Epe-Ibeju area.
“There is going to be a third node that is going to make sure the city is decentralised. The Epe-Ibeju node is about to really come alive. I believe the effect of the project is a net positive.”
According to Ojo, there are some unintended consequences of traffic management and even environmental ones, which he claimed could be addressed on a case-by-case basis.
“However, net impact, this country needs facilities like that, even more of things like that,” he continued.
Meanwhile, the Executive Secretary of the Association of Housing Corporations of Nigeria, Toye Eniola, said the impact would be felt if only the operation reduced or eliminated the importation of refined oil, which will help to conserve foreign exchange used for importation and in turn stabilise the country’s forex market.
According to him, this would reduce pressure on the scarcity of dollars.
He added, “If this is achieved, it will drive down inflation and interest rates which will impact positively on the real estate sector. Naturally, this is what is expected to happen. However, in Nigeria, anything can happen and if the Nigeria factor sets in, we may continue to experience what is currently happening in the sector.”
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.
Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.
The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.
Wednesday was the last day for advance voting, which started on Oct. 10.
More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.
Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.
An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.
This report by The Canadian Press was first published Oct. 17, 2024.
