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Real estate potential in Nigeria remains largely untapped — Alonge

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…expresses readiness to partner with FG for economic development

By Kayode Sanni-Arewa

PRESIDENT of the Nigerian Institution of Estate Surveyors and Valuers, ESV Victor Alonge, on Monday said that the potential of the real estate sector as a catalyst of economic growth in the country remains largely untapped.

Alonge, stated this in his welcome address during his inauguration as the 26th President and Chairman of Chairman of Council at the Banquet Hall of the Presidential Villa, Abuja.

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He lamented that the poor state of the real estate sector in Nigeria has continually stifled its capacity to optimally contribute to national economic growth.

He expressed readiness to partner with the government by offering expertise, resources, and support that can enhance the success and impact of the various development efforts of government.

The 26th President and Chairman of Council of the NIESV, noted that real estate remains the most priced and valuable assets all over the world, adding that data obtained from Savills World Research (2023), put the total value of the global real estate assets at US$379.7 trillion at the end of 2022.

According to him, “Real estate remains the most priced and valuable assets all over the world. According to data obtained from Savills World Research (2023), the total value of the global real estate assets is estimated at US$379.7 Trillion at the end of 2022. This outpaced the combined value of global equity and bond assets estimated at $264 Trillion.

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“Real estate is also thrice as valuable as the total value of proven global oil reserves and represents about four times the value of global GDP. According to the data released by the National Bureau of Statistics, the Nigerian real estate sector contribution to the national GDP stands at about 6.87% in 2023. Contrastingly, the real estate sector contributes about 15% to the national economy in Indonesia, a developing and emerging economy like Nigeria.

“More so, in South Africa, the contribution of the real estate sector to national economy is estimated as 11.4% in 2023. The poor state of the real estate sector in Nigeria continually stifles its capacity to optimally contribute to national economic growth.

“Impliedly, the potential of the real estate sector as a catalyst of economic growth remains largely untapped in the country. Our Institution will, therefore, step up our support and collaboration with the Government, especially, in the areas of policy formulation and implementation, Land administration, Asset valuation and management, Housing, Project and Infrastructure development among others, to improve real estate sector’s contribution to our economic development.

“We are ready to be valuable ally to Government by offering our expertise, resources, and support that can enhance the success and impact of the various development efforts of Government. This is our promise,” he said.

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Saudi Arabia donates 100 tonnes of dates to Nigeria as fasting approaches

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By Kayode Sanni-Arewa

The Embassy of the Kingdom of Saudi Arabia in Abuja has held an official ceremony to distribute 100 tonnes (100,000kg) of dates to Nigeria as part of its annual humanitarian relief efforts.

The initiative, facilitated by the King Salman Humanitarian Aid and Relief Centre (KSrelief), aims to support vulnerable families across the country and strengthen the deep-rooted ties between the two nations.

During the ceremony, the Ambassador of the Custodian of the Two Holy Mosques to Nigeria, Faisal bin Ibrahim, conveyed the Kingdom’s dedication to humanitarian causes.

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He expressed his profound gratitude to King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman for their unwavering support in providing aid to Muslims and underserved communities worldwide.

He emphasised that Saudi Arabia remains steadfast in its commitment to fostering Islamic solidarity and providing relief to those in need.

Mr Al-Ghamdi explained that this year’s distribution includes 50 tonnes of dates for Abuja and another 50 tonnes for Kano, continuing Saudi Arabia’s tradition of assisting Nigeria through humanitarian donations.

He noted that the initiative represents the Kingdom’s broader mission to uplift Muslim communities, alleviate suffering, and promote unity, particularly during significant religious periods such as Ramadan.

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The embassy, in collaboration with local authorities and humanitarian organisations, will ensure the proper distribution of the dates so that they reach the most vulnerable families in various regions of Nigeria

Saudi Arabia has been a longstanding partner in providing humanitarian aid to nations across the globe, including Nigeria. The Kingdom’s continued efforts in supporting food security and welfare initiatives exemplify its role as a global leader in charitable and humanitarian endeavours.

Through Vision 2030, Saudi Arabia seeks to expand its contributions to international humanitarian causes, reinforcing its dedication to fostering peace, stability, and prosperity worldwide. The ongoing provision of aid to Nigeria is a testament to these commitments and highlights the decades-long partnership between the two brotherly nations.

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Babangida’s Book is filled with distorted facts, collection of lies, says Dele Farotimi

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By Kayode Sanni-Arewa

Dele Farotimi, a human rights lawyer, has launched a heavy attack on former dictator Gen. Ibrahim Babangida (retd.), describing his reign as “ruinous”.

Farotimi, who lived through Babangida’s rule, recounted his experiences as a participant in the fight against the former leader’s “evil actions and inactions

Farotimi’s comments come after Babangida’s recent admission that Chief M.K.O. Abiola won the 1993 presidential election, which Babangida annulled.

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The human rights lawyer expressed his disappointment, but not surprise, at the “mixed bag of lies, half-truths, urban legends, and obfuscations” in Babangida’s recent statements.

Farotimi’s criticism is not isolated, as many Nigerians have questioned Babangida’s legacy and the lack of consequences for his actions. The annulment of the 1993 election led to widespread protests and a prolonged struggle for democracy in Nigeria.

In a statement, Farotimi concluded, “No hagiographic allocutus can redeem the Evil Genius of Minna”.

The statement was shared on X while he was reacting to a comment made by Adnan Abdullahi Adam, which stated that “it’s better to read every side of exposition before forming your own judgement”.

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With the cover picture of the IBB’s memoir “A Journey In Service” @realadnantweet wrote:

“I think IBB’s memoir: “A Journey in Service” exposes a fresh perspective on everything.

“It’s better to read every side of exposition before forming your own judgement.

“Everyone should try reading the book as jury to the plea of the accused.”

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Responding Farotimi wrote: “I lived through his ruinous reign. I wasn’t a passive victim of his evil actions and inactions, I was a participant in the fight to be freed of him.

“I am painfully aware of the extent of his evil capabilities, and I have not been disappointed by the mixed bag of lies, half truths, urban legends, and obfuscations contained in the excerpts already in the public domain. No hagiographic allocutus can redeem the Evil Genius of Minna.”

On Thursday, February 20, 2025, former Nigerian military ruler General Ibrahim Badamasi Babangida (IBB) released his long-anticipated autobiography, “A Journey in Service.”

The memoir has ignited a firestorm of controversy, with critics accusing Babangida of distorting historical events and maligning deceased individuals who cannot defend themselves.

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This development has reopened debates about his tenure and its lasting impact on Nigeria’s political and economic landscape.

Babangida’s tenure from 1985 to 1993 was marked by the implementation of the Structural Adjustment Programme (SAP), among others. In “A Journey in Service,” he provides an insider’s perspective on the adoption of SAP, aiming to offer context for the controversial policy that aimed to liberalize Nigeria’s economy.

While intended to address economic challenges, SAP led to widespread protests and debates due to its harsh austerity measures and the social hardships it imposed.

Critics, however, contend that Babangida’s memoir serves as a self-exoneration tool, selectively presenting events to absolve himself of blame.

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Human rights lawyer and former Chairman of the Nigerian Human Rights Commission, Prof. Chidi Odinkalu, described the book as a “pack of lies,” accusing Babangida of making allegations against deceased individuals who cannot contest his claims.

Odinkalu further criticized Babangida for portraying himself as a victim of circumstances orchestrated by those who are no longer alive to defend themselves.

The memoir has also rekindled discussions about Babangida’s annulment of the June 12, 1993, presidential election, widely regarded as one of Nigeria’s freest and fairest elections. In the book, Babangida attempts to justify the annulment, a move that plunged the nation into political turmoil and prolonged military rule. Many Nigerians view this action as a significant setback to the country’s democratic progress.

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Saudi Arabia plans to invest $600bn in new US trade over 4 years

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By Kayode Sanni-Arewa

Saudi Arabian Crown Prince Mohammed bin Salman told President Donald Trump that the kingdom wants to put $600 billion into expanded investment and trade with the United States over the next four years, the Saudi State news agency said early on Thursday.
In a phone call between the two leaders, the crown prince said the Trump administration’s expected reforms could create “unprecedented economic prosperity”, the state news agency reported.

The report said Saudi Arabia wants its investments to capitalize on these conditions. It did not detail the source of the $600 billion, whether it would be public or private spending nor how the money would be deployed.
The investment “could increase further if additional opportunities arise”, the agency quoted Bin Salman as telling Trump.
Trump fostered close ties with Gulf states including Saudi Arabia during his first term. The country invested $2 billion in a firm formed by Jared Kushner, Trump’s son-in-law and former aide, after Trump left office.

Trump said following his inauguration on Monday that he would consider making Saudi Arabia his first destination for a foreign visit if Riyadh agreed to buy $500 billion worth of American products, similar to what he did in his first term.
“I did it with Saudi Arabia last time because they agreed to buy $450 billion worth of our product. I said I’ll do it but you have to buy American product, and they agreed to do that,” Trump said, referring to his 2017 visit to the Gulf kingdom.
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Reporting by Hatem Maher; Editing by Leslie Adler and Cynthia Osterman

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